When Tax at source on Salaries is to be deducted?
Section 192 provides that it is responsibility of the employer to deduct tax at source, at the time of actual payment of salary to the employee. Therefore, when advance salary and arrears of salary are paid, even then the employer is required to take the same into account while computing the tax deductible.
The Employer is also required to deduct tax at source on salary paid or payable to Non-resident. When the salary payable to employee exceed the minimum limit not chargeable to tax, then the employer is required to deduct tax at source. The liability of employer to deduct tax at source shall arise at the time of actual payment of salary and not at the time of accrual.
Due Dates for filing of quarterly returns:
1st Quarter (April-June): tds returns to be filed on or before 31st July
2nd Quarter (July-September): tds returns to be filed on or before 31st October
3rd Quarter (October-December): tds returns to be filed on or before 31st January
4th Quarter (January-March): tds returns to be filed on or before 31st May
Documents Required for filing tds returns:
• List of all employees working during the financial year under consideration
• Agreement of employment
• Details of all employees such as PAN card, Salary breakup, Investment proofs, tax declaration forms.
• Any other detail as required shall also be intimate by our team.
Taxcellent helps you in filing of quarterly tds returns on salary.