Income tax deduction from salaries for FY2019 20: prescribed rates, PAN/Aadhaar rules, evidence requirements and employer reporting obligations. The Circular prescribes tax slab rates, surcharge bands and 4% health and education cess for FY 2019-20, and directs persons responsible for paying salaries to estimate an employee's annual salary (after allowable exemptions/deductions), compute tax at prescribed rates subject to sec. 206AA, and deduct TDS at each payment with intra year adjustments permitted. Employers may elect to pay tax on non monetary perquisites (taxed at the average rate) and must collect prescribed evidence (Form 10E, Form 12BB, computation of house property loss, Form 12BA) before allowing exemptions or deductions; reporting, deposit, Form 16/24Q/24G procedures and penalties for non compliance are set out.
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Provisions expressly mentioned in the judgment/order text.
Income tax deduction from salaries for FY2019 20: prescribed rates, PAN/Aadhaar rules, evidence requirements and employer reporting obligations.
The Circular prescribes tax slab rates, surcharge bands and 4% health and education cess for FY 2019-20, and directs persons responsible for paying salaries to estimate an employee's annual salary (after allowable exemptions/deductions), compute tax at prescribed rates subject to sec. 206AA, and deduct TDS at each payment with intra year adjustments permitted. Employers may elect to pay tax on non monetary perquisites (taxed at the average rate) and must collect prescribed evidence (Form 10E, Form 12BB, computation of house property loss, Form 12BA) before allowing exemptions or deductions; reporting, deposit, Form 16/24Q/24G procedures and penalties for non compliance are set out.
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