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Every employer responsible for paying Salaries is required to deduct tax at source on the amount payable/ paid and also deposit such deducted sum is required to be deposited to the credit of the Central Government. The recipient from whose income, tax has been deducted at source, gets the credit of the amount deducted in his personal assessment on the basis of the certificate issued by the deductor. It is the responsibility of the employer, of tax deduction at source, at the time of actual payment of salary to the employee. Thus, when advance salary and arrears of salary have been paid, the employer has to take the same into account while computing the tax deductible. The employer is required to compute at the beginning of the financial year, the total salary income payable to an employee during the financial year. Further, the employer should also take into account any other income as reported by the employee. After considering all the benefits that are taxable and also consider the incomes exempt, deductions, rebate and relief, the tax liability of the employee should be determined Tax is to be calculated at the rates prescribed for the financial year in which the payment to employees is made. Then, arrived tax amount should be divided in 12 equal instalments and deducted every month. All this exercise is done at the beginning of the financial year. The person responsible for paying the salary may, at the time of deducting tax at source, increase or decrease, the amount to be deducted for the purpose of adjusting any previous deficiency or excess deduction. Tax deductor is also required to deposit the tax so deducted in Government account within the prescribed time and in the manner prescribed. We at Taxmantra.com have the expertise in handling issues relating to individual taxation (Tax Returns + Tax Support+ Tax Planning). Taxmantra.com provides most hassle free tax return filing/ online return filing experience. Once you have collected, your salary certificate and other documents, we request you to please log in to www.taxmantra.com/ereturns or you can also directly mail at info@taxmantra.com to submit the details. Upon receiving the documents, we would contact you to file your return of income.
Claim taxes on salary by filing your return of income
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
Every employer responsible for paying Salaries is required to deduct tax at source on the amount payable/ paid and also deposit such deducted sum is required to be deposited to the credit of the Central Government. The recipient from whose income, tax has been deducted at source, gets the credit of the amount deducted in his personal assessment on the basis of the certificate issued by the deductor. It is the responsibility of the employer, of tax deduction at source, at the time of actual payment of salary to the employee. Thus, when advance salary and arrears of salary have been paid, the employer has to take the same into account while computing the tax deductible. The employer is required to compute at the beginning of the financial year, the total salary income payable to an employee during the financial year. Further, the employer should also take into account any other income as reported by the employee. After considering all the benefits that are taxable and also consider the incomes exempt, deductions, rebate and relief, the tax liability of the employee should be determined Tax is to be calculated at the rates prescribed for the financial year in which the payment to employees is made. Then, arrived tax amount should be divided in 12 equal instalments and deducted every month. All this exercise is done at the beginning of the financial year. The person responsible for paying the salary may, at the time of deducting tax at source, increase or decrease, the amount to be deducted for the purpose of adjusting any previous deficiency or excess deduction. Tax deductor is also required to deposit the tax so deducted in Government account within the prescribed time and in the manner prescribed. We at Taxmantra.com have the expertise in handling issues relating to individual taxation (Tax Returns + Tax Support+ Tax Planning). Taxmantra.com provides most hassle free tax return filing/ online return filing experience. Once you have collected, your salary certificate and other documents, we request you to please log in to www.taxmantra.com/ereturns or you can also directly mail at info@taxmantra.com to submit the details. Upon receiving the documents, we would contact you to file your return of income.