What payments are covered by section 192?
What payments are covered by section 192?
Under Section 192, TDS is deducted at the time of actual payment of salary and not during the accrual of salary. Tax will also be deducted if your employer pays salary in advance to you or you receive arrears from him. In case your estimated salary is not more than the basic exemption limit, TDS will not be deducted.
How can I stop my TDS on my pension?
One can avoid deduction of TDS by the bank by submitting Form 15G/15H which is a declaration that your income is below the exempted limit. Form 15H is used by senior citizens of age above 60 years.
What is Section 192 2A income tax?
1 Under section 192(2A) where the assessee, being a Government servant or an employee in a company, co-operative society, local authority, university, institution, association or body is entitled to the relief under Section 89(1) he may furnish to the person responsible for making the payment referred to in Para (3.1).
Which income is exempt from tax under section 10?
Income Exempt From Tax As Per Section 10
| Section 10(1) | Income earned through agricultural means |
|---|---|
| Section 10(9) | Income earned by any family member of a foreign employee in India under the Cooperative Technical Assistance Program |
| Section 10(10) | Gratuity |
| Section 10(10A) | The commuted value of the pension earned by an individual |
How much is the TDS on salary?
How do I calculate TDS on my salary?
| Income Tax Slabs | TDS Deductions | Tax Payable |
|---|---|---|
| Up to Rs.2.5 lakhs | Nil | Nil |
| Rs.2.5 lakhs to Rs.5 lakhs | 10% of(Rs.5,00,00-Rs.2,50,00 | Rs.25,000 |
| Rs.5 lakhs to Rs.6.33 lakhs | 20% of(Rs.6,33,00-Rs.5,00,00) | Rs.26,600 |
What would be the consequences if tax is not deducted at source?
Penalty for companies for not depositing or not deducting TDS on time. The employer can make the interest payment on such late payment of TDS before filing TDS returns or demand raised by TRACES. Also, the interest paid delay while depositing TDS is not allowed as an expense under the income tax provisions.
How many heads of total income are there?
five
The five main heads of income according to the above-mentioned Section 14 for the computation of the Income Tax in India are: Income from Salary. Income from House Property. Income from Profits and Gains of Business or Profession.
