Exemption's and deduction details

Tax planning 499 views 3 replies

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

 

 

 

Replies (3)

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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.
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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