02 July 2014
If i deduct TDS on salary monthly without considering the invesment and in march month i come to know that i deducted higher TDS if employee inform me about investment.then what to do. Should i ask to employee to give details of investment at beginging of the year or i deduct TDS without considering the invesment.
Guest
Guest
(Expert)
02 July 2014
better way is to ask quarterly details of investment from the employee...
but usually we deduct tds on planned basis assuming that the employee invests amount.. and in march if he didnt invest we deduct full difference tds in march......
02 July 2014
An Investment declaration is taken from employee at the beginning of the year based in which monthly calculation is made. Any shortfall amount due to less investment is deducted fron salary of March month.
If you have deducted excess TDS then employee have ro claim refund by filing IT Return. There is nothing you can do.
If you as employer have deducted excess TDS because employee did not submit investment proofs; the employee has to claim the excess as refund. As employer you cannot refund TDS already deducted. As an employer, at best, for March, you can show nil TDS deduction.
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