What comprehensive measures should a company implement when faced with a scenario where less TDS was deducted from an employee's salary based on investment declarations, followed by the employee absconding without submitting original proof of investments. What should be appropriate proactive countermeasures to mitigate such financial risks?
Following measures can be implemented:
1. Move to a new regime where taxpayers are not required to submit a declaration.
2. Do not allow deduction of higher amounts without proof.
Thanks Sabya, thats an appropriate way where in the case is of resignation. How about Absconding. Suppose the employee takes the Salary on 1st Feb and goes absconding on 02nd feb
Hi Manish, can we make it a mandate for employees to follow New Regime? Is it correct as per the provisions?
I agree with second point.
| Originally posted by : Piyush Newar | ||
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Hi Manish, can we make it a mandate for employees to follow New Regime? Is it correct as per the provisions? I agree with second point. |
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New regime is the default one. Employees can opt for old regime, employer cannot deny this option. They can only be requested informally that they can choose their regime in ITR also.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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