Dear All,
Is there any liability on issuer on Form 16, if some portion of TDS on Salaries shown as recoverable?
Regards
P. Raja
CA AYUSH AGRAWAL
(Kolkata-Pune-Mumbai)
(26986 Points)
Replied 27 March 2010
Yes, Form 16 is to be issued
P. Raja
(Manager Finance & Accounts)
(198 Points)
Replied 27 March 2010
Sir,
The issue is short deduction of TDS , shall we issue TDS certificate in Form16 ( for Salaries ) showing some portion of Tax is still payable ? is there any liability on the employer?
Regards
P. Raja
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 27 March 2010
Employer's liability is to deduct the tax amount & pay to the credit of central govt.
regards,
ratan
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 27 March 2010
in case of short deduction of tax, employer's liability equals to balance amount of short tax alongwith any interest, if any.
regards,
ratan
P. Raja
(Manager Finance & Accounts)
(198 Points)
Replied 27 March 2010
Whatever we have recovered from the employee is paid to the credit of Central Govt, and Certificate being issued already, if the employee himself remitting the balance tax along with interest to Govt , is there any problem?
Regards
P. Raja
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 27 March 2010
No there is no problem.
regards,
ratan
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 27 March 2010
Still liability to deduct TDS is on the employer, u cn deduct the balance tax right now & issued fresh form 16
regards,
ratan
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 27 March 2010
and one more thing y an employee bears the tax burden alongwith interest.
regards,
ratan
P. Raja
(Manager Finance & Accounts)
(198 Points)
Replied 27 March 2010
This pertains to last financial year , there was a doubt raised by the ex employee while remitting the balance Tax and submitting his ITR , as we have already filed annual TDS returns etc for last FY in June 2010 , if we make any change in TDS certificate we need to revise the returns etc , so if the matter can be closed by making the payment by the employee ,all these can be avoided
Please advise
Regards
P. Raja
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 27 March 2010
yes, employees cn make d payment of tax on company's behalf. plz correct ur error hw cn u file annual return in june, 2010.
regards,
ratan
P. Raja
(Manager Finance & Accounts)
(198 Points)
Replied 27 March 2010
Sorry , I mean annual return in June 2009 for FY 2008-09
Regards
P. Raja
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 27 March 2010
if employees agrees to that.... u cn go for it.
regards,
ratan
CAclubindia
