Employee can report any other income to Employer for Tax deduction

By | December 15, 2015
(Last Updated On: December 15, 2015)

Information regarding Income under any other head

Other income

(i) Section 192(2B) enables a taxpayer to furnish particulars of income under any head other than “Salaries” (not being a loss under any such head other than the loss under the head ” Income from house property”) received by the taxpayer for the same financial year and of any tax deducted at source thereon. The particulars may now be furnished in a simple statement, which is properly signed and verified by the taxpayer in the manner as prescribed under Rule 26B(2) of the Rules and shall be annexed to the simple statement. The form of verification is reproduced as under:

I, …………………. (name of the assessee), do declare that what is stated above is true to the best of my information and belief.

It is reiterated that the DDO can take into account any loss only under the head “Income from house property”. Loss under any other head cannot be considered by the DDO for calculating the amount of tax to be deducted.

Source :CIRCULAR NO.20/2015 [F.NO.275/192/2015-IT(B)], DATED 2-12-2015 issued by CBDT

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