TDS Deduction From Salaries: CBDT Issues Circular
2 years ago

TDS Deduction From Salaries: CBDT Issues Circular

Live Law  

The Central Board of Direct Taxes has issued a circular regarding the deduction of tax at source from salaries.The Circular comprehensively explained employers' obligations regarding the deduction of tax at source from salaries under Section 192 of the Income-tax Act, 1961, for the financial year 2022–23.Section 192 of the Income Tax Act, 1961, deals with tax deducted at source. The Circular comprehensively explained employers' obligations regarding the deduction of tax at source from salaries under Section 192 of the Income-tax Act, 1961, for the financial year 2022–23. The salary received from the employer is classified as "Income" under the heading "Salary," and the employer is responsible for deducting TDS at the employee's normal income tax rates for the relevant fiscal year. As per the circular, the employer should quote the gross amount of salary in column 321 of Annexure I of Form 24Q as per NSDL RPU and mention codes as per Form 24Q of the Income Tax Rules, 2022.

Salary Tax Income Source Deduction Employer Tds Circular Cbdt Section 192  form  income  regarding  tax  circular  issues  salary  deduction  employer  tds  192  salaries  source  cbdt

History of this topic

Budget 2024: Employees can claim TCS credit against TDS deduction on salary; here’s how
4 months, 3 weeks ago

Budget 2024: Employees can claim TCS credit against TDS deduction on salary; here’s how

Live Mint  

In the recent past, did you make a remittance outside India under the LRS scheme for your child’s education or book an overseas tour package? They will be able to claim TCS credit against the TDS deduction on their salary. Proposal for allowing credit of all TCS and TDS paid During her Budget 2024 speech, the Finance Minister proposed that …

Old vs New Income Tax regime: Which one to choose for TDS on salary in FY 2023-24?
1 year, 7 months ago

Old vs New Income Tax regime: Which one to choose for TDS on salary in FY 2023-24?

Firstpost  

At a time when changes introduced in the Income Tax Act 1961 have already come into effect from 1 April 2023, salaried taxpayers might have confusion over selecting between the old and new tax regimes, especially for those who are in the higher income brackets. Employees need to keep in mind that if they do not inform their respective companies …

CBDT Notifies Income Tax Exemption to National Institute of Design
1 year, 7 months ago

CBDT Notifies Income Tax Exemption to National Institute of Design

Live Law  

The Central Board of Direct Taxes and Customs notified the National Institute of Design, Ahmedabad, of the income tax exemption.The government approved the National Institute of Design, Ahmedabad, under the category of university, college, or other institution for scientific research for the purposes of Section 35 of the Income-tax Act, 1961, read with Rules 5C and 5E of. The Central …

Sec.194H Income Tax Act Attracted For 'Supplementary Commission' Earned By Travel Agents ; Airlines Liable To Deduct TDS : Supreme Court
2 years, 1 month ago

Sec.194H Income Tax Act Attracted For 'Supplementary Commission' Earned By Travel Agents ; Airlines Liable To Deduct TDS : Supreme Court

Live Law  

The Supreme Court held that Section 194H of the Income Tax Act is attracted in the case of Supplementary Commission amounts earned by the travel agent and therefore Airlines are liable to deduct TDS in this regard.The bench comprising Justices Surya Kant and MM Sundresh upheld the Delhi High Court judgment and overruled the Bombay High Court judgment in CIT …

Non-Deduction of TDS At The Year End As The Amount Payable Was Not Identifiable: Penalty not justifiable- ITAT
2 years, 9 months ago

Non-Deduction of TDS At The Year End As The Amount Payable Was Not Identifiable: Penalty not justifiable- ITAT

Live Law  

The Delhi Bench of the Income Tax Appellate Tribunal, consisting of Kul Bharat and R.K. Panda, upheld the CIT order, holding that the mere fact that taxes were not deducted on the year end provision but were deducted and deposited upon crystallisation of liability to pay the expenses does not automatically justify the imposition of a penalty under section 271C …

Income Tax Return: These Taxpayers May Have to Pay Double TDS from Next Month
3 years, 6 months ago

Income Tax Return: These Taxpayers May Have to Pay Double TDS from Next Month

News 18  

Starting from July, some taxpayers may have to pay Tax Deducted At Source at higher rates. According to Finance Act 2021, if a taxpayer has not filed TDS in the last two years and TDS deducted each year exceeds of Rs 50,000, the Income Tax department will charge more while filing the income tax returns from July 1. Where the …

Discover Related