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Can tds relating to past year be deducted from the salaries

TDS 694 views 2 replies

Samir Kumar Mahapatro

AGM(Finance)

29 Points Joined June 2012

Sir,

Can anyone answer me whether the employer can deduct TDS relating to period 2010-11 from the salaries payable to employees during FY 2012-13 stating that there was wrong in valuation of perquisites under Rule 3 of Income Tax Rules, when the FORM 16 is already issued and assessment of individual employees along with assessment of company for the said FY 2010-11 is already over ?

Please answer this urgently as my employer has treated this differently.

Attached File : 846616 995709 itax letter.doc downloaded: 138 times

Replies (2)

Prateek Agarwal

Sr. Executive - Finance & Accounts

1732 Points Joined February 2011

If the Asst is completed, no fresh amount ot tax can be deducted. Its quite logical. I dont know why did your company took to deduction of tax of previous year.

MAYA. N

Accounts Officer

68 Points Joined September 2010

Hi Samir,

You can deduct TDS relating to period 2010-11 from the salaries of the employees for the current financial year 2012-13 as arrears or difference in the valuation of perquisites of the year 2010-11 in the F.Y. 2012-13 and accordingly arrive at the Taxable amount of salary to calculate TDS for the F.Y. 2012-13.