INCOME TAX DEDUCTION FROM SALARIES UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961 DURING THE FINANCIAL YEAR 2019-20
Central Board of Direct Taxes has released CIRCULAR NO 4/2020, dated 16th January, 2020, on deduction of Tax at source (TDS) on salary.
The circular in itself is very detailed one, comprising rates of income-tax as per Finance Act, 2018, broad scheme of tax deduction at source from salaries, method of tax calculation, payment of tax on perquisites by employer, computation of average income tax, salary from more than one employer, relief when salary paid in arrear or advance, information regarding income under any other head, computation of Income under the head ―Income from House Property, adjustment for excess or shortfall of deduction, salary paid in foreign currency, persons responsible for deduction of tax and their duties, computation of income under the head ―salaries, rebate, TDS on payment of accumulated balance under recognized provident fund and contribution from approved superannuation fund, Drawing and Disbursing Officers (DDOs) to obtain evidence /proof of claims, calculation of income-tax to be deducted, and other miscellaneous issues like form no 12BA, form no 12BB, revised procedure for furnishing qtly E-TDS/TCS statement by deductors/collectors, the procedure of furnishing form 24G, person responsible for filing form 24G in case of state govt departments/central govt departments, procedure of preparation of quarterly statement of deduction of tax u/s 200 (3), and form no. 10 BA.
Source: https://www.incometaxindia.gov.in/
