New Delhi, Dec 11 (SocialNews.XYZ) 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.
Source: IANS
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz
This website uses cookies.
