tds on salary

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 – Payment Due Date & Mode

Income Tax - Rule 30 of Income Tax Rules, 1962, as amended by S.O. 1261(E), Notification dated 31.05.2010, prescribes mode of payment of tax deducted to the account of Central Government as detailed below:(a) The Tax deducted at source in accordance with the provisions of Chapter XVII-B of the Income tax Act, 1961 by an office of the Government shall ...

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TDS on Salary under section 192 of Income Tax Act, 1961

Income Tax - CA Neil Ganatra Any person responsible for paying income chargeable in the hands of recipient as ‘Salaries’ shall make TDS under section 192 of the Income Tax Act, 1961. The article discusses some basic aspects of the provisions of the section 192 related to deduction of TDS on Salary. The basic conditions that attract compliance [&he...

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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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Consequences for Non Payment or Late Payment of TDS

Income Tax - In Recent past we noticed that department has taken late payment of TDS very seriously and in addition to imposing Interest and Penalty for Late Payment, they also start initiating Criminal Prosecution against those responsible for Deduction and Payment of TDS....

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

Income 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. ...

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Quarterly SMS on Deposits of TDS to salaried employees

Income 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....

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

Income 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...

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TDS on Salary Paid in Foreign Currency

Income 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....

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Companies deducts TDS but not pay on time

Income 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...

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Assessee liable to deduct TDS on perquisite Value of Motor Car

TCG Lifesciences Pvt. Ltd Vs ITO (ITAT Kolkata) - Value of perquisite provided by the assessee company to its employees in the form of reimbursement of car running and maintenance charges was chargeable to tax in their hands and the assessee was liable to deduct tax at source from the said value. ...

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Amount Deducted for Notice Period is not Taxable as Salary

Shri Nandinho Rebello Vs DCIT (ITAT Ahmedabad) - It is pertinent to note that the assessee has actually received the salary from his previous employers after deducting the notice period as per the job agreement with them. Therefore, in our considered view, the actual salary received by the assessee is only taxable....

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LTC to Public Bank Employees for Travelling Abroad is subject to TDS

Syndicate.Bank Vs The Assistant. Commissioner of Income-tax (ITAT Bangalore) - Provisions of section 10(5) of were introduced in order to motivate the employees and also to encourage tourism in India and, therefore, the reimbursement of LTC/LFC was exempted, but, there was no intention of the Legislature to allow the employees to travel abroad under the garb of benefit of LTC ...

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As Advance tax not payable on salary Income so interest U/s. 234B, 234C cannot be levied

Ian Peter Morris vs. ACIT (Supreme Court of India) - In cases where receipt is by way of salary, deductions under Section 192 of the Act is required to be made. No question of payment of advance tax under Part 'C' of Chapter VII of the Act can arise in cases of receipt by way of 'salary'....

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TDS not deductible on Tips collected by Hotels & Paid to Staff: SC

ITC Ltd. Gurgaon Vs Commissioner of Income-tax (TDS) (Supreme Court of India) - The assessees are engaged in the business of owning, operating, and managing hotels. Surveys conducted at the business premises of the assessees allegedly revealed that the assessees had been paying tips to its employees but not deducting taxes thereon....

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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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Due date to furnish form 16 (Salary Certificate) extended to 15th June

Notification No. 42/2017 - (02/06/2017) - Due date of furnishing Annually Form 16 (Salary Certificate) is extended from 31st day of May of the financial year immediately following the financial year in which the income was paid and tax deducted to 15th day of June....

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CBDT rectifies mistakes in Circular related to TDS on Salary

Corrigendum to Circular No. 1/2017 - (24/01/2017) - Corrigendum to Circular No. 1/2017 dated 02.01.2017 on TDS under section 192 of Income-tax Act, 1961. In para 3.6.1 in clause (a) below the table at page 4 of the captioned Circular, the words -3 years appearing in line 1 may be read as 5 years....

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All about TDS on Salary for Financial Year 2016-17

Circular No. 01/2017-Income Tax - (02/01/2017) - Post deals with TDS on Salary for Financial Year 2016-17 / Assessment Year 2017-18 & explains how much TDS to be deducted and valuation of perquisites, Allowances etc....

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TDS on Salary for Assessment Year 2016-17

Circular No. 20/2015-Income Tax - (02/12/2015) - CIRCULAR NO : 20/2015 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 2015-16 and explains certain related provisions of the Act and Income-tax Rules, 1962 (hereinafter the Rules)....

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Recent Posts in "tds on salary"

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 |

Assessee liable to deduct TDS on perquisite Value of Motor Car

TCG Lifesciences Pvt. Ltd Vs ITO (ITAT Kolkata)

Value of perquisite provided by the assessee company to its employees in the form of reimbursement of car running and maintenance charges was chargeable to tax in their hands and the assessee was liable to deduct tax at source from the said value. ...

Read More

TDS – Payment Due Date & Mode

Rule 30 of Income Tax Rules, 1962, as amended by S.O. 1261(E), Notification dated 31.05.2010, prescribes mode of payment of tax deducted to the account of Central Government as detailed below:(a) The Tax deducted at source in accordance with the provisions of Chapter XVII-B of the Income tax Act, 1961 by an office of the Government shall ...

Read More
Posted Under: Income Tax |

TDS on Salary under section 192 of Income Tax Act, 1961

CA Neil Ganatra Any person responsible for paying income chargeable in the hands of recipient as ‘Salaries’ shall make TDS under section 192 of the Income Tax Act, 1961. The article discusses some basic aspects of the provisions of the section 192 related to deduction of TDS on Salary. The basic conditions that attract compliance [&he...

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 |

Consequences for Non Payment or Late Payment of TDS

In Recent past we noticed that department has taken late payment of TDS very seriously and in addition to imposing Interest and Penalty for Late Payment, they also start initiating Criminal Prosecution against those responsible for Deduction and Payment of TDS....

Read More
Posted Under: Income Tax | ,

Deduction of Interest on Home Loan From House Property income

Section 24(b) of the Act allows deduction from income from houses property on interest on borrowed capital on Home Loan as under:- (i) the deduction is allowed only in case of  house property which is owned and is in the occupation of the employee for his own residence.However, if it is actually not occupied by […]...

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Posted Under: Income Tax | ,

Form No. 12BB for deduction claim from Salary by employees

Salaried Employees furnish a deceleration to their employer in respect of Income Tax Deduction they are eligible under various provisions of Income Tax alongwith Supportings. Employers consider these declaration and supporting while calculating TDS to be deducted on Salary of their employees....

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Posted Under: Income Tax | ,

TDS on salary: Employees responsibility if employer defaults

The Income-Tax Act casts responsibility on the employer for tax deduction at source (TDS) at the time of payment of salary to employees whose salary income is above the maximum amount not chargeable to tax. The employer is required to deduct TDS on salary at the average rate of income-tax and deposit the same with the government within th...

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Posted Under: Income Tax | ,

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...

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Posted Under: Income Tax |

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