01-21-2010, 01:42 PM
TDS ON SALARIES
1. TDS ON SALARY IS GOVERN BY AVERAGE RATES
2. TDS ON SALARY-BASIC RATES ARE THE SLAB RATES
3. UPWARD OR DOWNWARD REVISION IS ALLOWED IN TDS AMOUNT IF FOUND REQUIRED LATER ON THE BASIS OF INCOME OF EMPLOYEE.
4. IT IS THE DUTY OF EMPLOYER TO COLLECT ALL EVIDENCES OF ALLOWANCES AND REIMBURSEMENTS GIVEN TO EMPLOYEES.
5. EMPLOYER SHALL ALSO CONSIDER THE OTHER INCOMES OF THE EMPLOYEE. EARLIER FORM 12C WAS PRESCRIBED FOR THIS BUT NOW SIMPLE DECLARATION IS ENOUGH FROM EMPLOYEE IN THIS REGARD.
6. LOSS FROM HOUSE PROPERTY CAN BE SET OFF FROM SALARY INCOME AND EMPLOYER WILL GIVE EFFECT TO THIS.
7. ALL RELATED DOCUMENTS FOR DEDUCTIONS U/S 80 SHALL BE COLLECTED BY EMPLOYER.
8. NO DEDUCTION U/S 80G FOR DONATIONS, EXCEPT DONATIONS TO CERTAIN GOVERNMENT SCHEMES AS SPECIFIED.
9. TDS PROVISIONS ARE GOVERNED BY SECTION 192
10. RETURN OF TDS IN FORM 24Q QUARTERLY
11. FORM 10BA - DECLARATION TO BE FILED BY THE ASSESSED CLAIMING DEDUCTION UNDER SECTION 80GG
12. FORM 16 OR 16AA FOR SALARY AND TDS CERTIFICATES IF SALARY IS MORE THEN 150000/- OR LESS THEN 150000/- RESPECTIVELY.
13. NOT MANDATORY TO ISSUE TDS CERTIFICATES IF NO TDS IS DEDUCTED DURING THE YEAR.
14. FORM 12BA FOR PERQUISITES AND OTHER AMENITIES
15. PAN/TAN MUST ON TDS CERTIFICATES OF EMPLOYER.
16. ATLEAST 95% OF PAN NOs REQUIRED OF EMPLOYEES FOR FURNISHING THE TDS RETURN.
CA. Tarun Maheshwari
9911376725, 9250006725
1. TDS ON SALARY IS GOVERN BY AVERAGE RATES
2. TDS ON SALARY-BASIC RATES ARE THE SLAB RATES
3. UPWARD OR DOWNWARD REVISION IS ALLOWED IN TDS AMOUNT IF FOUND REQUIRED LATER ON THE BASIS OF INCOME OF EMPLOYEE.
4. IT IS THE DUTY OF EMPLOYER TO COLLECT ALL EVIDENCES OF ALLOWANCES AND REIMBURSEMENTS GIVEN TO EMPLOYEES.
5. EMPLOYER SHALL ALSO CONSIDER THE OTHER INCOMES OF THE EMPLOYEE. EARLIER FORM 12C WAS PRESCRIBED FOR THIS BUT NOW SIMPLE DECLARATION IS ENOUGH FROM EMPLOYEE IN THIS REGARD.
6. LOSS FROM HOUSE PROPERTY CAN BE SET OFF FROM SALARY INCOME AND EMPLOYER WILL GIVE EFFECT TO THIS.
7. ALL RELATED DOCUMENTS FOR DEDUCTIONS U/S 80 SHALL BE COLLECTED BY EMPLOYER.
8. NO DEDUCTION U/S 80G FOR DONATIONS, EXCEPT DONATIONS TO CERTAIN GOVERNMENT SCHEMES AS SPECIFIED.
9. TDS PROVISIONS ARE GOVERNED BY SECTION 192
10. RETURN OF TDS IN FORM 24Q QUARTERLY
11. FORM 10BA - DECLARATION TO BE FILED BY THE ASSESSED CLAIMING DEDUCTION UNDER SECTION 80GG
12. FORM 16 OR 16AA FOR SALARY AND TDS CERTIFICATES IF SALARY IS MORE THEN 150000/- OR LESS THEN 150000/- RESPECTIVELY.
13. NOT MANDATORY TO ISSUE TDS CERTIFICATES IF NO TDS IS DEDUCTED DURING THE YEAR.
14. FORM 12BA FOR PERQUISITES AND OTHER AMENITIES
15. PAN/TAN MUST ON TDS CERTIFICATES OF EMPLOYER.
16. ATLEAST 95% OF PAN NOs REQUIRED OF EMPLOYEES FOR FURNISHING THE TDS RETURN.
CA. Tarun Maheshwari
9911376725, 9250006725