Section 192

TDS Rate Chart for FY 2022-23 / AY 2023-24 – Updated

Income Tax - Income Tax TDS Rate Chart for for Financial Year (FY) 2022-23 / Assessment Year (AY) 2023-24 The term ‘TDS’ refers to ‘Tax Deduction at source’. It is a mechanism wherein a person responsible to pay a sum of specified nature shall deduct an amount towards TDS and pay it to the credit of Central Government. […]...

Read More

TDS on Salary – Employer Approach

Income Tax - Section 192 of the Income Tax Act, 1961 TDS on Salary – An Employer Approach This article might be useful for employers by guiding them regarding deducting TDS on salary income payable to their employees in all aspects. I am hereby addressing frequently arising doubts among the employers with respect to salary TDS. Here we, […]...

Read More

Facilitating platform to comply with higher rates of TDS & TCS under 206AB & 206CCA of ITA

Income Tax - Facilitating platform to comply with higher rates of TDS & TCS under 206AB and 206CCA Finance Act 2021 introduced two new section 206AB and 206CCA of Income tax Act 1961 ’the Act’ with effect from 1 July 2021. The object being to increase the timely filing of income tax returns by resident assesses or non-resident […]...

Read More

Section 192 TDS on Salary- Analysis

Income Tax - 1) Who is responsible to deduct tax u/s 192 of Income Tax Act, 1961? All persons paying salary are responsible to deduct TDS on income chargeable under the head “Salary”. In other words none of the payer of Salary is excluded; Individual, HUF, Partnership firms, companies, cooperative societies, Trust and other artificial judicial per...

Read More

Tax Deducted at Source (TDS) under Income Tax

Income Tax - INTRODUCTION TDS or Tax Deducted as Source is an indirect method of collecting tax. It aims at collecting the tax at the very source of income. TDS is a pay as you earn scene. It is collected as it is earned. PAYMENTS COVERED UNDER THE SCHEME OF TDS Section 192 to 194 of the Income […]...

Read More
Sorry No Post Found

Accountant not become technical person for writing Accounts of 2 firms

Rajendra Kumar Chowdhary Vs ITO (ITAT Lucknow) - Salary of accountant cannot be treated as professional service for managing books of two firms to invoke TDS under section 194J...

Read More

Section 194J TDS on fees to Doctors engaged as Retainers & Consultants

ACIT Vs Escort heart Institute and Research Centre Ltd (ITAT Delhi) - High Court held that the provisions of Section 194J applied to the retainer doctors and not those of Section 192....

Read More

TDS on commission forming part of Salary deductible at the time of payment

PCIT Vs Indofil Industries Limited (Bombay High Court) - PCIT Vs Indofil Industries Limited (Bombay High Court) The issue herein is regarding disallowance under Section 40(a) (ia) of the said Act for amount of Rs.1,08,00,000/-. The Assessing Officer had noted that Respondent had made a provision for commission for the Chairman and the Managing Director (C...

Read More

TDS deductible on sitting fees paid to director

HLS Asia Ltd. Vs DCIT (ITAT Delhi) - HLS Asia Ltd. Vs DCIT (ITAT Delhi) Prima facie after looking at provisions of Section 17 and the concept of Director under the Companies Act and thus has a relationship as an employee to the Company. Besides this, the fees which is termed as sitting fees is the part and parcel of remuneration of the...

Read More

No TDS on cash medical benefit provided to LIC employees

Life Insurance Corporation of India Vs ITO (ITAT Bangalore) - Assesse was under a bonafide belief that cash medical benefit were only reimbursement of the expenditure incurred by the employees, and as such they could not form part of their income, therefore,  no tax could be recovered from the employer on account of short deduction of tax at source under sect...

Read More

TDS & Tax on Salary | Section 192 | FY 2021-22 | AY 2022-23

Circulars No 04/2022 - (15/03/2022) - CBDT issued Income Tax Circular No. 04/2022 on 15th March 2022 and explained all provisions related to deduction of Tax At Source (TDS) on Salary or Income Tax Payable on Salary for the Financial Year 2021-22 / Assessment Year 2022-23.  GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE...

Read More

Furnishing of evidence by employee for TDS deduction on Salary for FY 2021-22

Circular No. AN/PAY- 1/1447/I-TAX/2021-2022 - (15/09/2021) - Furnishing of evidence of claims by employee for deduction of tax under section 192 for the FY 2021-22 and AY 2022-23. (For Assessees other than those who opted for New Tax Regime)...

