Pankaj (Manager) (288 Points)
18 January 2010Hi,
If ABC Ltd is employer of Mr XYZ. Mr XYZ has given his other income details with Form No 16A(TDS Deduct on Interest) to the ABC Ltd. In the same case ABC Ltd has considered the other income amount. But should ABC Ltd consider TDS - which was deducted on other Income ( Interest)? Please tell me anyone what is tax tretament ?
Thanks
FATEMA
(CHARTERED ACCOUNTANT)
(719 Points)
Replied 19 January 2010
Yes, ABC Ltd. should consider the TDS deducted on interest.Add gross amount of interest in the income and then write the amount of TDS deducted in "tax already paid".
If you do not consider TDS in form 16, your employer will deduct tax on interest also.
C.Balaji
(Learner)
(1867 Points)
Replied 19 January 2010
s completely agree with Fatema
ABC ltd. should consider Other income and TDS deducted for it.....
CA Pramod Jain
(manager finance)
(1577 Points)
Replied 19 January 2010
ya both other income and tds should be considered as per declaration given by employee
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)
CAclubindia
