tds on salary

Consequences for TDS non compliances

Income Tax - 1. Disallowance of expenditure; u/s 40(a)(i) of and section 40(a)(ia), if Tax not deducted / not deposited till the due date of filing of return; a. Payment to Non-resident ;100% expenses disallowed b. Payment to resident ;30% expenses disallowed However, if tax is deducted or deposited in subsequent year, the expenditure so disallowed s...

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Tax Treatment of Income from Salary in Brief

Income 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...

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Salary Income – Answer to Common issues

Income Tax - 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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Section 192 – TDS on Salary

Income Tax - The main purpose of ‘Tax deduction at Source’ is the collection of tax at the very source of income. The Deductor is required to deduct an appropriate tax and deposit the same with the Government. Different rates of TDS are prescribed for different payment. The present article would help the reader to understand the provisions [&helli...

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Income Tax Deductors! Time To File TDS Statement

Income Tax - E-File TDS Statement for the Quarter ended on 31st March 2019 by 31st May 2019. Due date is extended to 30th June 2019 for Odisha. Avoid Late Fees of Rs. 200/- per day and levy of Penalty upto Rs. 1,00,000 by filing TDS Statement on or before due date. INCOME TAX DEDUCTORS! -TIME TO FILE […]...

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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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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 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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Salary reimbursement cannot be disallowed for Non-Deduction of TDS

Pr. 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...

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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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Revised procedure for issue of Part B of TDS certificate in Form No. 16

Notification No. 9/2019-Income Tax - (06/05/2019) - Procedure, format and standards for issuance of certificate for tax deducted at source in Part B of Form No. 16 in accordance with the provisions of section 203 of the Income-tax Act, 1961 read with the Rule 31 of the Income-tax Rules, 1962 through TRACES- reg....

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CBDT notifies detailed format of Salary Certificate | Form No. 16 | Form No. 24Q

[Notification No. 36/2019/ G.S.R. 304(E) - (12/04/2019) - CBDT notifies detailed format of Salary Certificate | Form No. 16 | Form No. 24Q vide [Notification No. 36/2019/ G.S.R. 304(E) dated 12/04/2019. (A) in Form No. 16,–(i) the Notes occurring after Part A shall be omitted;(ii) for Part B (Annexure), the following shall be substituted, namely:–...

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TDS on Salary for FY 2018-19 – Major/important Points to Remember

CBDT Circular No.1 of 2019 - (04/01/2019) - CBDT’s Circular No. 1 of 2019 dated 01.01.2019– Major/important Points to Remember The CBDT has issued circular No. 1 on 01.01.2019 in respect of the Deduction of tax at Source from Salaries u/s 192 of the Income Tax Act, 1961. Some of the major / important points to remember are; 1. Standar...

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TDS on Salary for Financial Year 2018-19

Circular No. 01/2019-Income Tax - (01/01/2019) - CBDT issued Circular No. 01/2019 on Deduction Of Tax At Source (TDS)-Income-Tax Deduction From Salaries Under Section 192 Of The Income-Tax Act, 1961 During The Financial Year 2018-19 / Assessment Year 2019-20. Circular Covers Deduction Of Tax At Source (TDS)-Income-Tax Deduction From Salaries Under...

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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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Recent Posts in "tds on salary"

Consequences for TDS non compliances

1. Disallowance of expenditure; u/s 40(a)(i) of and section 40(a)(ia), if Tax not deducted / not deposited till the due date of filing of return; a. Payment to Non-resident ;100% expenses disallowed b. Payment to resident ;30% expenses disallowed However, if tax is deducted or deposited in subsequent year, the expenditure so disallowed s...

Read More
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...

Read More
Posted Under: Income Tax |

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
Posted Under: Income Tax | ,

Section 192 – TDS on Salary

The main purpose of ‘Tax deduction at Source’ is the collection of tax at the very source of income. The Deductor is required to deduct an appropriate tax and deposit the same with the Government. Different rates of TDS are prescribed for different payment. The present article would help the reader to understand the provisions [&helli...

Read More
Posted Under: Income Tax | ,

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 skills possessed by them as individuals...

Read More

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 administered by the petitioners....

Read More

Income Tax Deductors! Time To File TDS Statement

E-File TDS Statement for the Quarter ended on 31st March 2019 by 31st May 2019. Due date is extended to 30th June 2019 for Odisha. Avoid Late Fees of Rs. 200/- per day and levy of Penalty upto Rs. 1,00,000 by filing TDS Statement on or before due date. INCOME TAX DEDUCTORS! -TIME TO FILE […]...

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Posted Under: Income Tax | ,

e-tutorial on filing of Revised Form 24Q (Annexure-II)

As per CBDTs Notification 36/2019, dated 12th Apr 2019 the format of TDS statement in Form No. 24Q, Annexure – II has been revised. The notification shall come into force w.e.f. 12th May 2019. The revised Form 24Q, Annexure – II has brought certain changes with regard to the reporting of transactions while filing the […...

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Posted Under: Income Tax | ,

Revised procedure for issue of Part B of TDS certificate in Form No. 16

Notification No. 9/2019-Income Tax (06/05/2019)

Procedure, format and standards for issuance of certificate for tax deducted at source in Part B of Form No. 16 in accordance with the provisions of section 203 of the Income-tax Act, 1961 read with the Rule 31 of the Income-tax Rules, 1962 through TRACES- reg....

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TDS Rate Chart for AY 2020-21 / FY 2019-20

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. Various TDS rates on various incomes have been prescribed under the Income-tax Act. This write up […]...

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Posted Under: Income Tax |

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