TDS from salaries for F.Y. 2020-21 | CBDT Circular
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- Last Updated on 17 March, 2022
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Circular No. 04/2022, dated 15-03-2022
The Central Board of Direct Taxes (CBDT) has issued circular for deduction of tax at source from salaries. CBDT has explained the obligation of employers with regard to deduction of tax at source from salaries under section 192 of the Income-tax Act, 1961 for the Financial Year 2021-22 in a comprehensive manner.
As per section 192, any person responsible for paying any income chargeable under the head ‘Salaries’ shall deduct income tax on the amount payable at the time of payment. Such tax shall be deducted at the average rate of income tax computed on the basis of the rates in force for the financial year in which the payment is made, on the estimated income of the assessee under the head of Salary income for that financial year.
The section also provides that a person responsible for paying any income chargeable under the head “Salaries” shall furnish to the person to whom such payment is made a statement giving correct and complete particulars of perquisites or profits in lieu of salary provided to him and the value thereof.
This circular contains guidance for tax deduction at source on salaried payable to employee considering the various provisions of the Income-tax Act.
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