I am working with a payroll management company.Here i am attaching the details procedure followed by me in regular operation as well as the MIS.Please go through the payroll process attachment,Joining kit and MIS format.In case u have some better idea or any suggestion or if some of you are following some other processes then please update it in the forum,or if u like to discuss about any thing then please discuss it so that if i am following any lenghty process or if any of u have any better idea to do the tasks.Looking for a positive response from all of you....
yes you can deduct the tds...but you have to give the tds cerificate at the end of the financial year for all the four quarter.......
deducting tds is not for contractors and professionals only
it is obligatory for every employer to deduct tds and deposit monthly for all those individuals who come into tax bracket
in the beginning of the year you should obtain data from the individuals on savings proposed and any other deduction eligible .
U must compute the anticipated tax and deduct 1/12 or 1/10 of it and deposit to it. It will get reflected in individual it web page.
Incidentally not recovering is a crime and punishable.
Pl talk to the chartered accountant of your company for help.
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