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Jul 31, 2019 · Section 192 of income tax act, deals with tax deducted at source (TDS) on salary. Your employer will deduct TDS from the salary payable to you. Read here to know more.
Feb 15, 2024 · TDS on Salary under Section 192 of the Income Tax Act. Updated on: 15 Feb, 2024 06:47 PM. Section 192 deals with the TDS on salary. It mandates every employer to deduct TDS on salary payments in case the salary of the employee exceeds the basic exemption limit. This section impacts the in-hand salary of most salaried people in India.
As per section 192(1) of the Act, any person responsible for paying any income chargeable under the head "Salaries" shall, at the time of payment, deduct income-tax on the amount payable at the average rate of income-tax computed on the basis of the rates in force for the financial year in which the payment is made, on the estimated income of th...
Feb 8, 2024 · The Income Tax Act of 1961 addresses Tax Deducted at Source, TDS on salary in Section 192. It requires that income tax be withheld from the assessee's estimated income under the head salaries for everyone accountable for paying any chargeable income under that heading.
Jul 13, 2019 · Section 192 in the income tax covers the provisions relating to deduction of tax at source on salary income. As per the provisions of section 192 , the employer, at the time of paying salary to his employee, is required to deduct tax at source TDS.
Jun 25, 2024 · Section 192 of the Income Tax Act details the provisions for employers to deduct TDS from the salaries of their employees added to the company payroll. Employers are required to deduct the TDS as employees' salaries are considered income and, under Indian laws, are liable to taxes.
Salary is best defined as a fixed payment that is received at pre-determined intervals for providing services as per the contract between two parties – an employer and an employee. As per Income Tax Act, salary comes under the purview of taxation, wherein the liability is calculated according to applicable slab rates.
Jul 27, 2018 · Article presents Questions and Answers on Section 192 of Income Tax Act, 1961 related to TDS on Salary. Q.1. Who is responsible to deduct tax on Salary under Section 192 of Income Tax Act, 1961? A.1. All persons paying salary are responsible to deduct TDS on income chargeable under the head “Salary”.
May 30, 2024 · Indeed, Section 192 of the Income Tax Act mandates that TDS be deducted from salaries. If an employee’s salary exceeds the basic exemption limit, all employers who give salaried income to their staff are required to withhold TDS from their compensation.
May 10, 2023 · What is the average rate of income tax under section 192? When to deduct and deposit TDS under section 192? What is the TDS on salary if an employee changed jobs? FAQs. Conditions for Deduction of TDS on Salary. TDS should be deducted only if the employee falls under below conditions:
