Income Tax : ITAT Kolkata held that employees should not bear tax liability again where TDS was deducted but not deposited by the employer....
Income Tax : This guide explains the tax treatment of salary, allowances, perquisites, retirement benefits, and deductions under the Income-tax...
Income Tax : Employees changing jobs may face additional tax at filing because each employer deducts TDS independently. The demand usually refl...
Income Tax : The new form consolidates multiple income disclosures into one, enabling accurate TDS deduction. Key takeaway: unified reporting r...
Income Tax : Form 130 is essential for claiming TDS credit on salary, pension, and interest income. The ruling mandates issuance through TRACES...
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 : The Court held that an assessee cannot be denied TDS credit or saddled with tax demand when tax has been deducted from salary but ...
Income Tax : Delhi High Court held that an employee cannot be denied TDS credit due to the employer’s default in depositing deducted tax. The...
Income Tax : ITAT Kolkata held that an employee cannot be denied TDS credit if the employer fails to deposit deducted tax. Once TDS is deducted...
Income Tax : The Court held that proceedings under Section 201 were invalid because a binding interim order barred TDS on LTC payments. The rul...
Income Tax : Gujarat High Court rules tax cannot be recovered from employees when employer fails to deposit deducted TDS; directs CBDT to enfor...
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...
Learn about the proposed amendments to Section 192 of the Income-tax Act, allowing salaried employees to claim credit for TCS and all TDS deductions, easing compliance and cash flow concerns. Effective October 2024.
Explore the implications of Byju’s unpaid TDS, Section 205, and the impact on employees and ITR filings. Understand legal precedents and practical solutions.
Learn about the income tax declaration process for employees, including Form 2BB submission, importance, and verification of supporting documents. Explore common tax-saving investments and understand the declaration format for opting the old or new tax regime.
In which scheme shall I get my TDS deducted? Old Vs New Tax Regime and impact of Budget 2023! This is most important question, on which all the taxpayers are in doubt, today I am writing an article on this topic to clarify this doubt, even it’s the question of all of my salaried clients. […]
ITAT Delhi dismisses Revenue’s appeal against order of Commissioner of Income Tax (Appeals) regarding valuation of perquisites and tax deduction on rent-free accommodation provided to employees by Indian Institute of Technology (IIT). Get insights into the case and the tribunal’s ruling.
Delhi High Court rules in favor of employee, stating the employer is responsible for TDS deposit. Petitioner exempted from tax liability. Details and analysis here.
ITAT Delhi’s decision in the case of Sumaitri Bima Distributors Pvt. Ltd vs. ITO regarding non-applicability of S.40(a)(ia) for TDS on salary before AY 2015-16.
ITAT Delhi rules on tax refund adjustment. Employers not depositing withheld tax can’t be set off against refunds owed to employees under Section 205.
Perquisites come in various forms, encompassing both cash and non-cash benefits, and include accommodations, employer or self-owned vehicles, stock options, club memberships, medical reimbursements, subscriptions to magazines, and more.
Explore the complexities of Income Tax on Salary Income. From the employer-employee relationship to the nuances of salary accrual and chargeability, understand the intricacies of contracts and tax implications. Learn about allowances, exemptions, and deductions, ensuring comprehensive insight into salary-related tax matters. Stay informed and navigate the tax landscape with clarity.
