Income Tax - As per Sec 192 Any person responsible for paying any income chargeable under the head ‘Salaries’ shall, at the time of payment, deduct income-tax on the amount payable at the average rate of income-tax computed on the basis of the rates in force for the financial year in which the payment is made, on the estimated income o...
Read MoreIncome Tax - Every company needs to improve its operations in order to succeed, yet many are unwilling to invest money and effort in finding a solution. The demand for solutions that increase productivity and ensure return on investment (ROI) while utilizing fewer resources is growing by the day in this digital realm....
Read MoreIncome 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 MoreIncome Tax - Salaried individuals are issued form 16 from their employersat the end of financial year. The details mentioned thereon are helpful in filing income tax return. This article attempts to explain everything a tax payer should know about form 16 before filing income tax return. It is to be noted that form 26AS is of utmost […]...
Read MoreIncome Tax - Salary is defined to include: a) Wages b) Annuity c) Pension d) Gratuity e) Fees, Commission, Perquisites, Profits in lieu of or in addition to Salary or Wages f) Advance of Salary g) Leave Encashment h) Annual accretion to the balance of Recognized Provident Fund i) Transferred balance in Recognized Provident Fund j) Contribution by Cent...
Read MoreIncome Tax - BCAS made a Representation to CBDT regarding error in stating due date for Filing of Quarterly TDS Statements for Financial Year 2016-2017 in Circular 1/2017. ...
Read MoreIncome Tax - Income Tax Department to directly communicate deposit of tax deducted, through SMS alerts to salaried taxpayers, at the end of every quarter. In case of a mismatch, they can contact their deductor for necessary correction....
Read MoreIncome Tax - We are giving below the TDS on salary calculator which is useful to every salaried employee and been made especially for West Bengal Police Employees. This calculator has following feature. 1. Auto Fill Form 16. 2. Autocalculation of TDS on Salary. 3. Autofill of Form 10E alongwith Annexures. 4. HRA Calculator...
Read MoreIncome Tax - For the purposes of deduction of tax on salary payable in foreign currency, the value in rupees of such salary shall be calculated at the prescribed rate of exchange....
Read MoreIncome Tax - The survey was carried out to verify whether tax was deducted under the provisions of tax deducted at source (TDS). While examining documents, the department found out that in several cases, companies have defaulted in transferring TDS to the I-T dep...
Read MoreThe Provincial Superior, Nirmal Rani Provincial House Vs. Union of India (Kerala High Court) - Nirmal Rani Provincial House Vs. Union of India (Kerala High Court) Facts: 1. The appellants submitted that the salaries received by the nuns and priests and made over to the religious congregations were not chargeable to income tax, and tax was never deducted at source from the salaries paid to the...
Read MoreHexagon- MIDCO India Private Ltd. Vs CIT Appeals (ITAT Mumbai) - Hexagon- MIDCO India Private Ltd. Vs CIT Appeals (ITAT Mumbai) Learned Sr. DR fairly agreed that in case the holding company MIDCO Limited has deducted the TDS on salary paid to these employees no further requirement of TDS on principle but assessee has to produce evidence before the Assessing Offic...
Read MoreInstitute of the Fransican Missionaries of Mary Vs Union of India (Madras High Court) - The common issue which falls for consideration in these batch of cases is as to whether the respondent, the Income Tax Department, is justified in insisting upon recovery of tax at source from the salary payable to Nuns/Fathers/Priests working in various Teaching Institutions established and adminis...
Read MoreUnion of India Vs The Society of Mary Immaculate (Madras High Court) - Payment of salaries made to nuns, sisters, priests or fathers for rendering their services as Teachers in schools which receive Grant-in-aid from the State Government under the Grant-in-Aid Schemes and bound by the Canon Law were liable for tax deduction under section 192 as neither Income Tax Depa...
Read MorePr. CIT Vs. M/s .ITD Cemindia JV (Bombay High Court) - Pr. CIT Vs. M/s ITD Cemindia JV (Bombay High Court) The employees and personnel deputed by the company giving such workers on loan to the assessee company continued to be the employer, the assessee merely reimbursed the expenditure in terms of salary structure of the employees to the employer compan...
Read MoreCirculars 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 MoreCircular 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 MoreNotification No. 15/2021-Income Tax [G .S. R. 170(E)] - (11/03/2021) - CBDT revises Form No. 12BA (Statement showing particulars of perquisites, other fringe benefits or amenities and profits in lieu of salary with value thereof), Part B to Form 16 (Details of Salary Paid and any other income and tax deducted) and Annexure II to Form No. 24Q vide Notification No. 15/20...
Read MoreCircular 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 MoreCircular C1 of 2020 - (13/04/2020) - An employee, having income other than the income under head profit and gains of business or profession and intending to opt for the concessional rate under section 115BAC of the Act, may intimate the deductor, being his employer, of such intention for each previous year and upon such intimation, the...
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Circulars No 04/2022 - 15/03/2022
Circular No. AN/PAY- 1/1447/I-TAX/2021-2022 - 15/09/2021
The Provincial Superior, Nirmal Rani Provincial House Vs. Union of India (Kerala High Court) -
Hexagon- MIDCO India Private Ltd. Vs CIT Appeals (ITAT Mumbai) -