Rahul (.) (303 Points)
21 September 2010Hi, My friend has joined in an IT company. The company has started deducting TDS from his salary every month.
My question is If he submits Insurance receipts ( 80C ) in advance ( monthly / Quarterly ) can he avoid deduction of TDS by the company ? Is there such facility available ?
Pleas help...
sudhakar ca cwa
(service)
(1518 Points)
Replied 21 September 2010
yes you can avoid
most of companies first take the statement from employees reg savings etc then only they will deduct the TDS.
i think in ur frdz company the policy is differnt
CA.G.Muguntha Narayanan
(Internal Auditor at TVS Motors)
(2195 Points)
Replied 21 September 2010
Dear Rahul,
As rightly said by my friend above, the company can accept the details and make a deduction under 80C and then deduct tax on the balance amount u/s.192
Kannan Iyappan
(Company Secretary)
(1496 Points)
Replied 21 September 2010
Yes , Agree you can stop deducting TDS based on investment projection.
Kannan
kaushik
(service)
(125 Points)
Replied 21 September 2010
I think IT company is deducting TDS after taking the projection under section 80C i.e for Rs 1 now Rs 1.2 lacs .Before deducting any TDS the concerned Pay and allowance Dept take the projected saving from employee and then deducted TDS from their salary.
Santosh
(Student ( Final Year - New ))
(348 Points)
Replied 21 September 2010
| Originally posted by : CA.G.Muguntha Narayanan | ||
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Dear Rahul, As rightly said by my friend above, the company can accept the details and make a deduction under 80C and then deduct tax on the balance amount u/s.192 |
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George
(Chartered Accountant)
(649 Points)
Replied 22 September 2010
| Originally posted by : sudhakar ca cwa | ||
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yes you can avoid most of companies first take the statement from employees reg savings etc then only they will deduct the TDS. i think in ur frdz company the policy is differnt |
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Ranotosh Podder
(ca student)
(394 Points)
Replied 22 September 2010
| Originally posted by : sudhakar ca cwa | ||
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yes you can avoid most of companies first take the statement from employees reg savings etc then only they will deduct the TDS. i think in ur frdz company the policy is differnt |
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Also you can show loss on house property if any which has to be considered by the employer while deducting TDS
JINESH SHAH
(PRACTICING CA)
(151 Points)
Replied 22 September 2010
YES U CAN DO SO... GIVE COMPANY DETAILS OF YOUR INVESTMENT & OTHER INCOMES & N ASK THEM TO DEDUCT TAX ACCORDINGLY..
CA kuldeep kothari
(own practice)
(375 Points)
Replied 22 September 2010
CAclubindia
