TDS Quarry

Discussion in 'Income Tax' started by Mahendra Narayan Thakur, Sep 4, 2015.

  1. TDS on salary income not deduct in previous year salary if the same had paid in previous year will be deductible in current year salary ?
  2. Raju Choudhary

    Raju Choudhary Active Member Staff Member

    Dear Mahendra
    Please Provide Some More details for your query so we understand properly and Replay you as soon possible.
  3. If we had received salary an amount of Rs. 700000/- in financial year 2014-2015. in this amount employer had not deduct TDS for that year(2014-15) ? Employer will be deduct on TDS for the F.year 2015-16 on that amount(Rs. 700000) Yes or Not ?

    NAVEEN KUMAR New Member

    yes you can deduct the t.d.s for the f.y 2014-15 in f.y 15-16 if t.d.s is not deducted the salary paid is dissallowed expenses to employer so he cant claim as expense to employer after deducting t.d.s employer can revise the 2014-15 return to claim that expense and the late deduction

    rate of interest
    W.e.f 01-07-2010

    • From the date when TDS was deductible till date of actual deduction,rate of interest is 1% p.m.
    • For delayed deposit, from date of deduction till actual date of payment, rate of interest is 1.5% p.m
    • note it is as per my knowledge only
  5. Yash Shah

    Yash Shah New Member

    The expense will be disallowed for income tax purpose. pay this as soon as possible and revise the return along with paying the interest and then claim the expense for deduction in inocme tax
    Raju Choudhary likes this.
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