look news india
Budget 2024: Many such cases keep coming up when companies deduct tax (TDS) from the salary of their employees, but do not deposit it with the government. The latest case is of Byju's. The employees of this edtech company complained that the company deducted TDS from their salary, but did not deposit it with the government. Taxpayers will have to bear the loss due to this mistake of the company. Finance Minister Nirmala Sitharaman made a big announcement in this regard in the Union Budget on July 23.
Any company deducts TDS from the salary of its employees
Finance Minister Nirmala Sitharaman said in the budget speech that if the money deducted from the salary of employees (TDS) is not deposited with the government by the time of filing tax returns, the government will consider the delay as a crime. If a company is required to file TDS returns every quarter, it will have to deposit the TDS amount with the government at the end of the quarter.
The company deposits TDS to the government every month
Vaibhav Sankla, founder of Billion Basecamp, said, “Currently, the company deducts TDS from the employee's salary every month. It is deposited to the government every month. Every month the TDS money is deposited to the government, although its details are not available with the company. The employee's TDS and PAN details are also given in this statement.
The company is defaulting on TDS due to which the employees are suffering huge losses
According to the proposal presented by the Finance Minister in the budget speech on July 23, the government will now create a standard operating procedure to take action against companies that do not deposit TDS. If the company defaults in TDS payment, its employees have to suffer. While filing income tax returns, they have to pay more tax on their salary, whereas the company has already deducted tax from the salary. Thus, he has to pay tax twice on the same income.
