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....
Read MoreIncome 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...
Read MoreIncome 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 ...
Read MoreIncome 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...
Read MoreIncome 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 […]...
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 MoreTCG 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 MoreShri 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....
Read MoreSyndicate.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 ...
Read MoreIan 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'....
Read MoreITC 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....
Read MoreCBDT 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...
Read MoreCirculars No. 1/2019 - (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...
Read MoreCircular 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 MoreNotification No. 42/2017 [G.S.R 546(E)] - (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....
Read MoreCorrigendum 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....
Read MoreCBDT Circular No.1 of 2019 - (04/01/2019) -
Circulars No. 1/2019 - (01/01/2019) -
TCG Lifesciences Pvt. Ltd Vs ITO (ITAT Kolkata) -