Section 192

How to Calculate TDS on Salary with Examples

Income Tax - Every Employer who is paying salary to his employee which is more then maximum amount exempt from tax has to deduct TDS on such Salaries Under section 192 of the Income tax Act,1961. While deducting TDS employers are faced with following questions...

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TDS on Salary – Section 192 – FAQ & Important Circulars

Income Tax - Article presents Questions and Answers on Section 192 of Income Tax Act, 1961 related to TDS on Salary. Q.1. Who is responsible to deduct tax on Salary under Section 192 of Income Tax Act, 1961? A.1. All persons paying salary are responsible to deduct TDS on income chargeable under the head “Salary”. In other words […]...

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Don’t Take TDS Lightly

Income Tax - Nowadays delay in payment of TDS and in TDS return Filing makes an assessee liable to Late Payment Interest, Late Payment Penalty, Late Filing Fees, Late Filing Penalty and Further makes him liable to prosecution under the provision of the Income Tax Act, 1961....

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How to Automate Year End Investment Submission and Verification System

Income Tax - Employers need to deduct taxes from the salaries of their employees every month. To save these taxes, employees submit investment declarations through which they claim allowances and deductions. So, before deducting taxes, an employer computes the taxable income of his employees based on these declarations....

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TDS Rates Chart for FY 2017-18 / AY 2018-19

Income Tax - TDS Rates Chart for Financial Year 2017-18/ Assessment Year 2018-19 vide Finance Act 2017 i.e Budget 2017-18. We have updated the TDS rate chart considering the amendments made by Finance Act, 2017....

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TDS not deductible on TIP received from guests and distributed among employees

CJ International Hotels Ltd. Vs DCIT (ITAT Delhi) - The above two appeals filed by the assessee are directed against the order dated 30.04.2005 passed by CIT(A)-41, New Delhi confirming the order passed by the Assessing Officer u/s 201 (1) and 201 (1A) of the I. T. Act for the A.Y. 2011-12....

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TDS on accumulated RPF balance post cessation of Employment till withdrawal?

ACIT vs. Shri Dilip Ranjrekar (ITAT Bangalore) - In the wake of the decision of the Bengaluru ITAT, in the case of “The ACIT, Circle-1(2)(1) Bengaluru vs. Shri Dilip Ranjrekar, in ITA No. 858/Bang/2016, dated 10.11.2017, an intriguing question has arisen, as to whether TDS is required to be deducted by the employer company, in the case of an ers...

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TDS on Payment to Radio Jockies – Section 192 Vs. Section 194J

ITO Vs Entertainment Network (I) Ltd. (ITAT Mumbai) - Since advertising agency only acting as an intermediary between assessee radio broadcasting station and the advertiser, raised bills to the advertiser on net amount charged by the assessee, charging separate commission from the advertiser, deduction from the gross amount was in the nature of discoun...

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TDS deductible U/s. 192 instead of 194J if employee- employer relationship exist

Red Chillies Entertainment Pvt. Ltd. Vs ACIT.(TDS) (ITAT Mumbai) - Remuneration paid to six professionals engaged by the company was liable for deduction of tax at source u/s 192 as the same was in the nature of salary as against the claim of the assessee to deduct tax u/s 194J on these payments on the ground that these persons were acting in the capacity of indepe...

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Contribution to unrecognized Provident fund not eligible for deduction U/s. 80C

M/s. Kodakkad Service Co-operative Bank Ltd. Vs The Income Tax Officer (TDS) (ITAT Cochin) - Admittedly, the contributions of the assessees to the Provident Fund are not a recognized Fund, the same are not eligible for deduction u/s. 80C (2) (vi) of the I.T. Act. ...

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TDS on Salary for Financial Year 2017-18

Circular No. 29/2017-Income Tax - (05/01/2018) - DEDUCTION OF TAX AT SOURCE- INCOME-TAX DEDUCTION FROM SALARIES UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961 DURING THE FINANCIAL YEAR 2017-18 CIRCULAR NO : 29/2017 F.No. 275/192/2017-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ****** North Block...

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How to calculate TDS on Salary FY 2013-14 / AY 2014-15

Circular No. 8/2013-Income Tax - (10/10/2013) - Circular No. 8/2013-Income Tax Provisions of TDS on Salary as applicable on Income from Salary for Financial year 2013-14 / Assessment year 2014-15. This includes how to calculate TDS on Salary for Financial year 2013-14 and taxability of various components of Salary, Eligible deduction for Salarie...

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How to Calculate TDS on Salary – AY 2013-14 / FY 2012-13

Circular No. 8/2012-Income Tax - (05/10/2012) - Circular no. 8/2012-Income Tax The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head Salaries during the financial year 2012-13 and explains certain related provisions of the Income-tax Act, 1961 (hereinafter the Act) and Income-tax ...

