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Wednesday, April 17 2024
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CBDT issues circular on TDS on salaries for current fiscal

CBDT issues circular on TDS on salaries for current fiscal
Photo Credit : IANS

New Delhi: The Central Board of Direct Taxes (CBDT) in a circular related to TDS deduction from salaries has said that any person responsible for paying salary must deduct income tax while paying the amount.

The circular said that the tax should be deducted at the average rate calculated, based on the rates in force for the current financial year, on the estimated salary income of the recipient for that year.

The circular was issued last week by CBDT.

The circular basically explains the obligation of employers with regard to the deduction of tax at source from salaries under section 192 of the Income-tax Act, 1961 for Financial Year 2022-23.

As per Section 192, the person responsible for paying salary income must provide the recipient with a statement giving correct and complete particulars of perquisites or profits in lieu of salary provided to him and the value thereof.

Read more:

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Higher TDS if PAN not linked with Aadhaar by today

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