Income-tax deduction at source from salaries: employers must compute, deduct and remit tax on estimated salary with prescribed deductions and compliance. Deduction of income-tax at source from salaries for financial year 2000-2001 is to be made under section 192 on estimated salary income at prescribed graduated rates with applicable surcharge; employers and specified trustees must deduct, remit and report tax using prescribed forms, challans and TAN, allow specified deductions (section 16) and Chapter VI-A benefits subject to limits and conditions, adjust for multiple employments and other income via prescribed forms, issue TDS certificates and annual returns, and face interest, penalties and prosecution for non-compliance.
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Income-tax deduction at source from salaries: employers must compute, deduct and remit tax on estimated salary with prescribed deductions and compliance.
Deduction of income-tax at source from salaries for financial year 2000-2001 is to be made under section 192 on estimated salary income at prescribed graduated rates with applicable surcharge; employers and specified trustees must deduct, remit and report tax using prescribed forms, challans and TAN, allow specified deductions (section 16) and Chapter VI-A benefits subject to limits and conditions, adjust for multiple employments and other income via prescribed forms, issue TDS certificates and annual returns, and face interest, penalties and prosecution for non-compliance.
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