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Notification F. No. 275/192/2009-IT(B)-Income Tax dated 20-1-2010

Notification F. No. 275/192/2009-IT(B)-Income Tax - (20/01/2010) - Notification F. No. 275/192/2009-IT(B)-Income Tax Section 192 of the Income-tax Act, 1961 – Deduction of tax at source – Salary – Income-tax deduction from salaries during the financial year 2009-10 – Corrigendum to Circular No. 1/2010, dated 11-1-2010...

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Circular No. 9/2003-Income Tax Dated 18-11-2003

Circular No. 9/2003-Income Tax - (18/11/2003) - Income Tax Circular No. 9/2003 Reference is invited to Circular No. 13/2002 dated 23-12-2002 wherein the the rates of deduction of income-tax from the payment of income under the head ‘Salaries’ under section 192 of the Income-tax Act, 1961, during the financial year 2002-03, were intimated. The...

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Recent Posts in "Section 192"

How to Calculate TDS on Salary with Examples

Every Employer who is paying salary to his employee which is more then maximum amount exempt from tax has to deduct TDS on such Salaries Under section 192 of the Income tax Act,1961. While deducting TDS employers are faced with following questions...

Read More
Posted Under: Income Tax |

TDS on Salary – Section 192 – FAQ & Important Circulars

Article presents Questions and Answers on Section 192 of Income Tax Act, 1961 related to TDS on Salary. Q.1. Who is responsible to deduct tax on Salary under Section 192 of Income Tax Act, 1961? A.1. All persons paying salary are responsible to deduct TDS on income chargeable under the head “Salary”. In other words […]...

Read More
Posted Under: Income Tax |

Don’t Take TDS Lightly

Nowadays delay in payment of TDS and in TDS return Filing makes an assessee liable to Late Payment Interest, Late Payment Penalty, Late Filing Fees, Late Filing Penalty and Further makes him liable to prosecution under the provision of the Income Tax Act, 1961....

Read More
Posted Under: Income Tax |

TDS not deductible on TIP received from guests and distributed among employees

CJ International Hotels Ltd. Vs DCIT (ITAT Delhi)

The above two appeals filed by the assessee are directed against the order dated 30.04.2005 passed by CIT(A)-41, New Delhi confirming the order passed by the Assessing Officer u/s 201 (1) and 201 (1A) of the I. T. Act for the A.Y. 2011-12....

Read More

TDS on accumulated RPF balance post cessation of Employment till withdrawal?

ACIT vs. Shri Dilip Ranjrekar (ITAT Bangalore)

In the wake of the decision of the Bengaluru ITAT, in the case of “The ACIT, Circle-1(2)(1) Bengaluru vs. Shri Dilip Ranjrekar, in ITA No. 858/Bang/2016, dated 10.11.2017, an intriguing question has arisen, as to whether TDS is required to be deducted by the employer company, in the case of an erstwhile employee, who has otherwise rende...

Read More

How to Automate Year End Investment Submission and Verification System

Employers need to deduct taxes from the salaries of their employees every month. To save these taxes, employees submit investment declarations through which they claim allowances and deductions. So, before deducting taxes, an employer computes the taxable income of his employees based on these declarations....

Read More
Posted Under: Income Tax | ,

TDS on Salary for Financial Year 2017-18

Circular No. 29/2017-Income Tax (05/01/2018)

DEDUCTION OF TAX AT SOURCE- INCOME-TAX DEDUCTION FROM SALARIES UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961 DURING THE FINANCIAL YEAR 2017-18 CIRCULAR NO : 29/2017 F.No. 275/192/2017-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ****** North Block, New Delhi Dated the 5th December, 2017...

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TDS on Payment to Radio Jockies – Section 192 Vs. Section 194J

ITO Vs Entertainment Network (I) Ltd. (ITAT Mumbai)

Since advertising agency only acting as an intermediary between assessee radio broadcasting station and the advertiser, raised bills to the advertiser on net amount charged by the assessee, charging separate commission from the advertiser, deduction from the gross amount was in the nature of discount only and not commission, therefore, li...

Read More

TDS deductible U/s. 192 instead of 194J if employee- employer relationship exist

Red Chillies Entertainment Pvt. Ltd. Vs ACIT.(TDS) (ITAT Mumbai)

Remuneration paid to six professionals engaged by the company was liable for deduction of tax at source u/s 192 as the same was in the nature of salary as against the claim of the assessee to deduct tax u/s 194J on these payments on the ground that these persons were acting in the capacity of independent professionals and not as employee ...

Read More

Contribution to unrecognized Provident fund not eligible for deduction U/s. 80C

M/s. Kodakkad Service Co-operative Bank Ltd. Vs The Income Tax Officer (TDS) (ITAT Cochin)

Admittedly, the contributions of the assessees to the Provident Fund are not a recognized Fund, the same are not eligible for deduction u/s. 80C (2) (vi) of the I.T. Act. ...

Read More

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