Introduction

TDS course – A salaried employee can opt to pay tax under the alternative tax regime for the financial year 2023-24 as provided by the Finance Act, 2023. Under the alternative tax regime, tax liability is lower, but a few tax incentives have been blocked. This workshop is organised to discuss whether (or not) a salaried employee should opt for the regular tax regime or alternative tax regime.

Besides, the workshop will discuss TDS on salary, remuneration planning, perquisite taxation, taxation of retirement benefits under the old and new tax regime.

Discussions would also be on TDS provisions (as amended up to December 10, 2023) under sections 192A, 194, 194C, 194-I, 194-IA, 194-IB,194J, 194K, 194M, 194N, 194-O and 195.

Course Objective

Managers/Senior Executives from

1. Finance,
2. Accounts,
3. HRD Department and
4. All those who are concerned with Tax Deduction at Source and Financial Management   Decision

Course Content

Alternative tax regime for individuals under section 115BAC

• Is it available at the time of TDS under section 192.
• Income-tax rates (and exemption limit under the alternative tax regime.
• Incentives which are blocked under the alternative tax regime.
• Incentives which are not blocked under the alternative tax regime.
• How to exercise option.
• Break-even point.

TDS on Salary under section 192

• Obligation of employer under section 192. Estimation of employees salary. New perquisite valuation rules for rent-free accommodation or concession in rent.
• Other incomes of employees to be included for deducting tax under section 192. Losses declared by employees.
• Form No. 12BB, Form No. 12BA
• Preparation of Form No. 16 in different situations When an employee has joined or left during a financial year, details of other incomes/loss of employees in Form No. 16, details of tax deducted by others in respect of other income reported by employees in Form No. 16.
• Employer’s obligation in respect of computation of relief under section 89 and providing deduction under sections 80C to 80U.
• Employee needs to provide all the documents related to deductions as well as other income for proper computation of TDS.
• TDS and taxation of retirement benefits (gratuity, leave encashment, provident fund, pension and voluntary retirement).

TDS on payments other than salary

• TDS under sections 192A, 194, 194C, 194-I, 194-IA, 194-IB,194J, 194K, 194M, 194N, 194-O and 195. 
• Consequences of TDS defaults

Remuneration planning under different situations

• Remuneration planning to minimize employees tax liability.
• Restructuring of present remuneration plan keeping in view present and future tax liability of employees.
• Tax on different perquisites provided to employees (like rent-free/concessional accommodation, car, driver, education, domestic servant, interest-free/concessional lo an, sweat equity shares, touring/travelling facility, gift, club facility, credit card facility, meal vouchers, refreshments, use of movable assets, transfer of movable assets, medical facility, leave travel concession).
• Tax-free perquisites.
• Tax planning devices How to convert within legal parameter a taxable perquisite into tax-free perquisite or perquisite taxable at concessional rate.
• Documentation required for including perquisites while calculating TDS

Government of India- Income Tax https://www.incometaxindia.gov.in/Pages/Deposit_TDS_TCS.aspx

Princeton Academy Resources https://princetonacademy.in/resources/