Section 192

Recognition and Benefits for Startups including Tax Benefits

Income Tax - Startup India Scheme is an initiative by the Government of India under leadership of Mr. Narendra Modi for generation of employment and wealth creation. The goal of Startup India is to develop and innovate products and services and increase the employment rate in India. To promote growth and help Indian economy, many benefits are being g...

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TDS Rate Chart for Financial Year 2020-21

Income Tax - Simple TDS Rate Chart for Financial Year 2020-21 –  Applicable from 14th May 2020 Kindly Note amended rates are been given on the basis of PIB Notification dated 13.05.2020 and on the date of Publication of this post no notification in this regard is been notified by the CBDT. Press release can be accessed at […]...

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TDS Rate Chart for FY 2020-21 / AY 2021-22 – Updated

Income Tax - TDS Rate Chart For Assessment year 2021-22 /Financial Year 2020-21 As we all are aware that yesterday our Honourable Finance Minister has conducted press release. In that press release she declared that The TDS rates for all non-salaried payment to residents, and tax collected at source rate will be reduced by 25 percent of the […]...

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TDS rate Changes vide Finance Act 2020

Income Tax - In Budget 2020, Government has made various amendment either changes in existing TDS/TCS Rates or addendum new TDS/TCS Rates, A.Y 2021-22 TDS Rates  Chart (Specific to Changes in Budget) Changes in Existing Rate Sr.No Nature of Payment Section Limit          TDS Rate for         Ind. and HUF Other than Ind. and HUF If [&hell...

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Section 192 TDS on Salary- Brief

Income Tax - What is section 192? Section 192 provides that any person responsible for paying any income chargeable under the head salaries is required to deduct tax on the amount payable. Download Format of Form 16 in Word Format Who deduct TDS? A payment can be categorised as ‘salary’ only if it arises out of ‘employer-employee’ re...

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No Disallowance U/s. 40(a)(ia) if retainer-ship expense shown by recipient in their return

Demarte Silk and Sarees Vs ITO (ITAT Chandigarh) - The issue under consideration is whether A.O. is correct in disallowing the expense of retainership debited in P & L on the basis of non deduction of TDS u/s 194C when the Same was shown as salary by recipient in their Income Tax return?...

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No Penalty for TDS Default due to reasonable cause on Foreign LTC Paid to Staff

State Bank of India Vs ACIT (ITAT Bangalore) - State Bank of India Vs ACIT (ITAT Bangalore) The assessee is a banking institution. A survey u/s 133A of the Act was conducted in the hands of the assessee in order to verify compliance of TDS provisions. It was noticed that the assessee has provided LTC facility to its employees and some of the emp...

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Payments to teachers/ lecturers/ staff is covered u/s 192 and not u/s 194J

Principal Sri Sathya Sai College for Women Vs ITO (ITAT Jaipur) - Principal Sri Sathya Sai College for Women Vs ITO (ITAT Jaipur) Assessee college has issued appointment letters to teachers/ lecturers/ staff members from time to time to whom salary was paid. The monthwise salary sheet was also prepared by the college on the basis of the attendance register of the ...

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TDS deductible on Salary Paid to missionary teacher irrespective of subsequent use

Fr. Sabu P.Thomas Vs Union of India (Kerala High Court) - Fr. Sabu P.Thomas Vs Union of India (Kerala High Court) The receipts in question, in the instant cases, are amounts by way of salary and pension. These payments accrue to the individuals concerned, who have rendered service in their individual capacity and based on the educational qualifications and...

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TDS U/s. 192 deductible on car running & maintenance expenses paid to staff

TCG Lifesciences Pvt. Ltd. Vs ITO (ITAT Kolkata) - TCG Lifesciences Pvt. Ltd. Vs ITO (ITAT Kolkata)  In the present case, the requisite details as specified in Clause (B) of sub-rule 2 of rule 3 of Income Tax Rules 1962 were not maintained by the assessee and this being the undisputed position, we find ourselves in agreement with the authorities be...

