We have an employee who draws Rs. 25850.00 p.m. (net pay) and after calculation we found in the m.o. Jan 16 (salary m/o dec 15) we have already paid him Rs. 258181.00 (including bonus Rs. 25531 paid in oct 15)
Now we want to deduct Tds u/s 92B and deposit to Govt. and want to know if we pay TDS to govt. now is there Interest is payable or not ???
09 January 2016
you can make provision for the Jan Month -2016 , Whether you have considered savings of Employee? if you want to Deduct TDS for Dec-2015 than you want to deduct Interest 1.5% for DEC & Jan 2016
09 January 2016
No interest payable on salary TDS if full TDS made and remitted on or before 30th April. Any excess or short deduction can be made good during the year or at the end of the year.
10 January 2016
If you want to file 30.04.2016 than you have to show deduction in the month of March 2016 in TDS filing. When you are deducting TDS Is important.
10 January 2016
Interest on TDS is applicable only when you did not pay the Deducted TDS amount to the credit of the Central government with in the due date. For salary TDS, first calculate the actual or approximate Gross and Taxable total income of the Employee under Incometax procedures and arrive the TDS to be deducted. As it now, three months are available for you to deduct the required TDS. Each month 7th date is last date for remittance of Last month's TDS and April 30th is the last date for remittance of March month's TDS, for Non-Government deductors. So act accordingly.
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