Read More

TDS and Tax on Salary | Section 192 | FY 2020-21 | AY 2021-22

Circular No. 20/2020 - (03/12/2020) - CBDT issued Income Tax Circular No. 20/2020 dated 03rd December 2020 which contains provision for TDS on Salary for the Financial Year 2020-21 under Section 192 of the Income-Tax Act, 1961. Text of the Circular is as follows:- GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) CENTRAL B...

Read More

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...

Read More

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...

Read More

Recent Posts in "Section 192"

Accountant not become technical person for writing Accounts of 2 firms

Rajendra Kumar Chowdhary Vs ITO (ITAT Lucknow)

Salary of accountant cannot be treated as professional service for managing books of two firms to invoke TDS under section 194J...

Read More

Section 194J TDS on fees to Doctors engaged as Retainers & Consultants

ACIT Vs Escort heart Institute and Research Centre Ltd (ITAT Delhi)

High Court held that the provisions of Section 194J applied to the retainer doctors and not those of Section 192....

Read More

TDS Rate Chart for FY 2022-23 / AY 2023-24 – Updated

Income Tax TDS Rate Chart for for Financial Year (FY) 2022-23 / Assessment Year (AY) 2023-24 The term ‘TDS’ refers to ‘Tax Deduction at source’. It is a mechanism wherein a person responsible to pay a sum of specified nature shall deduct an amount towards TDS and pay it to the credit of Central Government. […]...

Read More
Posted Under: Income Tax | ,

TDS & Tax on Salary | Section 192 | FY 2021-22 | AY 2022-23

Circulars No 04/2022 15/03/2022

CBDT issued Income Tax Circular No. 04/2022 on 15th March 2022 and explained all provisions related to deduction of Tax At Source (TDS) on Salary or Income Tax Payable on Salary for the Financial Year 2021-22 / Assessment Year 2022-23.  GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) CENTRAL BOARD OF DIRECT TAXES DEDUCTIO...

Read More

TDS on commission forming part of Salary deductible at the time of payment

PCIT Vs Indofil Industries Limited (Bombay High Court)

PCIT Vs Indofil Industries Limited (Bombay High Court) The issue herein is regarding disallowance under Section 40(a) (ia) of the said Act for amount of Rs.1,08,00,000/-. The Assessing Officer had noted that Respondent had made a provision for commission for the Chairman and the Managing Director (CMD) of the Company for Rs.1,08,00,000/- ...

Read More

TDS on Salary – Employer Approach

Section 192 of the Income Tax Act, 1961 TDS on Salary – An Employer Approach This article might be useful for employers by guiding them regarding deducting TDS on salary income payable to their employees in all aspects. I am hereby addressing frequently arising doubts among the employers with respect to salary TDS. Here we, […]...

Read More
Posted Under: Income Tax |

Furnishing of evidence by employee for TDS deduction on Salary for FY 2021-22

Circular No. AN/PAY- 1/1447/I-TAX/2021-2022 15/09/2021

Furnishing of evidence of claims by employee for deduction of tax under section 192 for the FY 2021-22 and AY 2022-23. (For Assessees other than those who opted for New Tax Regime)...

Read More

Facilitating platform to comply with higher rates of TDS & TCS under 206AB & 206CCA of ITA

Facilitating platform to comply with higher rates of TDS & TCS under 206AB and 206CCA Finance Act 2021 introduced two new section 206AB and 206CCA of Income tax Act 1961 ’the Act’ with effect from 1 July 2021. The object being to increase the timely filing of income tax returns by resident assesses or non-resident […]...

Read More
Posted Under: Income Tax |

Section 192 TDS on Salary- Analysis

1) Who is responsible to deduct tax u/s 192 of Income Tax Act, 1961? All persons paying salary are responsible to deduct TDS on income chargeable under the head “Salary”. In other words none of the payer of Salary is excluded; Individual, HUF, Partnership firms, companies, cooperative societies, Trust and other artificial judicial per...

Read More
Posted Under: Income Tax |

Tax Deducted at Source (TDS) under Income Tax

INTRODUCTION TDS or Tax Deducted as Source is an indirect method of collecting tax. It aims at collecting the tax at the very source of income. TDS is a pay as you earn scene. It is collected as it is earned. PAYMENTS COVERED UNDER THE SCHEME OF TDS Section 192 to 194 of the Income […]...

Read More
Posted Under: Income Tax |

Browse All Categories

CA, CS, CMA (6,143)
Company Law (8,556)
Corporate Law (10,694)
Custom Duty (9,446)
DGFT (4,854)
Excise Duty (4,842)
Fema / RBI (5,311)
Finance (5,698)
Income Tax (42,514)
SEBI (4,590)
Service Tax (4,041)