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TDS and Tax on Salary | Section 192 | FY 2019-20 | AY 2020-21

Circular No. 04/2020-Income Tax - (16/01/2020) - CBDT has released Circular No. 4/2020 which explains provisions related to TDS on Salary under Section 192 of Income Tax Act, 1961 applicable for A.Y. 2020-21 or F.Y. 2019-20. Circular also explains taxation of different components of Salary, Tax Treatment of Allowances, Perquisites, Retirement bene...

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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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Recent Posts in "Section 192"

Recognition and Benefits for Startups including Tax Benefits

Startup India Scheme is an initiative by the Government of India under leadership of Mr. Narendra Modi for generation of employment and wealth creation. The goal of Startup India is to develop and innovate products and services and increase the employment rate in India. To promote growth and help Indian economy, many benefits are being g...

Read More
Posted Under: Income Tax |

No Disallowance U/s. 40(a)(ia) if retainer-ship expense shown by recipient in their return

Demarte Silk and Sarees Vs ITO (ITAT Chandigarh)

The issue under consideration is whether A.O. is correct in disallowing the expense of retainership debited in P & L on the basis of non deduction of TDS u/s 194C when the Same was shown as salary by recipient in their Income Tax return?...

Read More

TDS Rate Chart for Financial Year 2020-21

Simple TDS Rate Chart for Financial Year 2020-21 –  Applicable from 14th May 2020 Kindly Note amended rates are been given on the basis of PIB Notification dated 13.05.2020 and on the date of Publication of this post no notification in this regard is been notified by the CBDT. Press release can be accessed at […]...

Read More
Posted Under: Income Tax |

TDS Rate Chart for FY 2020-21 / AY 2021-22 – Updated

TDS Rate Chart For Assessment year 2021-22 /Financial Year 2020-21 As we all are aware that yesterday our Honourable Finance Minister has conducted press release. In that press release she declared that The TDS rates for all non-salaried payment to residents, and tax collected at source rate will be reduced by 25 percent of the […]...

Read More

TDS rate Changes vide Finance Act 2020

In Budget 2020, Government has made various amendment either changes in existing TDS/TCS Rates or addendum new TDS/TCS Rates, A.Y 2021-22 TDS Rates  Chart (Specific to Changes in Budget) Changes in Existing Rate Sr.No Nature of Payment Section Limit          TDS Rate for         Ind. and HUF Other than Ind. and HUF If [&hell...

Read More
Posted Under: Income Tax |

Section 192 TDS on Salary- Brief

What is section 192? Section 192 provides that any person responsible for paying any income chargeable under the head salaries is required to deduct tax on the amount payable. Download Format of Form 16 in Word Format Who deduct TDS? A payment can be categorised as ‘salary’ only if it arises out of ‘employer-employee’ re...

Read More
Posted Under: Income Tax |

No Penalty for TDS Default due to reasonable cause on Foreign LTC Paid to Staff

State Bank of India Vs ACIT (ITAT Bangalore)

State Bank of India Vs ACIT (ITAT Bangalore) The assessee is a banking institution. A survey u/s 133A of the Act was conducted in the hands of the assessee in order to verify compliance of TDS provisions. It was noticed that the assessee has provided LTC facility to its employees and some of the employees […]...

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All you want to know about Pension & Its Taxability

Article explains Who is eligible for pension/ family pension, What is the tax treatment for family pension received by the legal heirs of a deceased employee, Document to be filled for family pension in case of death, Documents to be filled when the name of the claimant member is not available in the records, What […]...

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Posted Under: Income Tax | ,

TDS on Salaries – Procedure to deduct TDS – Compliances

TDS on Salaries – Section 192- Procedure to deduct TDS – Compliance with Income Tax Act and rules there under Under Section 192, the employer is required to deduct Tax at Source while making the payment of salary during financial year to the employees, at the rate of applicable to the individuals. For deduction of […]...

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Posted Under: Income Tax | ,

Section 115BAC and Tax Deduction at Source Under Section 192

Budget 2020- Section 115BAC and Tax Deduction at Source Under Section 192 of Income Tax Act, 1961 Finance Bill 2020-21 introduced a New Section 115BAC, as per this Section, an assessee has an option to tax his Total Income as per the rates prescribed under Section 115 BAC subject to his forgoing of tax concessions […]...

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Posted Under: Income Tax |

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