Tds return u/s 24q 4th quarter
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 April 2012
If Taxable Income of an Employees Rs. 260000.00 as per information submitted on the first of F.Y. 2011-12 and TDS deducted Rs. 500.00 on base of such Information in Q1, Q2 & Q3 , but at the end of Q4 such employee make an Investment for these his Taxable Income is bellow Taxable limit. Can we show these on Q4 return and not deduct TDS in Q4?
If Taxable Income of an Employees Rs. 260000.00 as per information submitted on the first of F.Y. 2011-12 and TDS deducted Rs. 500.00 on base of such Information in Q1, Q2 & Q3 , but at the end of Q4 such employee make an Investment for these his Taxable Income is bellow Taxable limit. Can we show these on Q4 return and not deduct TDS in Q4?
CA CS Amit S. Kedia
(Expert)
17 April 2012
Dear Author,
It is possible to show the investment declared by the employee in the last quarter and there is no requirement to deduct the TDS any more.
It is possible to show the investment declared by the employee in the last quarter and there is no requirement to deduct the TDS any more.
Murtaza I Bhagat
(Expert)
17 April 2012
agree with expert,
while calculation first 3 quarters you have found taxability while 4 quarter employee has invested for tax saving so, you just have to show nil tax payable and in tds deducted column in annex.II as well as annex I show tds amount so, finally deductee received Form 16 with excess tds deducted or refundable amount which he can claim by filing IT return
while calculation first 3 quarters you have found taxability while 4 quarter employee has invested for tax saving so, you just have to show nil tax payable and in tds deducted column in annex.II as well as annex I show tds amount so, finally deductee received Form 16 with excess tds deducted or refundable amount which he can claim by filing IT return
prateek aanchalia
(Expert)
17 April 2012
yes you show his income in TDS return. on that income tds deduct coloum you show nil amount.
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