Income Tax : Learn about the income tax declaration process for employees, including Form 2BB submission, importance, and verification of suppo...
Income Tax : 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 ...
Income Tax : Understand taxability of various salary components, allowances, perquisites, and retirement benefits in India. Learn about exempti...
Income Tax : Perquisites come in various forms, encompassing both cash and non-cash benefits, and include accommodations, employer or self-owne...
Income Tax : Explore the complexities of Income Tax on Salary Income. From the employer-employee relationship to the nuances of salary accrual ...
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 : We are giving below the TDS on salary calculator which is useful to every salaried employee and been made especially for West Beng...
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...
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 […]
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. Update the salary details as required Along with updated values, Gross Total Income as per regular statement should also be provided in the correction statement.
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 […]
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 […]
o Employer Employee Relationship exist between a partnership firm and partners so TDS is not required to be deducted on Partner’s Remuneration.
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 made under Section 80C, 80D, 80CCD, etc. As the option is to be exercised at the time of filing of return, the deductor being employer was in confusion to deduct tax under which taxation regime. CBDT has issued a circular on 13.04.2020 to clear the confusion.
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 Income […]
Finance Act, 2020 has introduced optional based filing for individual and HUF whereby these type of assesses have to choose option amongst new and old tax slab rates at the time of filing of ITR. This type of filing is unique in case of Indian Taxation System till date. This type of filing has created […]
As it is not possible to discuss all the perquisites in one article, let us discuss the taxability of a perquisite which is always in question – taxability of prepaid coupons say for example Sodexo coupons which are very famous. These days many employers are giving sodexo coupons to the employees. The value of the coupons varies from employer to employer.
Clarification in respect of option under Section 115BAC of the Income Tax Act, 1961 Income Tax Circular No C1 of 2020 dated 13th April 2020 Finance Minister in her Budget Speech, 2020 had introduced new tax regime with effect from Assessment Year 2021-22, inter alia provides that an Individual or HUF having income other than […]
