CBDT Guidelines for TDS on Salary A Y 2017-18
CBDT vide its Circular No : 01/2017 dated 02-01-2017 (F.No. 275/192/2016-IT(B)) issued complete guidelines for TDS on Salary A Y 2017-18 During the Financial Year 2016-17 Under Section 192 of The Income-Tax Act 1961.
This present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head “Salaries” during the financial year 2016-17 and explains certain related provisions of the Act and Income-tax Rules, 1962.
The above circular have detailed procedure about TDS on Salary for A Y 2017-18. The index of all items is as under:
Para No. | Page No. | |
1 | GENERAL | 1 |
2 | RATES OF INCOME-TAX AS PER FINANCE ACT, 2013 | 1 |
2.1 Rates of tax | 1 | |
2.2 Surcharge on Income tax | 2 | |
2.3.1 Education Cess on Income tax | 2 | |
2.3.2 Secondary and Higher Education Cess on Income-tax | 2 | |
3 | BROAD SCHEME OF TAX DEDUCTION AT SOURCE FROM “SALARIES”. | 2 |
3.1 Method of Tax Calculation | 2 | |
3.2 Payment of Tax on Non monetary Perquisites by Employer | 2 | |
3.2.1 Computation of Average Income Tax | 2 | |
3.3 Salary From More Than One Employer | 3 | |
3.4 Relief When Salary Paid in Arrear or Advance | 3 | |
3.5 Information regarding Income under any Other head | 3 | |
3.6 Computation of Income under the head “Income from house property’ | 3 | |
3.7 Adjustment for Excess or Shortfall of Deduction | 4 | |
3.8 Salary Paid in Foreign Currency | 4 | |
4 | PERSONS RESPONSIBLE FOR DEDUCTION TAX AND THEIR DUTIES | 4 |
4.1 Stipulation of section 204 of the Act | 4 | |
4.2 Tax determined to be deducted from Salary u/s 192 | 4 | |
4.3 Deduction of Tax at Lower Rate | 5 | |
4.4 Deposit of Tax Deducted | 5 | |
4.4.1 Due dates for payment of TDS | 5 | |
4.4.2 Mode of payment of TDS | 5 | |
4.5 Interest, Fee, Penalty & Prosecution for Failure to Deposit Tax Deducted: | 6 | |
4.6 Furnishing of Certificate for Tax Deducted (Section 203) | 6 | |
4.7 Mandatory Quoting of PAN and TAN | 8 | |
4.8 Compulsory Requirement to furnish PAN by employee (Section 206AA) | 8 | |
4.9 Statement of Deduction of tax under of section 200(3) [Quarterly Statement of TDS] | 9 | |
4.10 TDS on Income from Pension | 10 | |
4.11 Matters pertaining to the TDS made in case of Non Resident | 10 | |
5 | COMPUTATION OF INCOME UNDER THE HEAD “SALARIES” | 10 |
5.1 Income chargeable under the head “Salaries”: | 10 | |
5.2 Definition of “Salary”, “perquisite” and “profit in lieu of salary” (Section 17) | 10 | |
5.3 Income not included under the Head “Salaries” (Exemptions) | 16 | |
5.4 Deductions u/s 16 of the Act from the Income from Salaries | 19 | |
5.5 Deductions under Chapter VI-A of the Act | 19 | |
6 | REBATE OF RS.5000 FOR INDIVIDUAL HAVING TOTAL INCOME UPTO RS. 5 LAKHS (SECTION 87A) | 27 |
7 | TDS ON PAYMENT OF ACCUMULATED BALANCE UNDER RECOGNISED PROVIDENT FUND AND CONTRIBUTION FROM APPROVED SUPERANNUATION FUND | 27 |
8 | DDOS TO SATISFY THEMSELVES OF THE GENUINENESS OF CLAIM | 28 |
9 | CALCULATION OF INCOME-TAX TO BE DEDUCTED | 28 |
10 | MISCELLANEOUS | 28 |
ANNEXURES
Anne xure | Descriptions | Page No. |
No
I |
SOME ILLUSTRATIONS |
31-41 |
II | FORM NO 12BA | 42-43 |
IIa | FORM NO 12BB | 44-45 |
III | REVISED PROCEDURE FOR FURNISHING QTLY E-TDS/TCS | 46 |
STATEMENT BY DEDUCTORS/COLLECTORS | ||
IV | THE PROCEDURE OF FURNISHING FORM 24G | 47-52 |
V | PERSON RESPONSIBLE FOR FILLING FORM 24G IN CASE OF STATE | 53 |
GOVT DEPARTMENTS/CENTRAL GOVT DEPARTMENTS | ||
VI | PROCEDURE OF PREPARATION OF QUARTERLY STATEMENT OF | 54-55 |
DEDUCTION OF TAX u/s 200 (3) | ||
VII | DEPTT. OF ECO. AFFAIRS NOTIFICATION DATED 22.12.2003 | 56 |
VIII | BOARD’S NOTIFICATION DATED 24.11.2000 | 57 |
IX | BOARD’S NOTIFICATION DATED 29.01.2001 | 58 |
X | FORM NO. 10 BA | 59 |
Source: http://irsofficersonline.gov.in/Documents/OfficalCommunique/1162017105127.pdf