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Income Tax : Key updates on income tax deduction from salaries under Section 192 for FY 2024-25, including amendments, surcharge rates, and new...
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The Central Board of Direct Taxes (CBDT) has clarified that the pension received by a taxpayer from his former employer is taxable under the head Salaries. The Finance Act, 2018 has amended Section 16 of the Income–tax Act, 1961
The Indian income tax laws cast an obligation on an employer to withhold taxes at the time of payment of salaries. Employers, therefore, withhold taxes on salary paid after allowing a deduction to the extent of prescribed investment/savings.
It is proposed to allow a standard deduction upto Rs 40,000/- or the amount of salary received, whichever is less. Consequently the present exemption in respect of Transport Allowance (except in case of differently abled persons) and reimbursement of medical expenses is proposed to be withdrawn.
Assessee was a non-employee director and share holder in the company and no salary or director’s fees was paid to her by the company during the year under consideration.
It is pertinent to note that the assessee has actually received the salary from his previous employers after deducting the notice period as per the job agreement with them. Therefore, in our considered view, the actual salary received by the assessee is only taxable.
Every year Central Board of Direct Taxes issues circular on Income Tax deduction from salaries under section 192 of the Income Tax Act, 1961. For the Financial year 2016-17, CBDT issued circular relating to provisions of salary & TDS on salary for current year via circular no. 01/2017 dt. 02/01/2017. This article tries to focus on amendments in FY 2016-17 by comparing with the provisions of FY 2015-16.
Provisions of section 10(5) of were introduced in order to motivate the employees and also to encourage tourism in India and, therefore, the reimbursement of LTC/LFC was exempted, but, there was no intention of the Legislature to allow the employees to travel abroad under the garb of benefit of LTC available by virtue of s.10(5) […]
CBDT had in its Finance Act, 2015 had introduced a new section 192(2D) of the Income-tax Act, (‘the IT Act’) wherein the person responsible for making payment of salary (employer) was obliged to collect the necessary evidence or proof in Form 12BB to allow any claim for any deduction and/or tax saving investments.
In cases where receipt is by way of salary, deductions under Section 192 of the Act is required to be made. No question of payment of advance tax under Part ‘C’ of Chapter VII of the Act can arise in cases of receipt by way of ‘salary’.
As earlier years, this year too salaried class had so much expectation from budget and as earlier years this year too they are disappointed after budget. No new deductions or no enhanced deductions, no rebate, no parity with self-employed/professionals (who are taxed on net income basis).
