How Do I Handle Employee Perquisites for TDS? Seeking Guidance on Necessary Documents

Dear Seniors,

I am working as an Assistant Manager Account in a Pvt. Ltd Company, and I am responsible for calculating and deducting the TDS from the salary of employees of the company. Please go through the salary structure and guide me on what documents I will need from the employee regarding the Perquisites given to him.

Regards,
Ankur Subodh

To ensure accurate calculation and deduction of TDS from employee salaries, it is crucial to collect specific documents related to the perquisites provided to them. Here's a practical guide to the documents you may need:

- Form 12BB: This form includes details of house rent allowance, leave travel concession, and other allowances received by the employee.
- Receipts and Bills: Collect receipts and bills for expenses claimed as perquisites, such as medical bills, rent receipts, etc.
- Declaration Forms: Employees may need to fill declaration forms for certain perquisites like car lease, accommodation, etc.
- Agreements or Contracts: If there are agreements or contracts related to perquisites, ensure you have copies for reference.

By systematically gathering these documents, you can streamline the TDS calculation process and ensure compliance with tax regulations. If you encounter any specific challenges or require further assistance, feel free to seek clarification or additional guidance.