The following income shall be chargeable to income-tax under the head "Salaries"
Any salary, bonus, commission or remuneration, by whatever name called, due to, or received by, a partner of a firm from the firm shall not be regarded as "Salary".
a) contributions made by the employer to the account of the employee in a recognized provident fund in excess of 12% of the salary of the employee,
b) interest credited on the balance to the credit of the employee in so far as it is allowed at a rate exceeding such rate as may be fixed by Central Government. [w.e.f. 01-09-2010 rate is fixed at 9.5% - Notification No SO 1046(E) dated 13- 05-2011]
It may be noted that, since salary includes pension, tax at source would have to be deducted from pension also, unless otherwise so required. However, no tax is required to be deducted from the commuted portion of pension to the extent exempt under section 10 (10A).
Family Pension is chargeable to tax under head "Income from other sources" and not under the head "Salaries". Therefore, provisions of section 192 of the Act are not applicable. Hence no TDS is required to be made on family pension.
|Scheme of Tax Deduction at Source from "Salaries"||Income Chargeable under - "Salaries"||Income Exempted Under The Head "SALARIES"|
|1 - Section 192 Provisions on Taxable Income
2 - Relief When Salary Paid in Arrear or Advance
3 - Claim of Deduction of Interest u/s 24 (b)- Income from House Property
4 - Due dates for payment of TDS
5 - Interest, Penalty & Prosecution for Failure to Deposit Tax Deducted
6 - Certificate for Tax Deducted (Section 203)
7 - TRACES
8 -Furnishing Particulars pertaining to perquisites
9 - Mandatory Quoting of PAN and TAN
10 - TDS on Income from Pension
|11 - Income Chargeable Under the Head "Salaries"
12 - Definition OF "Salary"
13 - Perquisite - Rent Free Accomodation & Motor car provided by the Employer
14 - Perquisite - Gas, electricity & water for household consumption
15 - Interest free or concessional loans
16 - Value of Subsidized / Free food / non-alcoholic beverages
17- Transfer Grant Allowance
18 - Medical Reimbursement by the Employer
|19 - Leave Travel Concession (LTC)
20 - Death-cum-Retirement Gratuity
21 - Commutation of Pension
22 - Leave Encashment
23- Retrenchment Compensation
24 - Amount received on voluntary retirement
25 - Sum received under a Life Insurance Policy
26 - Payment from a Provident Fund
27 - House Rent Allowance
28 - Pension to Gallantry Awarded
29 - Medical Treatment provided by Employer
30 - Entertainment Allowance
31 - Professional Tax