section 192B

what is section 192B?
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Quick Summary
Section 192 relates to TDS on salary payments by employers. Code 92B is used in TDS returns for payments made to non-government employees. TDS is deducted based on applicable income tax slab rates and deposited with the government within due dates.

TDS deducted by employer

SEC 192B IS RELATES TO TDS ON SALARY

Nature of Payment

Section

Section code to be used in the return

Payments made to Govt. employees other than Union Govt. employees

192

92A

Payments made to employees other than Govt. employees

192

92B

Payments made to Union Govt. employees.Applicable from for statement pertaining to FY 2013-14 onwards.

192

92C

S 192 deals with TDS to be deducted in the payments made by employer by way of salary and prerequisites at the average rate of tax applicable to the employee

As per this section, employers are required to deduct TDS on the salary paid to their employees. The TDS rate is determined based on the employee's income tax slab rate for the financial year. The employer is required to deduct TDS every month and deposit it with the government.

Section 192 deals with Tax Deducted at Source (TDS) on salary payments.

  • Employers responsible for deducting TDS can be companies (private or public), individuals, HUF, trusts, partnership firms, or co-operative societies.
  • TDS rates are not specified in Section 192. The deduction is based on the income tax slab rates applicable to the employee for the relevant financial year in which the salary is paid.
  • If an employee does not have a PAN (Permanent Account Number), TDS will be deducted at a flat rate of 20%.
  • Employers must deduct TDS from the employee's salary at the time of payment and deposit it with the government within the specified due dates.
  • Employees can claim a refund or adjust excess TDS deducted while filing their income tax returns.
  • It is essential for employees to provide their PAN details to avoid higher TDS deduction.

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