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...
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 […]
TDS on Salaries – Employer liability for FY 2020-21 (Updated with Circular issued on 13-04-2020) and Pros & Cons of the New Tax Regime for Individuals Finance Bill, 2020 introduced one of biggest change ever in the Direct Tax History by providing different options of calculation of Income-tax for an Individual or HUF. The Bill […]
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 deductor shall compute his total income, and make TDS thereon in accordance with the provisions of section 11513AC of the Act. If such intimation is not made by the employee, the employer shall make TDS without considering the provision of section 115BAC of the Act.
1. As per Section 192 of the IT Act, any person responsible for paying any amount under the head salaries is required to deduct tax at source at the time of payment. This section unlike some other provisions, does not distinguish between payment of salary, to a resident, non resident or expatriate. Thus all payments which are taxable under the head salaries, are also covered by the provisions of TDS, irrespective of the residential status of the recipient.
TDS on Salaries – Section 192- Procedure to deduct TDS – Compliance with Income Tax Act and rules there under Under Section 192, the employer is required to deduct Tax at Source while making the payment of salary during financial year to the employees, at the rate of applicable to the individuals. For deduction of […]
Budget 2020- Section 115BAC and Tax Deduction at Source Under Section 192 of Income Tax Act, 1961 Finance Bill 2020-21 introduced a New Section 115BAC, as per this Section, an assessee has an option to tax his Total Income as per the rates prescribed under Section 115 BAC subject to his forgoing of tax concessions […]
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 benefits etc. Circular No. 04/2020-Income Tax F.No. 275/192/2019-IT(B) Government of India […]
