No tax, however, will be required to be deducted at source in any case unless the estimated salary income including the value of perquisites, for the financial year exceeds Rs. The income-tax is required to be calculated on the basis of the rates given in the post titled – Income Tax Rates for financial year 2018-19 / AY 2019-20 subject to the provisions related to requirement to furnish PAN as per sec 206AA of the Act, and shall be deducted at the time of each payment. SECTION 192 OF THE INCOME-TAX ACT, 1961: BROAD SCHEME OF TAX DEDUCTION AT SOURCE FROM “SALARIES”:Įvery person who is responsible for paying any income chargeable under the head “Salaries” shall deduct income-tax on the estimated income of the assessee under the head “Salaries” for the financial year 2018-19. ![]() Conditions for Claim of Deduction of Interest on Borrowed Capital for Computation of Income From House Property Section 24(b): Computation of income under the head “ Income from house property”:Ĩ. Information regarding Income under any other head:ħ. Relief When Salary Paid in Arrear or Advance:Ħ. What if Employee is receiving Salary from more then one employer or received from more then one employerĥ. How to Compute Average rate of TDS deduction on Salary?Ĥ. How to Calculate TDS and What Rate TDS needs to be deducted?Ģ. While deducting TDS employers are faced with following questions :-ġ. ![]() Every Employer who is paying salary to his employee which is more then maximum amount exempt from tax has to deduct TDS on such Salaries Under section 192 of the Income tax Act,1961.
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