Income Tax : Form 130 is essential for claiming TDS credit on salary, pension, and interest income. The ruling mandates issuance through TRACES...
Income Tax : Form 124 allows employees to declare tax-saving claims to employers. Filing ensures correct TDS calculation with eligible deductio...
Income Tax : Detailed summary on salary, allowances, perquisites, pension, gratuity, HRA, standard deduction, and related tax exemptions under ...
Income Tax : This guide breaks down the complete taxation of salary income in India—covering allowances, perquisites, retirement benefits, an...
Income Tax : Understand how employers calculate the average rate of TDS on salary under Section 392 of the Income-tax Act, 2025, for both Old a...
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...
The term ‘TDS’ refers to ‘Tax Deduction at source’. It is a mechanism wherein a person responsible to pay a sum of specified nature shall deduct an amount towards TDS and pay it to the credit of Central Government. Various TDS rates on various incomes have been prescribed under the Income-tax Act. This write up […]
The Central Board of Direct Taxes has notified the changes in Form 16 (TDS Deduction Certificate) issued by Employer. The new changes would be effective from May 12, i.e. before the last date for issue of Form 16. Read- CBDT notifies detailed format of Salary Certificate | Form No. 16 | Form No. 24Q The […]
CBDT has issued Notification No. 36/2019 dated 12th Apr’2019seeking tax deductors (i.e. employers) to submit detailed break-up while furnishing Form No. 16 & Form No. 24Q.
New Format of Form 16 (TDS Certificate) & Form 24Q (e_TDS Return) in line with Changed Income Tax Form ITR – 1 The CBDT has recently made changed in the Form 16 & Form 24Q vide notification Dated April 12, 2019 which will be effective from May 12, 2019. Looking at the due date for […]
CBDT vide Notification No. 36/2019/F.No. 370142/4/2019-TPL dated 12th April, 2019 has amended Form 16 and Form 24Q. The said notification will come into effect from 12th May, 2019. Recently the CBDT notified the new Income Tax Return Forms for AY 2019-20. The new ITR Forms requires that the salary income reported in ITR must be […]
CBDT notifies detailed format of Salary Certificate | Form No. 16 | Form No. 24Q vide [Notification No. 36/2019/ G.S.R. 304(E) dated 12/04/2019. (A) in Form No. 16,–(i) the Notes occurring after Part A shall be omitted;(ii) for Part B (Annexure), the following shall be substituted, namely:–
Payment of salaries made to nuns, sisters, priests or fathers for rendering their services as Teachers in schools which receive Grant-in-aid from the State Government under the Grant-in-Aid Schemes and bound by the Canon Law were liable for tax deduction under section 192 as neither Income Tax Department nor State Government had anything to do with the religious character of the Institution, might be Teachers or Nuns or Missionaries and therefore, they could not take a stand for not making the tax deduction at source in view of the Canon Law.
Pr. CIT Vs. M/s ITD Cemindia JV (Bombay High Court) The employees and personnel deputed by the company giving such workers on loan to the assessee company continued to be the employer, the assessee merely reimbursed the expenditure in terms of salary structure of the employees to the employer company. There was, therefore, no question […]
ITAT held that order of the ld CIT(A) is hereby affirmed where he has held the assessee bank to be assessee in default for short-deduction of TDS on LFC/LTC claim relating to foreign leg of the travel of its employees being not eligible for exemption under section 10(5) r/w Rule 2B.
CBDT’s Circular No. 1 of 2019 dated 01.01.2019– Major/important Points to Remember The CBDT has issued circular No. 1 on 01.01.2019 in respect of the Deduction of tax at Source from Salaries u/s 192 of the Income Tax Act, 1961. Some of the major / important points to remember are; 1. Standard Deduction u/s 16(ia). […]
