cervantes62 (CA) 19 September 2011
Dear All
I am a salaried employee having only income from salaries
I have already paid 80% of my total tax liability by deduction of TDS by my employer for the financial year 2011-12 within the first 5 months i.e within August,2011.
Can I request my employer not to deduct any TDS for next 4 months and then to deduct the balance of tax within the last 3 months of the financial year i.e within 31-3-2012 ?
I would be grateful for your advice
Kumar Doab (FIN) 19 September 2011
The employee can submit declaration for investment for the financial year to the concerned personnel of HR, and the employer does not deduct TDS if all payouts to employee do not exceed the provisions of Income Tax relief. You can approach your HO.
In case the payouts are more than the limits, employee can consider donating under 80(G).Donation to some charities e.g. missionary of charity, CRY are entitled for 100% relief.
If your viewpoint is better to donate and help the needy than pay tax fate of which you never know, you can consider the option.
cervantes62 (CA) 19 September 2011
Thank you very much ,Sir.The tax liability which I was talking about was after having exhausted all limits of 80C, 80D and the like.In other words this was the net tax payable which I will not be able to reduce any further.
Kindly consider this aspect please
Kumar Doab (FIN) 19 September 2011
If you have availed housing loan or are considering then you can declare to employer with relevant docs.
80(G) is another option.
You can pay mediclaim premium for dependant parents and avail relief for premium upto Rs.5000/- under 80(D).
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