TDS ON Salary

This query is : Resolved

dipak gorad (Querist)
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30 April 2011 Is TDS on Salary deducted to be filed at end of every Quarter OR is it to be filed at end of the FY??? What happens if the TDS is shown as deduction as per the Investment Declaration form of Employee and later on the Employee submits proof of Investment and claims Nil Returns/Refund on the deduction? do we adjust all the above in his Feb-March Salary?

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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30 April 2011 From April to January, you need to deduct monthly TDS on salary based on the investment declaration submitted by an employee & estimated annual tax calculation accordingly.

Now suppose, he submits investment proofs, more than what he actually declared & now his actual salary received & actual investment proofs & its tax calculation shows that NO TDS is required to be deducted, Then you need not deduct any TDS in Feb & March.

Further, form 16 will show as TDS refundable & the employee needs to claim this refund through his ITR.