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{"id":48,"date":"2014-12-11T00:00:00","date_gmt":"2014-12-10T18:30:00","guid":{"rendered":""},"modified":"2015-12-29T10:32:04","modified_gmt":"2015-12-29T05:02:04","slug":"method-of-calculation-of-salary-and-computation-of-average-income-tax-part-2-of-circular-17-2014","status":"publish","type":"post","link":"https:\/\/taxclick.org\/type\/income-tax\/method-of-calculation-of-salary-and-computation-of-average-income-tax-part-2-of-circular-17-2014\/","title":{"rendered":"Method of calculation of salary and computation of average income tax (Part \u2013 2 of Circular 17\/2014)"},"content":{"rendered":"

<\/p>\n

3. SECTION 192 OF THE INCOME-TAX ACT,
\n1961: BROAD SCHEME OF TAX DEDUCTION AT SOURCE FROM “SALARIES”:<\/strong><\/p>\n

 <\/p>\n

3.1 Method of
\nTax Calculation:<\/strong><\/p>\n

 <\/p>\n

Every person who is
\nresponsible for paying any income chargeable under the head
\n“Salaries” shall deduct income-tax on the estimated income of the
\nassessee under the head “Salaries” for<\/a> the
\nfinancial year 2014-15. The income-tax is required to be calculated on the
\nbasis of the rates given above, subject to the provisions related to
\nrequirement to furnish PAN as per sec 206AA of the Act, and shall be deducted
\nat the time of each payment. No tax, however, will be required to be deducted
\nat source in any case unless the estimated salary income including the value of
\nperquisites, for the financial year exceeds Rs. 2,50,000\/- or Rs.3,00,000\/- or
\nRs. 5,00,000\/-, as the case may be, depending upon the age of the employee.(Some
\ntypical illustrations of computation<\/em> of tax are given at Annexure-I<\/strong>).<\/em><\/p>\n

 <\/p>\n

3.2  Payment of Tax on Perquisites by Employer:<\/strong><\/p>\n

 <\/p>\n

An option has been given to the employer to pay the
\ntax on non-monetary perquisites given to an employee. The employer may, at its
\noption, make payment of the tax on such perquisites himself without making any
\nTDS from the salary of the employee. However, the employer will have to pay the
\ntax at the time when such tax was otherwise deductible i.e. at the time of
\npayment of income chargeable under the head ?salaries? to the employee.<\/p>\n

 <\/p>\n

3.2.1
\nComputation of Average Income Tax:<\/strong><\/p>\n

 <\/p>\n

For the purpose of making the payment of tax
\nmentioned in para 3.2 above, tax is to be determined at the average of income
\ntax computed on the basis of rate in force for the financial year, on the
\nincome chargeable under the head “salaries”, including the value of
\nperquisites for which tax has been paid by the employer himself.<\/p>\n

 <\/p>\n

3.2.2       
\n<\/strong>Illustration: <\/strong><\/p>\n

 <\/p>\n

The income chargeable under the head ?salaries of an
\nemployee below sixty years of age for the year inclusive of all perquisites is
\nRs.4,50,000\/-, out of which, Rs.50,000\/- is on account of non-monetary
\nperquisites and the employer opts to pay the tax on such perquisites as per the
\nprovisions discussed in para 3.2 above.<\/p>\n

 <\/p>\n

STEPS:<\/strong><\/p>\n

 <\/p>\n\n\n\n\n\n\n\n
\n

Income Chargeable
\n under the head ?Salaries inclusive of all perquisites <\/p>\n<\/td>\n

\n

Rs.  4,50,000\/-<\/p>\n<\/td>\n<\/tr>\n

\n

Tax
\n on Total Salary (including Cess)<\/p>\n<\/td>\n

\n

20,600\/-<\/p>\n<\/td>\n<\/tr>\n

\n

Average
\n Rate of Tax [(20,600\/4,50,000) X 100]<\/p>\n<\/td>\n

\n

4.57%<\/p>\n<\/td>\n<\/tr>\n

\n

Tax
\n payable on Rs.50,000\/= (4.57% of 50,000)<\/p>\n<\/td>\n

\n

Rs.
\n 2285\/-<\/p>\n<\/td>\n<\/tr>\n

\n

Amount
\n required to be deposited each month<\/p>\n<\/td>\n

\n

190
\n ((Rs. 190.40) =2285\/12)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

The tax so paid by the employer shall be deemed to
\nbe TDS made from the salary of the employee.<\/p>\n

