declaration or documents
This query is : Resolved
05 May 2010
Can anyboby tell me that while caclculating taxable income & tds of employees of our company, Should i take proofs of rent paid, lic payments, loan repayments etc. or on the basis of declaration given by them in a structured format.Some employees are saying to me that they will give declaration only but will not provide proof.
05 May 2010
ALL PROOF OF PAYMENT ALONG WITH DECLARATION SHOULD BE TAKEN FROM THE EMPLOYEE.
05 May 2010
You should take proof before making the final tax liability. Though in the beginning of the year, you can take declaration and the proof can be submitted later on as and when the proofs are available. For example an employees may have LIC premium payable in December, he can provide the proof only in December after making the payment, But for the declared amount you should collect the proofs before 31.03 of the FY.
05 May 2010
Requested to go through the CBDT Circular 1/2010 dated 11/01/2010.
05 May 2010
Agreed with experts.
At the starting of financial year, declaration for proposed investment & expenditure i.e rent paid etc is to be taken from employees. Before the end of Feb of that financial year , you have to collect documents related to such declaraton ,if these are mismatch, then you can deduct TDS from the salary of Feb & March .
At the starting of financial year, declaration for proposed investment & expenditure i.e rent paid etc is to be taken from employees. Before the end of Feb of that financial year , you have to collect documents related to such declaraton ,if these are mismatch, then you can deduct TDS from the salary of Feb & March .
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Import license renewal
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
