Relief is provided under section 89(1), if salary pertaining to another period is received in advance/ or in arrears during a financial year, leading to additional tax liability. What is meant by Salary Arrears? Arrears refer to “money that is owed and should have been paid earlier”. Salary received now for an earlier period is […]
7th August 2021 – Due date for TDS / TCS payment for deductions / collections during July 2021 15th August 2021 – Due date of issuing TDS Certificate for Quarter 1 of Financial Year 2021-2022 *Please ensure timely compliance to avoid interest and/or penalties Use TDSMAN Software to file seamless & error-free TDS/TCS returns, without any professional help.
What is Salary? Salary include Wages, Annuity or Pension, Gratuity and others as per Section 17(i). It also includes Perquisites as per Section 17(ii) and Profit in lieu of Salary as per Section 17(iii) Tax Deduction (TDS) under section 192 No specific TDS rate is specified, however, the deduction is as per the income tax […]
To ease the compliance burden, CBDT (Central Board of Direct Taxes) vide Circular No. 11 of 2021 dated 21st June 2021, has announced a new functionality that will help Tax Deductor / Collectors to determine ‘Specified Persons’ for higher deduction / collection of tax under the new provisions of Sections 206AB and 206CCA of the […]