TDS on Salaries – Procedure to deduct TDS – Compliances

• March 4, 2020
• CA Chandan Agarwal's Office

TDS on Salaries – Section 192- Procedure to deduct TDS – Compliance with Income Tax Act and rules there under

Under Section 192, the employer is required to deduct Tax at Source while making the payment of salary during financial year to the employees, at the rate of applicable to the individuals. For deduction of Tax at source (TDS), the tax has to be calculated according to slab wise rate. The applicable slab wise rate for deduction of tax at source will be notified through the Finance Act.

Applicable rate of Tax on income chargeable under the head “Salaries” for the Financial year 2019-20 (i.e., Assessment Year 2020-21) is as follows:

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