tds not deducted

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 July 2011 dear sir,
one of my assessee having salary income of rs. 1,80,000, no tds deduct by the employer, his investment under 80c is rs. 45000.
is there any liab. to deduct tds.
employer is prop. firm which is liable to audit.

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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16 July 2011 No problem as net taxable salary would be :

180000/- minus 45000/- > 135000/-

So no TDS.

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Querist : Anonymous

Querist : Anonymous (Querist)

17 July 2011 but sir he has income from other sources(bank interest) 45000 rs.

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CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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17 July 2011 It is possible, that the employee might have not shown the IFOS in his declaration filed with the employer , just like you did before seeking the reply from an expert.

*

He can pay S A tax on the additional income if he is not declaring the same to the employer.

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CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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18 July 2011 See.. in that case also... if you add this interest amount of 45000/- to your taxable income...it would be 180000/-.... still no tds.

Further.. you have already said that this 45000/- interest income has not been reported to the employer .. so the question of deducting TDS by them does not arise...

I hoe it clear...

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Querist : Anonymous

Querist : Anonymous (Querist)

18 July 2011 i got it.....thanks a lot Subhash sir and Paras sir.