Income Tax Deduction During Financial Year 2019-20 from Salaries

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Income Tax Deduction During Financial Year 2019-20 from Salaries.

 

GOVT. OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
CENTRAL BOARD OF DIRECT TAXES

Sub: DEDUCTION OF TAX AT SOURCE- INCOME-TAX DEDUCTION FROM SALARIES

UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961 DURING THE FINANCIAL YEAR 2019-20

CIRCULAR NO 4/2020

NEW DELHI, the 16th January 2020

Index

Para No.

  1. General
  2. RATES OF INCOME-TAX AS PER FINANCE ACT, 2018:-

2.1      Rates of tax
2.2      Surcharge of Income-tax
2.3.1   Health and Education Cess

  1. BROAD SCHEME OF TAX DEDUCTION AT SOURCE FROM SALARIES:-

3.1        Method of Tax Calculation
3.2        Payment of Tax on Perquisites by Employer
3.2.1   Computation of Average Income Tax
3.3        Salary From More Than One Employer
3.4        Relief When Salary Paid in Arrear or Advance
3.5        Information regarding Income under any Other head
3.6        Computation of Income under the head ― “Income from House Property”
3.7        Adjustment for Excess or Shortfall of Deduction
3.8        Salary Paid in Foreign Currency

  1. PERSONS RESPONSIBLE FOR DEDUCTION OF TAX AND THEIR DUTIES:-

4.1        Stipulation of section 204 of the Act
4.2        Tax determined to be deducted from Salary u/s 192
4.3        Deduction of Tax at Lower Rate
4.4        Deposit of Tax Deducted
4.4.1   Due dates for payment of TDS
4.4.2   Mode of payment of TDS
4.5        Interest, Fee, Penalty& Prosecution for Failure to Deposit Tax Deducted
4.6        Furnishing of Certificate for Tax Deducted (Section 203)
4.7        Mandatory Quoting of Permanent Account Number or Aadhaar number, as the case may be, and TAN.
4.8        Compulsory Requirement to furnish PAN or Aadhaar number, as the case may be, by an employee (Section 206 AA)
4.9        Statement of Deduction of tax under section 200 (3) [Quarterly Statement of TDS]
4.10    TDS on Income from Pension
4.11    Matters pertaining to the TDS made in case of Non Resident

 

  1. COMPUTATION OF INCOME UNDER THE HEAD ― “SALARIES”

5.1        Income chargeable under the head Salaries.
5.2        Definition of Salary, perquisite and profit in lieu of salary (Section 17)
5.3        Income not included under the Head ―‖Salaries‖ (Exemptions)
5.4        Deduction u/s 16 of the Act
5.5        Deductions under Chapter VI-A of the Act

  1. REBATE OF RS.12500 FOR INDIVIDUAL HAVING TOTAL INCOME UPTO 7.5 LAKH (SECTION 87A)
  2. TDS ON PAYMENT OF ACCUMULATED BALANCE UNDER RECOGNISED PROVIDENT FUND AND CONTRIBUTION FROM APPROVED SUPERANNUATION FUND
  3. DDOs TO OBTAIN EVIDENCE /PROOF OF CLAIMS

9. CALCULATION OF INCOME-TAX TO BE DEDUCTED

About Madhusudan Giri 68 Articles
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