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1 .Income Tax On Salaries - (01.06.2015)
1 .Income Tax On Salaries - (01.06.2015)
PRESENTED BY:
SIB SANKAR BANIK, W.B.A&A.S
INTERNAL AUDIT OFFICER,
FINANCE (INTERNAL AUDIT)DEPARTMENT
GOVERNMENT OF WEST BENGAL
MOB:8926225065
E-MAIL ID: sibsankar.banik40@gmail.com
BASIC COMPONENTS
Income-tax is the most significant direct tax. The
income-tax law in India consists of the following
components:
• Income Tax Act
• Annual Finance Acts
• Income Tax Rules
• Circulars/Notifications
• Legal decisions of Courts
Salary Taxation
www.incometaxi
ndia.gov.in
D.D.O’s RESPONSIBILITY
• Provisions of Section 194C are applicable only where the contract is either a
“contract for carrying out any work” or a “contract for supply of labour for
works contract”. Hence, these provisions are not applicable for payments
made under the contract of sale of goods.
• For the purpose of this section, the following contracts are also included in
the scope of “Work”:
• 1. Advertising.
• 2. Broadcasting and telecasting including production of programs for
• broadcasting and telecasting.
• 3. Carriage of goods and passengers by any mode of transport other than
• Railways.
• 4. Catering.
Deduction at Source from payments to Contractors and
Subcontractors under section 194C.
electronically.
IMPORTANT ISSUES
• TAN :- TAN or Tax Deduction and
Collection Account Number is a 10
digit alpha numeric number required
to be obtained by all persons who
are responsible for deducting or
collecting tax. It is compulsory to
quote TAN in TDS/TCS return
(including any e-TDS/TCS return),
any TDS/TCS payment challan and
TDS/TCS certificates.
Example : CALP02845D
IMPORTANT ISSUES
• Why is it necessary to have TAN ?
TAN is required to be quoted in all TDS/TCS
returns, all TDS/TCS payment challans and all
TDS/TCS certificates to be issued. TDS/TCS
returns will not be received if TAN is not quoted
and challans for TDS/TCS payments will not be
accepted by banks. Failure to apply for TAN or
not quoting the same in the specified
documents attracts a penalty of Rs. 10,000/-.
Other points