Besides Salary income I have other income on which tax is not deductible. Do I need to inform my employer about this for deduction of tax?
Besides Salary income I have other income on which tax is not deductible. Do I need to inform my employer about this for deduction of tax?
You may inform your employer so as
to enable him to determine the correct tax deductible from your income. In case
you don’t provide these details to your employer, you may wish to pay advance
tax on the income other than income from Salary.
Yes. It is his duty as per law to deduct tax from the income paid to you by him. This deduction is called TDS (Tax deducted at source). TDS is deducted each month by employers based on tax projections declared by the employee at the beginning of each ...
Any Salary due from an employer or a former employer to an employee in the previous year whether paid or not, is chargeable to income-tax under the head ‘Salaries’ (As per Clause(a) of section 15). In other words, the Salary accrued or which becomes ...
When the employer agrees to pay tax on the Salary paid to the employee without applying any cap on the amount of tax to be paid, it can be said to be a Tax-Free Salary. However, this tax-free salary is also taxable in the hands of the employee. The ...
No. The I-T Act provides option to the employer to pay tax on the non-monetary perquisites. However, by virtue of Section 10(10CC), tax paid by employer (on behalf of employee) on non-monetary perquisites will be exempt from tax in the hands of ...
Loss other than loss from house property is not eligible to be considered for set off against tax liability on the income from Salary. Hence the information would be irrelevant to the employer.