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Thursday, December 24, 2020

Big announcement for paymasters, find out how companies have to cut taxes now?

 Big announcement for paymasters, find out how companies have to cut taxes now? How much TDS will be deducted on how much salary?



Necessary clarification has been made by the CBDT to ensure that TDPS is not deducted from the salary of the salaried taxpayer incorrectly as well as to get more salary on hand.



New Delhi: The salaried class had some difficulty in filing tax returns with TDS. He was confused while filing IT. The CBDT has issued guidelines for tax deduction for salaried taxpayers. It was clarified that there was some confusion after the reduction in TDS of salaried taxpayers.


The CBDT has clarified the TDS to salaried taxpayers under Section 192 of the Income Tax Act, 1961 for the financial year 2020-21. In which the owner has issued guidelines for deductions. The Central Government had reduced the rates of TDS applicable on May 20, 2020. There was confusion among salaried taxpayers as to how much the TDS rates were reduced. The CBDT has issued an 85-page circular clarifying this.




According to the circular, the annual salary of a taxpayer is Rs. Those below Rs 2.50 lakh will not be charged TDS. Whose annual salary is Rs. 2.50 lakh and Rs. If it is less than Rs 5 lakh, TDS will be deducted at the rate of 5%. The taxpayer's salary is Rs. More than Rs 5 lakh and Rs. 10 lakh to Rs. 12,500 plus 20 per cent tax deduction. In addition, if the annual salary is more than Rs 10 lakh, there will be a 30 per cent deduction in addition to Rs 1,12,500.

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Necessary clarification has been made by the CBDT to ensure that TDPS is not deducted from the salary of the salaried taxpayer incorrectly as well as to get more salary on hand.

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