I have been visiting this site for quite some time. It's really impressive. I have a question; perhaps residents of this site would be able to give me their judgment.
Is it Mandatory for Employers to Collect Investment Proof?
Is it mandatory for an employer/tax deductor to collect investment proof from its employees? Instead of collecting proof, can't they simply depend on or consider the declaration given by employees and compute TDS accordingly? (It's very irritating chasing employees to submit proof. Some employees' attitude reflects that they would be doing some kind of favor by submitting the proof to the employer on time.)
I would like to know what the experts' opinion is in this regard.
Thanks,
Sandy
From India, Calcutta
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Is it Mandatory for Employers to Collect Investment Proof?
Is it mandatory for an employer/tax deductor to collect investment proof from its employees? Instead of collecting proof, can't they simply depend on or consider the declaration given by employees and compute TDS accordingly? (It's very irritating chasing employees to submit proof. Some employees' attitude reflects that they would be doing some kind of favor by submitting the proof to the employer on time.)
I would like to know what the experts' opinion is in this regard.
Thanks,
Sandy
From India, Calcutta
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Producing proofs is mandatory before TDS. Declaration is not only suffice but proof. Regards R.Ponraj
From India, Lucknow
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616From India, Lucknow
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Employers are responsible for verifying the proofs before TDS. That's why they are asking for proofs. However, the onus of paying taxes rests with the individuals. If the employee deposits tax and the employer fails to deposit it with the IT department, the department can enforce a penalty on the employer.
Regards,
R. Ponraj
From India, Lucknow
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Regards,
R. Ponraj
From India, Lucknow
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