Salaried less than 20 entry

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 ITA, salary comes under the purview of taxation wherein the liability is calculated according to applicable slab rates. To understand the concept and applicability of TDS on salary, individuals should gather information on its computation and deductions.

4,000.00

Category:
Loading...
Description

What is TDS on Salary?

TDS on salary falls under the purview of Section 192 TDS. 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 categorized as income, and the same attracts a TDS based on the average prevailing rates of tax.

The ITA makes it mandatory for employers to deduct TDS on salary if they pay a salaried income to their employees. However, such a deduction can only be carried out if the salaried income is more than the minimum exemption limit.

Usually, TDS on the salary section is refundable. However, such a refund is only possible if the amount of tax deducted is more than an employee’s tax liability. Also, at times, the investment detail declared at a fiscal year’s beginning is not the same as the investments that were made at its end. Under such a situation, the T.D.S amount on salary will be refunded.

Loading...

Description

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 ITA, salary comes under the purview of taxation wherein the liability is calculated according to applicable slab rates. To understand the concept and applicability of TDS on salary, individuals should gather information on its computation and deductions.

Reviews

There are no reviews yet.

Be the first to review “Salaried less than 20 entry”

Your email address will not be published. Required fields are marked *

Scan the code