I am working in a pharmaceutical company as an HR executive. Before me, there was no HR, so no policies were being followed. We have more than 20 employees. Currently, I am responsible for creating the salary sheet and salary slips. My concern pertains to TDS. Last month, our MD deducted 10% TDS for a few employees without obtaining any proof from them. Now, the employees are inquiring about the deductions made. Can anyone provide assistance on what steps I should take at this juncture?
From India, Pune
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From India, Pune
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Step 1: Find out the taxable gross income of all employees.
Step 2: Collect tax savings documents from the concerned employees.
Step 3: Calculate the net taxable income considering the tax savings documents and the net tax.
Step 4: For the financial year 2019-20, only four months are left. Make a proper plan for deductions and start deducting TDS from the December 2019 salary.
S K Bandyopadhyay (Howrah, WB)
From India, New Delhi
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367Step 2: Collect tax savings documents from the concerned employees.
Step 3: Calculate the net taxable income considering the tax savings documents and the net tax.
Step 4: For the financial year 2019-20, only four months are left. Make a proper plan for deductions and start deducting TDS from the December 2019 salary.
S K Bandyopadhyay (Howrah, WB)
From India, New Delhi
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Responsibilitie s of person who is responsible for deduction of TDS on salary.docx
Amendment in Section 192A of the IT Act, 1961- Instructions for deduction of TDS on withdrawal f.pdf