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At the time of payment of salary by the employer to the employee, the employer is also required to mandatorily deduct TDS on Salary under section 192 and the balance amount after deduction of TDS is payable to the employee. The TDS on Salary is required to be deducted on the basis of average rate of income tax of the taxpayer for that financial year.
The average rate of income tax is to be calculated on the basis of income tax slab rate in force for that financial year and keeps varying based on the estimated income of the employee and the Income Tax Slab rate. The estimated income of the employee is arrived by deducting all the allowances such as LTC, HRA, standard deduction and other deduction under section 80C.
In case the employee is not liable to pay any income tax as his income is below the taxable limits, No TDS would be deducted from his income. In case the employee changes his job and joins a new organisation during the year, he may furnish a statement in form 12B stating the salary received from the previous employer and TDS deducted thereon.
The tax deducted as TDS on Salary is reflected in the form 16 which is issued to the taxpayer at the end of financial year. The taxpayer can also check the details of TDS deducted and deposited by his employer by verifying the Form 26AS which can be checked online.
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