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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Guidelines for Salary Tax Deductions u/s 192, Income-tax Act 1961: Rates, Surcharges, and Employer Responsibilities.</h1> The circular outlines the tax deduction process under Section 192 of the Income-tax Act, 1961, for salaries during the financial year 2003-2004. It specifies the income tax rates applicable based on income brackets, with no tax for incomes up to Rs. 50,000 and varying rates for higher incomes. A surcharge applies for incomes exceeding Rs. 8.5 lakh. Employers can opt to pay tax on non-monetary perquisites. The circular details procedures for handling multiple employers, arrears, and deductions for house property interest. It also covers tax exemptions, deductions under Chapter VI-A, and rebate entitlements, emphasizing compliance and documentation requirements for employers.
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