I had got settlement amount by my employer on order of high court to release me from job however they deducted more than 15% tax plus not providing TDs nor explain the type of tax deducted .. Under what section this TDS should come under n what should be d exact % of deduction and when should I get the TDs copy from employer
You will get the tds certificate when they file their tds return. At this point of time, all the deadlines have been extended and thus your company may not have filed the tds return. Once, they file it, they should give your tds certificate.
TDS % will depend upon the amount and components of your salary. They should have given you the working for the same.
Hi
Under Section 192 of the Income Tax Act, every employer who is paying a salary income to his employee is required to deduct TDS from the salary income if it exceeds the basic exemption limit
Rate of TDS on salary income
As per current income tax laws, there is no specified rate of TDS deduction from salary income. Rate depends on the income tax slabs applicable on the taxable income of the employee. The employer calculates the tax liability on the 'Average rate of Income Tax
average rate can be defined as the total tax liability divided by total income of an employee. To arrive at total tax liability for deducting tax on salary, employer will take into account the tax-saving investments made by you. Here's how this average rate of income tax is calculated: for example:-
Calculation of TDS from salary
Particulars
Income Tax Payable (FY 2018-19) (In Rs)
Salary income
10,00,000
Less: Deductions (as per the declaration submitted by the employee)
1,50,000
Net taxable income
8,50,000
Tax payable*
82,500
Add: Health and Education Cess @4%**
3,300
Total Tax Liability (plus cess)
85,800
Average rate of income tax***
8.58%
* (5% of 2.5 lakhs) + (20% of 3.5 lakhs)
** 82,500*4%
***(Tax liability / total income) * 100 i.e. (85,800/10,00,000)* 100
The employer is required to provide Form 16 to you containing the details of salary such as the amount paid and tax deducted. This can also be accompanied by Form 12BA, to show particulars of perquisites,and profits in lieu of salary.
When you employer file TDS return then you will get your TDS certificate.
Hello,
TDS certificates should be provided by your employer once they file their TDS return for the relevant period.
You can also check your Form 26AS after they file their TDS return for the section under which TDS deduction has been made.
I hope this answer satisfies your requirements.
Regards,
CA Hunny Badlani
Dear Sir,
Hope you are dong well !!
TDS certificate should be provided by your employer when they file their tds return.
TDS should be deducted u/s 192 & rate depends on applicable slab rate.
It is advisable to take a phone consultation for detailed discussion.
Yes you can ask for Form 16 or Form 16A to know why TDS was deducted and if it's properly deducted you can even find it in Form 26AS.
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Thank you
