one of our client(pvt.ltd) pays salary to employee over rs.20000/- but does not deduct tds monthly.
i asked the accountant that it has to be deducted on monthly basis. he said that it doesnot matter because when the investment details will be availbale in the month of feb/mar then tds will be deducted in the month of march?
04 September 2010
I have come across few organisations who does the same as described by you.But in this case since salary exceeds 20k,ideally the TDS should be deducted.(Refer to Sec 192 of IT Act)
CAclubindia
