Dear friends,
Our employees have declared other income and TDS on the other income. Using this information, TDS for the last month salary was recalculated and accordingly salary for March was paid and TDS deposited.
However, when I am filling in form 24Q for filing TDS returns, there is a column to enter other income declared by employee but no column to enter the TDS already deducted on that other income. This results in 24Q showing "short deduction" by employer and thus a liability which will at some point of time come as a letter from the department.
This case is also discussed in this article.
What is the solution to this? Is there a work around?
If I do not show that employee declared income, then there is excess TDS deducted and paid. Is that a better option?
CAclubindia
