Miscellaneous Information: Part 7 - StudyLib

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Rate of TDS; Salary: 25,000. Tax benefits under the policy are subject to conditions under Section 80D, 10(10D) and other provisions of the Income Tax Act, 1961. Goods and Services Tax and Cesses, 16 April 2012 There is no provision like this. Section 194J has been amended for including the TDS provisions on amount payable by a company to its directors like sitting fee etc.

Tds provisions on salary

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TDS on salary falls under the purview of Section 192 of Income Tax Act. Under this tax provision, employers are entitled to deduct tax at source on the salary amount payable to an employee. It is because the salary received from the employer is categorised as income, and the same attracts a TDS based on the average prevailing rates of tax. PROCEDURE AND PROVISIONS FOR TAX DEDUCTION (TDS)FROM SALARY Under Section 192, the employer or disbursing officer is required to deduct income-tax while making the payment of salary during financial year in cash/cheque to the employees, at the rate of the income-tax applicable to the individuals for payment of advance tax for that Assessment Year. 2021-02-09 · TDS on Salary under Section 192: Any employer who pays income to his/her employee under the head salary is liable to deduct tax at source on the amount payable. Section 192 of the Income Tax Act, 1961 contains provisions with respect to TDS on Salary.

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Section 192 of the Income Tax Act, 1961 contains provisions with respect to TDS on Salary. When is TDS on salary under section 192 deducted?

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Tds provisions on salary

Unique Features of section 195 as compared to other TDS Provisions. Unlike personal payments exempted in section 194C etc; no exclusion for the same in section 195 (all payments covered excluding salaries provided chargeability there) eg payment to foreign architect for residential house construction etc. 2019-01-03 · As per the provisions of the Income Tax Act, those individuals which are making payments like salary, commission, interest, professional fees, rent and more are entitled to deduct TDS tax before giving payment and further the TDS must be submitted to the government.

Tds provisions on salary

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Thus, in case of advance salary, the TDS is to be deducted at the time of payment of advance salary. 4.


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Person Responsible for paying TDS For the purpose of (The ongoing provisions of this chapter) and section 285 , the expression ^ }v responsible for Ç]vP_ means- In case of credit, or as the case may be, payment of any sum chargeable under the provisions of this act made by or on TDS on Salary (Section 192) Any person responsible for paying any income (employer) chargeable under the head “Salaries” shall, at the time of payment , deduct income-tax on the amount payable at the rates applicable to the estimated income of the assessee (employee) under this head for that financial year. It is to be noted that in some sections, TDS liability arises only at the time of payment and in the rest it happens according to the payment or credit whichever is earlier . For example, u/s 192 i.e. TDS on salary, TDS is deducted at the time of payment . Se hela listan på en.wikipedia.org As such the relevant provisions of TDS as specified inSection 192 and other relevant provisions are also applicable topension income and tax is deductible on the same as it is in thecase of payment of salary.5.1.2 TDS on payment of pension throughNationalised Banks: It has been clarified by CBDT videcircular NO. 761 dt. 13/01/98 that in the case of pensionersreceiving pension through 2019-08-14 · Individuals must remember that while deducting TDS on income other than salary like interest income, professional income etc., TDS is deducted at a flat rate and calculation of cess is not considered. Thus, from the monthly salary income, TDS at the rate of 8.58 per cent would be deducted and then the employee would receive the net salary income.