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A company is paying salary to its directors and deducting applicable TDS thereon (192).

Now company has decided to pay interest on loan taken from director. On which also TDS is deducted at appropriate rates (194).

As per section 192(2B), employee may declare his any other income to employer. And employer shall deduct TDS after adding that income into taxable income.

Query is that whether it is mandatory that company considers interest income while computing TDS under the head salary, since both the incomes are given by same company.

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kimiravikant (anonymous) 0 Comments

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It is the Option to be exercised by the employee. However on Practical purpose, we are recommending to include and deduct the TDS so, This help to avoid the penal interest under section 234B and 234C.

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shrikant (anonymous) 0 Comments

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I think it should be considered. Form 16 mein bhi toh disclose hoga

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