Ankur (na) (252 Points)
15 March 2013Hello frineds
Please Help Me to solve the following Problem
if salary is paid to a resident payee without deduction of TDS, Whether such salary be disallowed under any section like 40(a)(i), 40(a)(ia), 40(a)(iii) or under any other section?
Thanking in anticipation.
Mihir
(Wealth Manager)
(5293 Points)
Replied 16 March 2013
Either the salary is below taxable limit of Rs. 200,000 in case of individual and Rs. 250,000 in case of senior citizen, or the assessee has provided his/her personal investments by which the tax liability becomes NIL, and therefore can ask the employer not to deduct any TDS from salary.
CA Sumeet Rathod
(Partner )
(157 Points)
Replied 16 March 2013
Dear Ankur,
Your salary will not be disallowed, but assess will be in default u/s sec 201(1) of income tax Act.
You have to pay penalty and interest Expenses will be allowable.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
CAclubindia
