I have not dedcted TDS from salaries paid to my employees. what is the tax treatment.?

Question

TDS not deducted from salaries paid to my employees. what is the tax Treatment in my Business return. Salaries paid to employees is deductable from my total income or not.

Answer 1

Tp deduct the TDS and remitt to govt u should have a

TAN  and  PAN for company

first get this two by registering

Salary paid is deductable from your total income as it is an rev exp for your firm

Answer 2

first register with IT dept and get authorised for deducting TDS...

Answer 3

Understanding is that your gross receipts or sales exceeds Rs. 40 Lakhs per year and accounts are audited by a chartered ccountant in a whole time practice. You have your TAN.  

As of today you cannot deduct TDS on salaries and depsoit into Govt. account due to time or date factor.  All that you can do in order to save yourself from any possible querry from the Income Tax Deptt. - please advise these employees (from whom you were to deduct TDS) to pay their income tax and file Income Tax Returns. Please keep a copy of such Returns with you so that you may arque that Income Tax was paid though by the employees and there is no 'income tax chori' after all.

In case your turnover is less than forty lakhs and accounts are not subject to audit by a CA then please heave a sigh of relief and have a very nice and sound sleep. Because in this case you were not supposed to deduct any Tax.

You have not deducted any Tax i e no TDS hence no treatment or any entry into your books.

Answer 4

You are responsible for deducting TDS. Now make sure that your employees file their tax returns (reporting income received from you) and pay the income tax.

For your penalty, you may be asked to pay read

http://mytaxes.in/index.php?topic=77.0