Samir Kumar Mahapatro (AGM(Finance)) (29 Points)
13 June 2012Sir,
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.
Prateek Agarwal
(Sr. Executive - Finance & Accounts)
(1732 Points)
Replied 13 June 2012
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)
Replied 13 June 2012
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.
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