Dear All,
When an employee leaves an organisation in a financial year and his full & final settlement takes place some where in the next financial year where TDS needs to be deducted.
Please clarify on the following:
1. Can the employer make payment for a consolidated amount with a single challan to the Income Tax department along with regular working salaried employees?
2. Do the employer need to make seperate payment and seperate challan for the full and final settlement employees?
3. Do the employer need to pay the TDS with any penalty? If so what is the percentage and calculation method?
4. If the payment is made in the next financial year, Can the employer show that amount in the present financial year's Form 16.
Please give your valuable suggetions.
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Tds
Replies (1)
in short i would like to say:
1. that employer need to deduct TDS in year of settlement gets final.
2. no need to pay through seprate challan for employee who left make a consolidated payment challan.
3. but will have to make seprate challan financial year wise
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