First of all I thanks to caclub india for their efforts to bring professionals at a single point.
My queries are following:-
(1) First of all I wants to know that when a salaried not comes in tds bracket then his employer will issue form 16 or salary certificate and what is the difference between both of above? (2) Plz tell me about concept of at par cheque, high value cheque and outstanding cheque. (3) If we have not been deducted tds on interest payment to a party for payment in the month of march 2008 then what wil be the adjustment suggestable sothat we comply with the law? Also show me the adjustment entry for above adjustment. (4) If we have not deposited tds of march 2008 till date then what consequeses happenes?
03 November 2008
1. Salary certificate is certifies Salary paid but form 16 certifies tax deducted on your salary. 2. 'At par chq' means a chq which is honorable at any branch of issuing bank without any charge. 'High Value Chq' is a chq which will move fast for clearing, normally within a day. At present a chq amounting to more then 100000 and not marked with "Not for High Value Clearing" can be processed as HVC (high value clearing chq). 'Outstation chq' means a chq which will come for clearing in same branch of the issuing bank, so it take time to clear and even some charges also has to be born by the receiver.
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