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Tds urgent

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Hemchand Kohli

Accountant

552 Points Posted on 06 July 2012

Mr A is working with ABC Co. and withdrawing salary of Rs.15000/- Pm. And he also working in other co of ABC (i.e. B Proprietorship) and he is withdrawing 8000/- PM now the question is whether TDS is be deducted as his total limit of tax-ability has increased. If yes the which co. will deduct TDS

Thanks

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CA Neelesh Sharma

56 Points Posted on 06 July 2012

Sub-Section 2 of Section 192 provides that where a person is

simultaneously employed with more than one employer, he may

furnish the particulars of salary payments and TDS to the employer

of his choice. Similarly, on change of employment the particulars of

salary and TDS of earlier employment may be furnished to the

subsequent employer. These particulars are to be furnished in Form

12 B in accordance with Rule 26A of the I.T.Rules. The employer

on receipt of such information is required to take into account the

particulars of salary and TDS and then deduct tax at source

considering the aggregate salary from all sources.

in the above case Mr. A can choose any of the two and furnish al the details to such company

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