Dear Sir,
We are an International NGO working in Odisha. We have 10 employees, whose income are more than the tax slab. Now, the new section 80 TTA is introduced, is it applicable for us. I have checked the circular, it says that it is applicable only to Individuals and HUF. Now when I am preparing TDS liability on salary of staff, can we consider this as a deduction, can company like us allow this Section TTA deduction while calculation the TDS liability.
If no, then how can the Individual staff able to get the benefit. Shall it be applicable only when the Individual is filling return and ask for refund. For example, my company deducts TDS on my salary Rs. 15000/-, but when I fill my own tax, I am eligible to get the benefit for Section 80 TTA. Now, let say my interest on savings in Rs. 2000/- which will reduce my tax liability since I don't have any other source of income expect salary. Can this extra TDS which I have paid will be refunded to me.
Please advice me on the same.
Abhijit
CAclubindia
