Dear All,
We have been deducting TDS on salary as per govt rules , As year end for FY 14-15 is in sight I hear we have to collect the following bills / receipts from the employees for tax exemption,
House Rent
Home Loan
Telephone/ Petrol Reimbursement etc.
But once in receipt of the bill/receipts from the employess what would be the next step & how would we exempt the tax.
I am a newbie to all the above issues & need your kind help.
Thanks in advance
Tell Your Employeees to fill Investment Declaration Form with proof that will help you to deduct tds frm salary
@ Arpit shah
Sir,
Thanks for the info, But how to go further after receiving the filled information from the employees on the declaration form.
Thanks in advance
Hi
Did you collected Investment declaration in the beginning of the year for HRA/Home Loan/80C etc??
@ Vaibhav J
NO we havent collected investment declaration at the beginning of the year.
Collect It And Less Tds As Employee who is eligible in tax Liability
| Originally posted by : Jeff | ||
 |
@ Vaibhav J NO we havent collected investment declaration at the beginning of the year. |
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so it means you have not followed IT rules, also i assume you must not be deducting TDS every month??
Pls share your company policy to guide further.
Thanks
Genrally you need to collect actual bills & validate its authenticity and grand exemption against Taxable income of an employee..
You first shortout employee list you below or above tax liablity
then collect declaration form and deduct tds frm them.......
@ Arpit Shah,
Shortlisting has been already done as per tax liability.
@ Sahil Bhatia
TDS software - We used RPU & FVU provided by NSDL . But i couldnt find the salary details option , and will i have to update the details for Q4 ?
Plz read the attached file it will clear all your doubts
CAclubindia
