Saturday, March 10, 2012

Direct tax Law 2010 (Solved)


TDS on Salary under Sec.192
Who can deduct the TDS - Any person responsible for making the payment of salary
Rate of deduction - TDS is required to be deducted at slab rate of income applicable to the particular Individual.
Additional points
·         TDS is required to be deducted only at the time of actual payment of salary.
·         Tax shall not be deducted at source in case where the salary income of the assessee is Nil after considering all the deductions and allowance which he is entitled to him under the provision of this Act.
·         Where an employee work with more than one employee at simultaneously, the employee concerned shall give the details of salary and TDS in form 12 (B) to any one employer at his choice.
·         Where employee leaves the job with one employee and joins with any other employer during the same previous year, the employee concerned shall give the details of salary and TDS in form 12 (B) of the previous employment to the new employer.
Set off provision
Only loss from the house property can be taken in to consideration for deducting TDS. No other losses shall be taken for adjusting against the salary income.