TDS on Salary under Sec.192
Who can deduct the TDS - Any person
responsible for making the payment of salary
Rate of deduction - TDS is required to
be deducted at slab rate of income applicable to the particular Individual.
Additional points
·
TDS is required to be deducted only at the
time of actual payment of salary.
·
Tax shall not be deducted at source in case
where the salary income of the assessee is Nil after considering all the
deductions and allowance which he is entitled to him under the provision of
this Act.
·
Where an employee work with more than one
employee at simultaneously, the employee concerned shall give the details of
salary and TDS in form 12 (B) to any one employer at his choice.
·
Where employee leaves the job with one
employee and joins with any other employer during the same previous year, the
employee concerned shall give the details of salary and TDS in form 12 (B) of
the previous employment to the new employer.
Set off provision
Only
loss from the house property can be taken in to consideration for deducting
TDS. No other losses shall be taken for adjusting against the salary income.