CBDT issues circular about TDS on salary income under section 192 for FY 2020-21
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Salary income is one such salary where most of the tax is deducted by the employer himself and hence the employee has to pay tax in very rare scenario’s.
Also, because of the above reason government has started provided pre-filled ITR for salaried employee but the same would work if Form 16 has been properly generated by employer and employee has no variance from income shown by employer.
Since TDS on salary income is an important aspect, CBDT almost every year comes with a circular which is booklet on TDS on salary income u/s 192 of the Income tax act.
CBDT has issued circular 20/2020 for FY 2020-21 on 03.12.2020 and in this circular, it has discussed various aspects of TDS on salary, some of which are as under:
1. Rate on which TDS to be deducted.
2. How to calculate average tax rate. As we know there is no specific TDS rate for TDS on salary.
3. How to provide benefit of advance salary or salary arrears.
4. How to pay challan for salary TDS.
5. TDS return for tax deducted on salary.
6. Documents required for giving deduction from salary income.
7. Exchange rate for giving salary in foreign exchange.
8. Various Forms covered under section 192 and other provision for TDS on salary income.
These are few topic which have been discussed by CBDT in detail in this circular.
To read the full circular for FY 2020-21 CLICK HERE.
To read Circular for TDS u/s 192 for FY 2019-20 CLICK HERE