Income Tax : Explore what’s taxable and non-taxable in salary, including allowances, perquisites and deductions. Learn key components and tax...
Income Tax : CBDT Circular No. 03/2025-Income Tax on Salary TDS : New Rates, Exemptions, and Compliance for 2024-25 Summary: The CBDT has intro...
Income Tax : Explains tax compliance under the Income Tax Act, 1961, focusing on employees' non-liability for employer's TDS deposit failures, ...
Income Tax : Learn about Form 12BAA, introduced for employers to credit TCS for employees, ensuring accurate TDS calculation and easing tax com...
Income Tax : Treatment of income from different sources Each income has different source of earning and so the provisions for its taxability. I...
Income Tax : Learn about the proposed amendments to Section 192 of the Income-tax Act, allowing salaried employees to claim credit for TCS and ...
Corporate Law : Article explains TDS Rates for Financial year 2022-23 i.e. Assessment Year 2023-24 under Income Tax Act, 1961. Article contains TD...
Income Tax : SalaryTDS - Monthly Calculator helps in Precise calculations of monthly TDS values for each employee based on their annual income ...
Income Tax : BCAS made a Representation to CBDT regarding error in stating due date for Filing of Quarterly TDS Statements for Financial Year 2...
Income Tax : Income Tax Department to directly communicate deposit of tax deducted, through SMS alerts to salaried taxpayers, at the end of eve...
Income Tax : ITAT Delhi dismisses Revenue's appeal against order of Commissioner of Income Tax (Appeals) regarding valuation of perquisites and...
Income Tax : Delhi High Court rules in favor of employee, stating the employer is responsible for TDS deposit. Petitioner exempted from tax lia...
Income Tax : ITAT Delhi's decision in the case of Sumaitri Bima Distributors Pvt. Ltd vs. ITO regarding non-applicability of S.40(a)(ia) for TD...
Income Tax : ITAT Delhi rules on tax refund adjustment. Employers not depositing withheld tax can't be set off against refunds owed to employee...
Income Tax : Section 192 provides deduction of tax ‘at the time of payment’. Admittedly there was no payment of the salary etc, which was f...
Income Tax : Key updates on income tax deduction from salaries under Section 192 for FY 2024-25, including amendments, surcharge rates, and new...
Income Tax : CBDT vide Circular No. 04/2023-Income Tax clarified that Each year, employer shall seek information from each of its employees r...
Income Tax : No.2/4/2022-E.IIB Government of India Ministry of Finance Department of Expenditure *** North Block, New Delhi. Dated the 30th Dec...
Income Tax : CBDT issued Income Tax Circular No. 04/2022 on 15th March 2022 and explained all provisions related to deduction of Tax At Source ...
Income Tax : Furnishing of evidence of claims by employee for deduction of tax under section 192 for the FY 2021-22 and AY 2022-23. (For Assess...
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.
The provisions of sub-section (3) of Section 192 allow the deductor to make adjustments for any excess or shortfall in the deduction of tax already made during the financial year, in subsequent deductions for that employee within that financial year itself.
DIT vs. Maersk Co Ltd as agent of Mr. Henning Skov – In the instant case, it was held that the assessee was not liable to pay interest under section 234B upon failure on the part of the employer to deduct tax at source as the obligation to deduct tax at source is upon the employer. The assessee was only liable to pay tax directly under section 191 of the Act.
From the language of section 205, it is clear that once the tax is deducted at source, the same cannot be levied once again on the assessee who has suffered the deduction. Once it is established that the tax has been deducted at source from the salary of the employee, the bar under section 205 of the Act comes into operation and it is immaterial as to whether the tax deducted at source has been paid to the Central Government or not, because elaborate provisions are made under the Act for recovery of tax deducted at source from the person who has deducted such tax.
CIRCULAR NO 08/2010,Dated: December 13, 2010. Income-Tax Deduction from Salaries during the Financial Year 2010-2011 under Section 192 of the Income-Tax Act, 1961. 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 2010-2011 and explains certain related provisions of the Income-tax Act. The relevant Acts, Rules, Forms and Notifications are available at the website of the Income Tax Department
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
Notification F. No. 275/192/2009-IT(B)-Income Tax Section 192 of the Income-tax Act, 1961 – Deduction of tax at source – Salary – Income-tax deduction from salaries during the financial year 2009-10 – Corrigendum to Circular No. 1/2010, dated 11-1-2010
The second instalment of arrears under the Sixth Central Pay Commission award will not only put more money in the pockets of Government employees, but may also bolster direct tax collections. Sensing a good tax mop-up opportunity from this large payout, estimated at about Rs 17,000 crore, the Central Board of Direct Taxes (CBDT) has advised […]
Clarification regarding deduction of tax at source from payments of second installment of arrears to Government employees on account of implementation of Sixth Central Pay Commission’s recommendations. Circular No. 6/2009, dated 31-8-2009
In both the aforesaid judgements, it has been held by the Apex Court that beneficiary of exemption under section 10(5) of the Income-Tax Act, 1961 (the Act), relating to leave travel concession / assistance is the individual employee. There is no Circular of the Central Board of Direct Taxes (CBDT), requiring the employer to collect and examine the supporting evidence in respect of declaration furnished by the employee
