Employer's responsibilities for TSD and filing of return

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Querist : Anonymous

Querist : Anonymous (Querist)

26 December 2009 Hello,

May I know, what are the tax related formalities that an employer has to compile with, after deducting Tax from the salary of the employee.

Thanking you in advance,
Vinoo.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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28 December 2009 1.You have to deposit the TDS on or before 7th of the following month
2.You have to file Quarterly tds return
3.You have to issue form 16 to employees with in 30 days from the close of financial year

MAHENDRA KUMAR BAGRECHA

MAHENDRA KUMAR BAGRECHA (Expert)
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28 December 2009 Each year, CBDT issues a detailed circular on TDS on salary, procedure etc. Employers are suppose to follow that circular for making TDS deduction from the salaries.

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Querist : Anonymous

Querist : Anonymous (Querist)

29 December 2009 In continuance of the subject topic, I have following questions:

1. Can the payment for duducted tax be made after the mandatory 7 days period limit? If yes, is there any penal provision in this regard and What is it?

2. Can the return in form 24Q, be filed after the due date? if yes, What is the penal provision?

3. As per the above 2 questions who will suffer by the penal provisions? (Employer or employee)

4. What is maximum period to file this belated return?

regards,

Vinod.

MAHENDRA KUMAR BAGRECHA

MAHENDRA KUMAR BAGRECHA (Expert)
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29 December 2009 Dear Vinod,

1.Employer can deposit TDS amount after due date but with interest @ 1% per month or part of the month.
2.Employer can file 24Q afte due date but there is a provision of penalty of Rs.100 per day till the date of filing the return. As per my advice, you should wait for notice for penalty.
3.Obviously, it is the liablity of employer to comply with the TDS provisions and employee will no way suffer.
4.I think there is no time limit for filing belated 24Q.

Querist : Anonymous

Querist : Anonymous (Querist)

01 January 2010 Thanks a lot to both of you for the replies!!!

Wishing you a happy, peaceful and prosperous new year 2010 !!!!!

Vinod.