The rates for all the categories of persons will remain the same as those specified in Part II of the First Schedule to the Finance Act, , for the purposes of deduction of income-tax at source during the financial year , except that in case of certain payments made to a non-resident other than a company or a foreign company, in the nature of income by way of royalty or fees for technical services, the rate shall be twenty-five percent of such income. The amount of tax so deducted, in the case of a company other than a domestic company, shall be increased by a surcharge at the rate of two per cent. No surcharge will be levied on deductions in other cases. These rates are also applicable for charging income-tax during the financial year on current incomes in cases where accelerated assessments have to be made , for instance, provisional assessment of shipping profits arising in India to non-residents, assessment of persons leaving India for good during the financial year, assessment of persons who are likely to transfer property to avoid tax, assessment of bodies formed for a short duration, etc.
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The income-tax is required to be calculated on the basis of the rates given above, subject to the provisions related to requirement to furnish PAN as per sec AA of the Act, and shall be deducted at the time of each payment.
No tax, however, will be required to be deducted at source in any case unless the estimated salary income including the value of perquisites, for the financial year exceeds Rs. Some typical examples of computation of tax are given at Annexure-I. The employer may, at its option, make payment of the tax on such perquisites himself without making any TDS from the salary of the employee. However, the employer will have to pay the tax at the time when such tax was otherwise deductible i.
It provides for deduction of tax at source by such employer as the tax payer may choose from the aggregate salary of the employee, who is or has been in receipt of salary from more than one employer. Here "University means a University established or incorporated by or under a Central, State or Provincial Act, and includes an institution declared under section 3 of the University Grants Commission Act, , to be a University for the purposes of that Act.
The particulars may now be furnished in a simple statement, which is properly signed and verified by the taxpayer in the manner as prescribed under Rule 26B 2 of the Rules and shall be annexed to the simple statement.
The form of verification is reproduced as under: I, …………………. Loss under any other head cannot be considered by the DDO for calculating the amount of tax to be deducted. However, if it is actually not occupied by the employee in view of his place of the employment being at other place, his residence in that other place should not be in a building belonging to him.
TDS & TCS Rate Chart (FY: 2020-21 / AY: 2021-22)
TDS/TCS Rates Chart for A.Y. 2014-15 or F.Y. 2013-14
HOW TO CALCULATE TDS ON SALARY FY 2013-14