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TDS on Salary

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Amandeep Singh

35 Points Posted on 01 April 2020

As govt. extended deadline for making investment/payment to avail deduction under chapter VI -A of sec 80C to 80G.

So if any employee make any investment in the month of may and TDS for the month of march paid by company till april 30.

Isnt it make the calculation of TDS on salary wrong?

Replies (3)

Quick Summary

The discussion clarifies the impact of extended deadlines for Chapter VI-A investments on TDS calculations for salary. While companies might calculate TDS based on earlier information, employees can rectify any excess TDS deducted by claiming a refund when filing their Income Tax Return (ITR). Conversely, any tax shortfall can be settled at the same time.

CA KARAN SINGH

Auditor at Big 4

622 Points Posted on 01 April 2020

@ Amandeep Singh

If any co. deduct TDS on salary with higher amount and investment is made in the m/o May or June, the employee can still take the benefit of investment/donation made afterwards while filling his Return of Income.

RAJA P M

"Do the Right Thing...!!!"

128162 Points Posted on 01 April 2020

@ Mr Amandeep Singh.,

Isnt it make the calculation of TDS on salary wrong?

- No more problems.
- Any mismatches then You can rectify through filing of ITR.
- At the time of computation of Your income if TDS is excess then claim refund... in case tax us shortfall then You can pay the balance amount...