AS an employer, while deducting TDS on salary ,can i consider TDS certificate produced by employee of his business income and deduct the TDS already deducted under any other section from tds paybale by me on salary.
I believe you are referring to Form 16A produced by the employee.
In such a case, you may include the said income in your computation of tax liability of the said employee. After arriving at the tax liability, do provide credit for the taxes deducted as evidenced by the impugned Form 16As.
As Santosh as already advised you, kindly ignore the income mentioned in Form 16A if the employee wishes to claim losses. However, you may still consider the TDS credit.
can we consider TDS on business income if employee actually incurred business loss? and whether employer need to take any declaration from employee for such purpose??
CAclubindia
