TDS under Company Emoluments
TDS under company emoluments is related to finance. However, it is not mandatory for finance if the company policy states otherwise.
HR's Role in Employee Data Management
Normally, HR is fully responsible for all matters related to employees. Therefore, their role in managing employee data is primary. Unless HR prepares the working hours, days, or other basic data as per employee rules, no further calculation is possible; thus, it is their responsibility. Next comes the salary and other perks earned by employees.
Loan and Deductions
After this, the loan and other deductions are considered. Then, TDS comes into the picture. Here, finance fills in the deductions applicable for each employee. Normally, this work is progressive. Some companies have a standard policy of monthly deductions for the first quarter, followed by a review of their salary earned and deductions allowed. Later, as the third quarter comes to an end, they need the staff details about their investment proofs that are eligible for deductions under the IT Act & Rules.
TDS Deduction Process
In any case, once TDS is deducted as per the salary details of the company, their responsibility is over. If the employee makes an investment later, it will not be considered by the company, but TDS will be deducted as applicable as per SOI calculations, and a TDS certificate is issued. Employees will have to submit their ROI and file an IT return to get a refund if applicable.