P.R. Bhupal Reddy (Manager Finance & Accounts) (73 Points)
13 May 2011Dear Sir,
I am an Accountant in a Private Limited Company i have to take care of TDS deductions on salaries, i can guess the TDS amounts if employees co-operate with me.
but my problem is some of the employees may not give proper response to provide the details like savings, housing loans and any others but, their salaries are likely 6 Laks, 8 Laks and 10 Laks per annum.
Please suggest me how to deduct the TDS to the above salaries and on which basis ?.
Regards,
Bhupal Reddy
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 13 May 2011
https://law.incometaxindia.gov.in/DITTaxmann/IncomeTaxRules/pdf/itr62Form12B.pdf
Handover the form 12B, to employees ask them to submit it now and in resubmit in case of any change during the year, and in absence of form 12B, deduct tax on whole salary,
Harpreet
(* * * * * *)
(1670 Points)
Replied 13 May 2011
Agreed with Mr. Amit. Do the same exercise. dont take unnecessary tension.
Harpreet
(* * * * * *)
(1670 Points)
Replied 13 May 2011
waise bhi excess deduction is not an issue. And abhi to 10 months are lefts in FY 2011-12
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 13 May 2011
deduct tax on whole salary if they are not giving detail
Suresh
(Accounts Executive)
(38 Points)
Replied 14 May 2011
Sir,
I am Working in Private firm in Accounts Dept.
In the Financial Year 2009-10, by mistake I gave Total Turnover with Tax instead of Taxable turnover (both sales 12.5% & Purchase 4% & 12.5%) in Form No. 13A for getting Form No.13 (Audit Report).
We have an Auditor and before filing this Statement, we gave the backup of the said year to him. Also we gave a fair copy of Audit Statement to him. From that he prepared the Audit Report. The mistake is happened only in Audit Statement form no.13A and not in our accounts (backup). I think he have checked only the statement not the backup.
But, Now i got an intimation letter from VAT authorities showing that my accounts are not kept proper. and I have to attend a hearing on 25.05.2011.
Is there a chance to file the revised Audit Statement of Form No.13A now. if yes, is there any fine for the re-filing.
Please help me sir...
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 14 May 2011
get in touch with auditor, and ask for a consolidated clarification sheet to be produced at hearing
MK GUPTA (Chartered Accountant
(Chartered Accountant in Practice)
(762 Points)
Replied 15 May 2011
| Dear Friends |
| Tension lene Ka nahi, |
| For ensuring smooth TDS deduction, follow these steps: - |
| 1) Prepare the comprehensive declaration and distribute it among the all employees in beginning of the year, who fall above the exemption limit |
| 2) Give the deadline to them to submit these declarations with complete particulars of there savings, investments, housing loan etc etc |
| 3) Consider nil saving for the employee, who did not submitted the declarations. |
| 4) Calculate the tax liability of all employees according to the declaration and divide it in 12 equal installments. |
CAclubindia