 <\/p>\n

3.3 Salary
\nFrom More Than One Employer:<\/strong><\/p>\n

 <\/p>\n

Section 192(2) deals with situations
\nwhere an individual is working under more than one employer or has changed from
\none employer to another. It provides for deduction of tax at source by such
\nemployer (as the tax payer may choose) from the aggregate salary of the
\nemployee, who is or has been in receipt of salary from more than one employer.
\nThe employee is now required to furnish to the present\/chosen employer details
\nof the income under the head “Salaries” due or received from the
\nformer\/other employer and also tax deducted at source therefrom, in writing<\/strong>
\nand duly verified by him and by the former\/other employer<\/strong>. The
\npresent\/chosen employer <\/strong>will be required to deduct tax at source on the
\naggregate amount of salary (including salary received from the former or other
\nemployer).<\/p>\n

<\/a> <\/strong><\/p>\n

3.4 Relief
\nWhen Salary Paid in Arrear or Advance:<\/strong><\/p>\n

 <\/p>\n

3.4.1       
\n<\/strong>Under section 192(2A) where the
\nassessee, being a Government servant or an employee in a company, co-operative
\nsociety, local authority, university, institution, association or body is
\nentitled to the relief under Section 89<\/strong>(1) he may furnish to the person
\nresponsible for making the payment referred to in Para (3.1), such particulars
\nin Form No. 10E duly verified by him<\/strong>, and thereupon the person
\nresponsible, as aforesaid, shall compute the relief on the basis of such
\nparticulars and take the same into account in making the deduction under
\nPara(3.1) above. <\/strong><\/p>\n

 <\/strong><\/p>\n

3.4.2       
\n<\/strong>With effect from 1\/04\/2010 (AY
\n2010-11), no such relief shall be granted in respect of any amount received or
\nreceivable by an assessee on his voluntary retirement or termination of his
\nservice, in accordance with any scheme or schemes of voluntary retirement or in
\nthe case of a public sector company referred to in section 10(10C)(i) (read
\nwith Rule 2BA), a scheme of voluntary separation, if an exemption in respect of
\nany amount received or receivable on such voluntary retirement or termination
\nof his service or voluntary separation has been claimed by the assessee under
\nsection 10(10C) in respect of such, or any other, assessment year. <\/strong><\/p>\n

 <\/p>\n

3.5 Information
\nregarding Income under any other head:<\/strong><\/p>\n

 <\/p>\n

(i) Section 192(2B) enables a taxpayer to furnish
\nparticulars of income under any head other than “Salaries” ( not
\nbeing a loss under any such head other than the loss under the head ? Income
\nfrom house property?) received by the taxpayer for the same financial year and
\nof any tax deducted at source thereon. The particulars may now be furnished in
\na simple statement<\/strong>, which is properly signed and verified by the
\ntaxpayer in the manner as prescribed under Rule 26B(2) of the Rules and shall
\nbe annexed to the simple statement. The form of verification is reproduced as
\nunder:<\/p>\n

 <\/p>\n

I,
\n\u2026\u2026\u2026\u2026\u2026\u2026\u2026. (name of the assessee), do declare that what is stated above is true
\nto the best of my information and belief.<\/strong><\/p>\n

 <\/p>\n

It is reiterated that the DDO can take into
\naccount any loss only under the head<\/strong> ?Income from house
\nproperty?. Loss under any other head cannot be considered by the DDO for
\ncalculating the amount of tax to be deducted.<\/p>\n

 <\/p>\n

3.6             
\n<\/strong>Computation of income under the head \u201c
\nIncome from house property\u201d<\/strong>: <\/strong><\/strong><\/p>\n

 <\/p>\n

While taking into account the loss from House
\nProperty, the DDO shall ensure that the employee files the declaration referred
\nto above and encloses therewith a computation of such loss from house property.
\nFollowing details shall be obtained and kept by the employer in respect of loss
\nclaimed under the head ?Income from house property? separately for each house
\nproperty:<\/p>\n

 <\/p>\n

a)                 
\nGross annual rent\/value <\/p>\n

 <\/p>\n

b)                 
\nMunicipal Taxes paid, if any <\/p>\n

c)                 
\nDeduction claimed for interest paid, if
\nany <\/p>\n

d)                 
\nOther deductions claimed <\/p>\n

 <\/p>\n

e)                 
\nAddress of the property <\/p>\n

 <\/p>\n

f)                  
\nAmount of loan, if any; and <\/p>\n

g)                 
\nName and address of the lender (loan
\nprovider) <\/p>\n

 <\/p>\n

3.6.1       
\n<\/strong>Conditions for Claim of
\nDeduction of Interest on Borrowed Capital for Computation of Income From House
\nProperty [Section 24(b)]: <\/strong><\/strong><\/p>\n

