tds on salary

Section 192 – TDS on Salary- Analysis

Income Tax - 1) Who is responsible to deduct tax u/s 192? 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 persons have to deduct TDS ...

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How to Calculate TDS on Salary

Income Tax - TDS: Tax Deducted at Source was established for collecting tax from the income sources according to the Indian Income Tax Act of 1961. TDS is helpful in minimizing tax evasion by taxing the income at the time than at an after date. The deductor who is responsible for making payment of income to the deductee […]...

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How to make correction/Revision in Salary Details of e-TDS return already filed?

Income Tax - How can I update a salary record? You can update salary details viz; Name and PAN of employee, salary amount, deductions etc. Steps for updating salary record are as under: Identify the salary detail record by its sequence number as per regular statement or Value in the field ‘Gross total Income’ as per regular statement. Up...

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How To Deduct TDS on Salary

Income Tax - Article explains How TDS is deducted on Salary, What is the Rate of TDS, How is TDS deposited to Govt. Account, How to know that TDS has been deducted, When you are required to make Direct Payment of Tax, How salary can be received without deduction of TDS or with Lower TDS, How to deduct […]...

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What Is Form No. 16

Income Tax - Article explains What is Form-16 (Salary Certificate), What is the Due date to get Form-16 from employer, Contents of Form-16, Is it mandatory to file return of income even after deduction of TDS on Salary by Employer, Some FAQ’s related to Form 16, Due date of filing ITR for individual salaried person. 1. What is […]...

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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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LTC: TDS deductible on reimbursement to staff for foreign travel leg

State Bank of Bikaner and Jaipur (Now SBI) Vs ITO (TDS) (ITAT Jaipur) - ITAT held that order of the ld CIT(A) is hereby affirmed where he has held the assessee bank to be assessee in default for short-deduction of TDS on LFC/LTC claim relating to foreign leg of the travel of its employees being not eligible for exemption under section 10(5) r/w Rule 2B....

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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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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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Tax Rate Option exercise by Employee for TDS on Salary & by Business

Circular 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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TDS and Tax on Salary | Section 192 | FY 2019-20 | AY 2020-21

Circular No. 04/2020-Income Tax - (16/01/2020) - CBDT has released Circular No. 4/2020 which explains provisions related to TDS on Salary under Section 192 of Income Tax Act, 1961 applicable for A.Y. 2020-21 or F.Y. 2019-20. Circular also explains taxation of different components of Salary, Tax Treatment of Allowances, Perquisites, Retirement bene...

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

Notification No. 09/2019-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-Income Tax [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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Recent Posts in "tds on salary"

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 BOARD OF DIRECT TAXES DEDUCTION OF TAX [&...

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Section 192 – TDS on Salary- Analysis

1) Who is responsible to deduct tax u/s 192? 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 persons have to deduct TDS ...

Read More
Posted Under: Income Tax |

How to Calculate TDS on Salary

TDS: Tax Deducted at Source was established for collecting tax from the income sources according to the Indian Income Tax Act of 1961. TDS is helpful in minimizing tax evasion by taxing the income at the time than at an after date. The deductor who is responsible for making payment of income to the deductee […]...

Read More
Posted Under: Income Tax |

How to make correction/Revision in Salary Details of e-TDS return already filed?

How can I update a salary record? You can update salary details viz; Name and PAN of employee, salary amount, deductions etc. Steps for updating salary record are as under: Identify the salary detail record by its sequence number as per regular statement or Value in the field ‘Gross total Income’ as per regular statement. Up...

Read More
Posted Under: Income Tax |

How To Deduct TDS on Salary

Article explains How TDS is deducted on Salary, What is the Rate of TDS, How is TDS deposited to Govt. Account, How to know that TDS has been deducted, When you are required to make Direct Payment of Tax, How salary can be received without deduction of TDS or with Lower TDS, How to deduct […]...

Read More
Posted Under: Income Tax |

What Is Form No. 16

Article explains What is Form-16 (Salary Certificate), What is the Due date to get Form-16 from employer, Contents of Form-16, Is it mandatory to file return of income even after deduction of TDS on Salary by Employer, Some FAQ’s related to Form 16, Due date of filing ITR for individual salaried person. 1. What is […]...

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Posted Under: Income Tax |

TDS deductible on Salary Paid to Partners?

o Employer Employee Relationship exist between a partnership firm and partners so TDS is not required to be deducted on Partner’s Remuneration....

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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....

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Posted Under: Income Tax | ,

TDS on Salary for F.Y.2020-21- New Vs. Old Tax Regime

Union Budget 2020 introduced an alternative taxation regime for individuals, allowing an option for lower tax rates u/s 115BAC, provided they don’t avail of certain exemptions/deductions otherwise available under the Income tax Act. Some of such exemptions/deductions are house rent allowance, interest on home loans, and investments ma...

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Posted Under: Income Tax |

Format of Proposed Savings Declaration for Salaried Staff for FY 2020-21

Proposed Savings Declaration Format for Salaried Staff for Financial Year 2020-21 relevant to Assessment Year 2021-22 Article compiles format of Deceleration to be taken by HR Department of the Company from its Employees for Proper deduction of TDS on Salary for Financial Year 2020-21 related to Saving to be made by Employees and which In...

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Posted Under: Income Tax |

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