Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > S 192 TDS on Salaries
S 192 TDS on Salaries Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on S 192 TDS on Salaries Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is TDS on Salaries Taxation? |  |
Ans. TDS (Tax Deducted at Source) on Salaries Taxation refers to the deduction of a certain amount of tax from the salary paid to an employee by their employer. This deduction is made by the employer on behalf of the employee and is submitted to the government as an advance tax payment.
| 2. How is TDS on Salaries Taxation calculated? | |
Ans. TDS on Salaries Taxation is calculated based on the income tax slab rates applicable to an individual. The employer deducts a percentage of the salary as tax based on the employee's income level. The exact calculation may vary depending on the specific tax laws and regulations of the country.
| 3. Is TDS on Salaries Taxation applicable to all employees? | |
Ans. Yes, TDS on Salaries Taxation is applicable to all employees who receive a salary or wage income. The employer is responsible for deducting the tax at source and depositing it with the government. However, the exemption limit and tax rates may vary for different categories of employees.
| 4. Can an employee claim a refund if excess TDS is deducted on their salary? | |
Ans. Yes, if an employee has paid more TDS on their salary than their actual tax liability, they can claim a refund while filing their income tax return. The excess amount can be claimed as a refund by providing the necessary details and documents to the tax authorities.
| 5. What are the consequences of not deducting or depositing TDS on Salaries Taxation? | |
Ans. Not deducting or depositing TDS on Salaries Taxation can attract penalties and legal consequences for both the employer and the employee. The employer may face penalties for non-compliance, while the employee may have difficulties in filing their income tax return and may be liable to pay the tax dues along with penalties and interest. It is important for both employers and employees to ensure timely and accurate deduction and deposit of TDS on Salaries Taxation.
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Nov 16, 2024 Last updated |
Video Description: S 192 TDS on Salaries for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
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