Tax deduction at source on salaries: compute on estimated annual salary after statutory exemptions; verify claims and remit timely. Employers must deduct income-tax at source from salary payments by computing tax on the employee's estimated annual salary at the average rate in force, after allowing statutory exemptions, prescribed deductions and rebates; valuation of perquisites follows Income-tax Rules; deductors must verify claims, deposit tax within prescribed time, furnish TDS certificates and annual returns, quote TAN, and face interest, penalties and possible prosecution for failures to deduct, remit or report correctly.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax deduction at source on salaries: compute on estimated annual salary after statutory exemptions; verify claims and remit timely.
Employers must deduct income-tax at source from salary payments by computing tax on the employee's estimated annual salary at the average rate in force, after allowing statutory exemptions, prescribed deductions and rebates; valuation of perquisites follows Income-tax Rules; deductors must verify claims, deposit tax within prescribed time, furnish TDS certificates and annual returns, quote TAN, and face interest, penalties and possible prosecution for failures to deduct, remit or report correctly.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
