26 February 2019
if company deduct tds on salary from last month only because information of employee investment is not available with company till salary of Feb month , whether company would be liable to pay interest on non deduction of tds from salary ? please reply it's urgent. IF Possible please mention circulars or para of section Thanks in advance
26 February 2019
If salary tds is deduction done if it is small amount you can deduct in last quarter if you deducted tds same to be deposited before 7th of susequent month in order to avoid interest.
You can not wait if Employee not give Savings copy, you can obtain declaration during bigging of financial year investment or savings, work out tax liability considering declaration,if tax liability arise than plan TDS accordingly. After October start collecting documents as per declaration, if Employee fails recalculate tds.
We can not wait if Employee to produce documents till last date, Employer should fi x due date for obtaining documents . If Employee fails rework tax liability.
27 February 2019
Employer is liable to pay interest. Inference :- * Letter F. No. 237/4/75-A& PAC dated 23-11-1976 * section 201(1A) (i) * corollary to section 192(3).
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