2 tds on salary

tds on salary

Investment declaration to Employer in form 12BB – TDS on Salary

Finance - An investment declaration or Tax declaration is required to be submitted at the beginning of the year. This is required to be submitted by an employee to their employer for the investment they have done during the year. Initially, an employee has to submit some estimates of the current and future investments, and later proof […]...

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Significance of Form No 12BB at the time of submitting Income Tax return

Finance - All the salaried Persons and pensioners have to submit their Income Tax Final Statements either in February or March 2023 as per the requirements of Income Tax Act and the relevant statue and regulations related with them. Then a significant question arises about the significance of Form No: 12 BB. Following are some of the […]...

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Tax Treatment of Income from Salary in Brief

Finance - 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...

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Salary Income – Answer to Common issues

Finance - section 17​​ of the Income-tax Act defines the term salary. However, not going into the technical definition, generally whatever is received by an employee from an employer in cash, kind or as a facility [perquisite] is considered as salary....

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TDS on Provision for Salary

Finance - 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...

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TDS Rate Chart for Financial Year 2022-2023

Finance - Article explains TDS Rates for Financial year 2022-23 i.e. Assessment Year 2023-24 under Income Tax Act, 1961. Article contains TDS Rate Chart, Threshold limit for TDS deduction, Rate of Surcharge, Cess and TDS Rate if PAN no is not furnished. TDS Rate Chart for Financial Year 2022-2023 / Assessment Year 2023-24 Nature of Payment Made [&h...

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Salary TDS – Monthly Calculator- Calculate Your TDS Accurately

Finance - SalaryTDS - Monthly Calculator helps in Precise calculations of monthly TDS values for each employee based on their annual income and investments....

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BCAS represents on wrong TDS filing return due date in recent Circular

Finance - 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. ...

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Quarterly SMS on Deposits of TDS to salaried employees

Finance - 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....

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TDS on Salary Calculator with Form 16, Form 10E and HRA Calculator

Finance - 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...

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TDS on salary deductible on net salary

Patwa Abhikarna Private Limited Vs ACIT (ITAT Indore) - ITAT Indore held that TDS on salary is deductible on the basis of net salary i.e. gross salary (-) deduction under Chapter VI-A. Therefore, demanding amount on short-deduction of TDS calculated on gross salary is unsustainable....

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Article 25 not Gives any Immunity from Taxation to nuns & priests: Kerala HC

The 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...

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TDS not deductible on Salary of seconded employee if deducted by Holding Company

Hexagon- 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...

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TDS not deductible on salary to Nuns/Fathers/Priests

Institute 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...

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TDS deductible on Salary paid to nuns, sisters for Teaching in School

Union 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...

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Instructions regarding Grant of HRA to Central Government employees

No.2/4/2022-E.IIB - (30/12/2022) - No.2/4/2022-E.IIB Government of India Ministry of Finance Department of Expenditure *** North Block, New Delhi. Dated the 30th December, 2022. OFFICE MEMORANDUM Subject: Compendium of Instructions regarding grant of House Rent Allowance to Central Government employees -regarding The Department of Ex...

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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...

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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)...

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CBDT revises Form No. 12BA, Part B to Form 16, Annexure II to Form No. 24Q

Notification 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...

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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...

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Recent Posts in "tds on salary"

Investment declaration to Employer in form 12BB – TDS on Salary

An investment declaration or Tax declaration is required to be submitted at the beginning of the year. This is required to be submitted by an employee to their employer for the investment they have done during the year. Initially, an employee has to submit some estimates of the current and future investments, and later proof […]...

Read More
Posted Under: CA, CS, CMA |

Significance of Form No 12BB at the time of submitting Income Tax return

All the salaried Persons and pensioners have to submit their Income Tax Final Statements either in February or March 2023 as per the requirements of Income Tax Act and the relevant statue and regulations related with them. Then a significant question arises about the significance of Form No: 12 BB. Following are some of the […]...

Read More
Posted Under: CA, CS, CMA |

Instructions regarding Grant of HRA to Central Government employees

No.2/4/2022-E.IIB 30/12/2022

No.2/4/2022-E.IIB Government of India Ministry of Finance Department of Expenditure *** North Block, New Delhi. Dated the 30th December, 2022. OFFICE MEMORANDUM Subject: Compendium of Instructions regarding grant of House Rent Allowance to Central Government employees -regarding The Department of Expenditure, Ministry of Finance has issue...

Read More

TDS on salary deductible on net salary

Patwa Abhikarna Private Limited Vs ACIT (ITAT Indore)

ITAT Indore held that TDS on salary is deductible on the basis of net salary i.e. gross salary (-) deduction under Chapter VI-A. Therefore, demanding amount on short-deduction of TDS calculated on gross salary is unsustainable....

Read More

TDS Rate Chart for Financial Year 2022-2023

Article explains TDS Rates for Financial year 2022-23 i.e. Assessment Year 2023-24 under Income Tax Act, 1961. Article contains TDS Rate Chart, Threshold limit for TDS deduction, Rate of Surcharge, Cess and TDS Rate if PAN no is not furnished. TDS Rate Chart for Financial Year 2022-2023 / Assessment Year 2023-24 Nature of Payment Made [&h...

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Posted Under: CA, CS, CMA | ,

Format to Calculate TDS on Salary

Excel format to calculate TDS on Salary which needs to be deducted by the employer from the employee Salary....

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Posted Under: CA, CS, CMA |

Tax Treatment of Income from Salary in Brief

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 More

Salary TDS – Monthly Calculator- Calculate Your TDS Accurately

SalaryTDS - Monthly Calculator helps in Precise calculations of monthly TDS values for each employee based on their annual income and investments....

Read More
Posted Under: CA, CS, CMA |

Salary Income – Answer to Common issues

section 17​​ of the Income-tax Act defines the term salary. However, not going into the technical definition, generally whatever is received by an employee from an employer in cash, kind or as a facility [perquisite] is considered as salary....

Read More

TDS on Provision for Salary

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 More
Posted Under: CA, CS, CMA |

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