CBDT has released a latest
circular to explain all the rules related to TDS on Salary for the Financial year
2014-15, Assessment Year 2015-16 under section 192 of the income tax Act 1961.
This circular generally issued in the month of September, October but this year
the circular has been issued in the month of December as the new govt has
passed the Finance Bill in second quarter of the Fy 2014-15.
·
Circular
contains the rates of deduction of income-tax from the payment of income
chargeable under the head ‘Salaries’ during the financial year 2014-15 and
explains certain related provisions of the Act
·
Circular helps
employer to correctly deduct TDS on Salary of its employees for Financial year
2014-15 or Assessment Year 2015-16 and it also held Salaried Assessee to
Correctly calculate his/her tax liability.
·
Circular
explain Provision related to all component of Salary and their Taxability-
which includes allowances, perquisites, retirement benefits and other
benefits.
Download complete circular no
17/2014 with illustration and examples from MATTERS.
