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Tds

24 April 2015

Can an employer canosider TDS deducted on other incomes while calculating TDS on salary. If yes then where it will come in form 16.

Thanks In advance

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4 Replies

ANIL DHANUKA (Self Employed) (54 Points)
Replied 24 April 2015

Current Employer can consider other employer salary and other income (interest on home loan and other income) and only tds deducted on salary of other employer can be considered and deduct tax accordingly and other tax deduction on other income can be claimed as refund if any

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being chartered (CA) (76 Points)
Replied 24 April 2015

But in CIRCULAR NO : 17/2014 F.No. 275/192/2014-IT(B) of Central Board of Direct Taxes it is clearly mentioned - "3.5 Information regarding Income under any other head:
(i) Section 192(2B) enables a taxpayer to furnish particulars of income under any head other than "Salaries" ( not being a loss under any such head other than the loss under the head ― Income from house property‖) received by the taxpayer for the same financial year and of any tax deducted at source thereon.

Giridhar S Karandikar (Team Lead) (7548 Points)
Replied 28 April 2015

The employee shud give all the details of his income from sources other than salary alongwith the TDS made thereon whihc shud be disclosed in his investment declaration given to teh employer.

The employer would then calculate the total income of the employee, calculate the taxable income and then deduct tax accordingly.