I deducted the TDS of my employees on the basis of previous tax rebate i.e.5000. but the rebate applicable for this year is 2500 upto 350000.
what to do now?
how much interest i need to deduct and from which month?
please help
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LOWER DEDUCTION OF TDS
Replies (3)
Recalculate the amount as per salary paid, and pay the difference with interest from the month of March.....
thanks... i thought that i have to calculate interest for each month from which TDS is to be deducted on payment of salary to them each month for tye whole year.
Read: Sub-Section 192(3)............ "(3) The person responsible for making the payment referred to in sub-section (1) or sub-section (1A) or sub-section (2) or sub-section (2A) or sub-section (2B) may, at the time of making any deduction, increase or reduce the amount to be deducted under this section for the purpose of adjusting any excess or deficiency arising out of any previous deduction or failure to deduct during the financial year."
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