Transcription of TDS ON SALARIES - Income Tax Department
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TDS ON SALARIES - Income Tax Department
Income TAX DEPARTMENTD irectorate of Income Tax (PR, PP & OL)6th Floor, Mayur Bhawan, Connaught CircusNew Delhi-110001 TDSONSALARIESTax Payers Information Series - 35 PREFACEThe provisions of the Income Tax Act, 1961 relating to TaxDeduction at Source from SALARIES are of immense importance inthe context of present scenario when TDS collections account foralmost 39% of total collection of Direct Income Tax Act, 1961 provides for penalties for defaultsin respect of deduction of tax at source and deposit thereof intoCentral Government account. The law is even more strict in casethe tax has been deducted at source but not deposited into the CentralGovernment account in the prescribed manner. In such a case,besides penalties, the law provides even for prosecution.
II In case of every individual resident in India who is of age of 60 years or more and below 80 years at any time during the previous year :-4 5 (i) Where the total income does not exceed Rs. 2,00,000/-. (ii) Where the total income exceeds Rs. 2,00,000/- but does not exceed Rs. 5,00,000/-. (iii) Where the total income exceeds Rs. 5,00,000/- but ...
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