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 what constitutes salary, allowances, and perquisites under the Income-tax Act. Includes details on taxability of pensions, b...
Income Tax : Explore the implications of Byju's unpaid TDS, Section 205, and the impact on employees and ITR filings. Understand legal preceden...
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 : 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...
Income Tax : CBDT revises Form No. 12BA (Statement showing particulars of perquisites, other fringe benefits or amenities and profits in lieu o...
ITAT Indore held that TDS on salary is deductible on the basis of net salary i.e. gross salary (-) deduction under Chapter VI-A. Therefore, demanding amount on short-deduction of TDS calculated on gross salary is unsustainable.
Article explains TDS Rates for Financial year 2022-23 i.e. Assessment Year 2023-24 under Income Tax Act, 1961. Article contains TDS Rate Chart, Threshold limit for TDS deduction, Rate of Surcharge, Cess and TDS Rate if PAN no is not furnished. TDS Rate Chart for Financial Year 2022-2023 / Assessment Year 2023-24 Nature of Payment Made […]
Excel format to calculate TDS on Salary which needs to be deducted by the employer from the employee Salary.
SalaryTDS – Monthly Calculator helps in Precise calculations of monthly TDS values for each employee based on their annual income and investments.
Understand TDS implications on provisions for salary as per Sec 192. Learn about the crucial aspects of TDS, including its application to recorded provisions other than salary, and explore Section 40(a)(iii) exemptions. Stay compliant with TDS regulations.
CBDT issued Income Tax Circular No. 04/2022 on 15th March 2022 and explained all provisions related to deduction of Tax At Source (TDS) on Salary or Income Tax Payable on Salary for the Financial Year 2021-22 / Assessment Year 2022-23. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) CENTRAL BOARD OF DIRECT TAXES DEDUCTION […]
Every company needs to improve its operations in order to succeed, yet many are unwilling to invest money and effort in finding a solution. The demand for solutions that increase productivity and ensure return on investment (ROI) while utilizing fewer resources is growing by the day in this digital realm.
Furnishing of evidence of claims by employee for deduction of tax under section 192 for the FY 2021-22 and AY 2022-23. (For Assessees other than those who opted for New Tax Regime)
Nirmal Rani Provincial House Vs. Union of India (Kerala High Court) Facts: 1. The appellants submitted that the salaries received by the nuns and priests and made over to the religious congregations were not chargeable to income tax, and tax was never deducted at source from the salaries paid to them. They relied upon circulars […]
1) Who is responsible to deduct tax u/s 192 of Income Tax Act, 1961? 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 […]
