A nationalised bank fails to deduct tds on salary of an employee, for a particular financial year. They have neither deducted from the employee, nor remitted it to the government. IN the next financial year, they realise their error.
1. Can they deduct from the employee and remit it with interest to the govt, now?
2.How do they account for the entry, in their books?
3.How will they issue form 16? can it include the TDS deducted now?
4.Will this be an issue , when it comes to their statutory audit?
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