Exemption's and deduction details

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Accountant
94 Points Posted on 15 January 2015

Hi,

Can anyone please help me in some doubt's

1. What an employer collect regarding investment at the end of the year from employee's ?

2. What steps should be taken carefully by employer while taking investment receipt's from employee's?

3. Format of investment declaration for employee's

 

 

 

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On 15 January 2015 at 11:51 Report
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Accountant
10781 Points Posted on 15 January 2015

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On 15 January 2015 at 12:02
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Posted on 16 January 2015
The employer should collect details about payments made by employee or investments made which are deductible under chapter VI A. Eg. Life Insurance premium, nsc purchase, hsg loan principal repayment, 80G donations etc. Then he can calculate exact tds to be deducted from salary.
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On 16 January 2015 at 18:05
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M.D.
32 Points Posted on 24 January 2015
As per decides case law of supreme court in the case of L&T, employer is not under any responsibity to collect proof for deduction.
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On 24 January 2015 at 19:23

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