Hi Friends, I would like to understand the income tax compliance a company HR needs to follow. As per my understanding, every year in April an investment declaration is to be taken by the HR from the employees and then accordingly TDS calculated and to be deducted from the salary every month from April onwards.
However, some of the employees are objecting to this and saying "it's too early to deduct TDS. It sounds like the company is forcing to do declaration as early as April and not giving chance to do market strategy on investments."
The employee has not given any declaration of investment and suggesting that declaration should be asked from Sept-Oct onwards & till then tax should not be deducted OR to be deducted as low as possible. Kindly advise what is the exact process for salary TDS compliance for employees.
However, some of the employees are objecting to this and saying "it's too early to deduct TDS. It sounds like the company is forcing to do declaration as early as April and not giving chance to do market strategy on investments."
The employee has not given any declaration of investment and suggesting that declaration should be asked from Sept-Oct onwards & till then tax should not be deducted OR to be deducted as low as possible. Kindly advise what is the exact process for salary TDS compliance for employees.