Friday, 1 February 2019

Adjustment for Excess or Shortfall of Deduction - TDS from Salaries – IT Circular 1/2019

Adjustment for Excess or Shortfall of Deduction - TDS from Salaries – IT Circular 1/2019

Adjustment for Excess or Shortfall of Deduction:

The provisions of  Section 192(3) allow the deductor to make adjustments for any excess or shortfall in the deduction of tax already made during the financial year, in subsequent deductions for that employee within that financial year itself.
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3.8 Salary Paid in Foreign Currency:

For the purposes of deduction of tax on salary payable in foreign currency, the value in rupees of such  salary shall be calculated at the “Telegraphic transfer buying rate” of such currency as on the date on which tax is required to be deducted at source ( see Rule 26).
Read Also:-
  1. Rates of Income-Tax as per Finance Act, 2018 – IT Circular 1/2019

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