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tds on salary

b.srinivasan (Assistant Company Secretary) (51 Points)

07 October 2009

Hi!! friends

I am serving in a leading organisation at Chennai . My immediate boss , who is also the key personnel,to whom I dont want to disclose about my housing loan etc. At the same time I dont want to loose the concession given in the Income tax on the housing loan. Shall I leave the employer to deduct tax on my income and later can I claim the same in my Tax return while filing. Or should I to disclose everything to my employer? Pl.give authenticated reply.

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2 Replies

Ashish Sharma (Service) (1028 Points)
Replied 07 October 2009

this is not compulsory to give detail of housing loan to your employer you can claim it while filling your return also

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If the employee has income under any other head, he may choose to declare to the employer. He can do so by providing information about his other sources of income on a plain paper to the employer.

Ü If the employee has declared details of his income under any other head, the employer has to take into account the other incomes also in computation of tax to be deducted from such employee. But, this should not result in reducing the tax deductible from the employee except in the case where loss under the head “Income from House Property” has been taken into account.

Ü Even if the declaration contains other income and tax deducted at source from such other income, the tax to be deductible at source from salaries should not be reduced from what it would have been if there was no other income and tds for the employee. Except for the loss under the head “Income from house property”, income/loss and TDS under no other head of income shall have the effect of reducing TDS on salaries.

Ü If the employee has not declared details of his other income, the employer cannot take into account such other income even if the quantum of other income is otherwise known to the employer.