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CIRCULAR NO: 24/2022 F. No. 275/15/2022-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ****** North Block, New Delhi Dated the 7th Dec, 2022 SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2022-23 UNDER SECTION 192 OF
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FAQ :
The circular details the rates of Income Tax deduction from salaries for the financial year 2022-23 and explains relevant provisions of the Income-tax Act, 1961, and Income-tax Rules, 1962.
Tax Deduction at Source (TDS) from salaries is governed by Section 192 of the Income-tax Act, 1961.
Salary includes wages, annuity, pension, gratuity, fees, commissions, perquisites, profits in lieu of salary, salary advances, payments for unused leave, and certain contributions to recognised provident funds and New Pension Scheme.
Yes, tax is generally deducted at source from pension payments, as pension is considered part of salary. However, the commuted portion of pension that is exempt under Section 10(10A) is not subject to TDS.
No, Family Pension is taxed under 'Income from other sources', not under 'Salaries'. Therefore, TDS is not required to be deducted from Family Pension payments.
The complete circular, relevant Acts, Rules, Forms, and Notifications are available on the Income Tax Department's website: www.incometaxindia.gov.in.
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