 <\/p>\n

Section 24(b) of the Act allows deduction from
\nincome from houses property on interest on borrowed capital as under:-<\/p>\n

<\/a>(i)                
\nthe deduction is allowed only in case of
\nhouse property which is owned and is in the occupation of the employee for his
\nown residence. However, if it is actually not occupied by the employee in view
\nof his place of the employment being at other place, his residence in that
\nother place should not be in a building belonging to him. <\/p>\n

 <\/p>\n

(ii)              
\nthe
\nquantum of deduction allowed as per table below: <\/p>\n

 <\/p>\n\n\n\n\n\n\n
\n

Sr. No.<\/p>\n<\/td>\n

\n

Purpose of borrowing capital<\/p>\n<\/td>\n

\n

Date of borrowing capital <\/p>\n<\/td>\n

\n

Maximum Deduction allowable <\/p>\n<\/td>\n<\/tr>\n

\n

1<\/p>\n<\/td>\n

\n

Repair  or 
\n renewal  or  reconstruction  of the house <\/p>\n<\/td>\n

\n

Any time<\/p>\n<\/td>\n

\n

Rs. 30,000\/-<\/p>\n<\/td>\n<\/tr>\n

\n

2<\/p>\n<\/td>\n

\n

Acquisition
\n or construction of the house<\/p>\n<\/td>\n

\n

Before 01.04.1999<\/p>\n<\/td>\n

\n

Rs. 30,000\/-<\/p>\n<\/td>\n<\/tr>\n

\n

3<\/p>\n<\/td>\n

\n

Acquisition
\n or construction of the house<\/p>\n<\/td>\n

\n

On or after 01.04.1999 <\/p>\n<\/td>\n

\n

Rs. 1,50,000\/- (up to AY 2014-15) Rs. 2,00,000\/- (w. e. f. AY 2015-16)<\/strong> <\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

In case of
\nSerial No. 3 above<\/p>\n

 <\/p>\n

(a)   
\nThe acquisition or construction of the
\nhouse should be completed within3 years from the end of the FY in which the
\ncapital was borrowed. Hence it is necessary for the<\/strong> <\/p>\n

 <\/p>\n

DDO to have the completion
\ncertificate of the house property against which deduction is claimed either
\nfrom the builder or through self-declaration from the employee. <\/strong><\/p>\n

 <\/p>\n

(b)  
\nFurther any prior period interest for
\nthe FYs upto the FY in which the property was acquired or constructed (as
\nreduced by any part of interest allowed as deduction under any other section of
\nthe Act) shall be deducted in equal installments for the FY in question and
\nsubsequent four FYs. <\/p>\n

 <\/p>\n

(c)   
\n<\/strong>The employee has to furnish before
\nthe DDO a certificate from the person to whom any interest is payable on the
\nborrowed capital specifying the amount of interest payable. In case a new loan
\nis taken to repay the earlier loan, then the certificate should also show
\nthe details of Principal and Interest of the loan so repaid.<\/strong> <\/strong><\/p>\n

 <\/p>\n

3.7             
\n<\/strong>Adjustment for Excess or Shortfall of
\nDeduction: <\/strong><\/strong><\/p>\n

 <\/p>\n

The provisions of Section 192(3) allow the deductor
\nto make adjustments for any excess or shortfall in the deduction of tax already
\nmade during the financial year, in subsequent deductions for that employee
\nwithin that financial year itself.<\/p>\n

 <\/p>\n

3.8             
\n<\/strong>Salary Paid in Foreign Currency<\/strong>: <\/strong><\/p>\n

 <\/p>\n

For the purposes of deduction of tax on salary
\npayable in foreign currency, the value in rupees of such salary shall be
\ncalculated at the \u201cTelegraphic transfer buying rate\u201d<\/strong> of such currency as
\non the date on which tax is required to be deducted at source ( see Rule 26).<\/p>\n

 Download Circular No. 17\/2014<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

3. SECTION 192 OF THE INCOME-TAX ACT, 1961: BROAD SCHEME OF TAX DEDUCTION AT SOURCE FROM “SALARIES”:     3.2  Payment of Tax on Perquisites by Employer: An option has been given to the employer to pay the tax on non-monetary perquisites given to an employee. 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