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of <h1>Tax Deduction Instructions for Salaries FY 2001-2002: Section 192 and Income Brackets Explained with Surcharge Details.</h1> The circular outlines the instructions for the deduction of tax at source from salaries for the financial year 2001-2002 under section 192 of the Income-tax Act, 1961. It specifies the income tax rates applicable for different income brackets, with no tax for income up to Rs. 50,000, and varying percentages for higher income levels. A surcharge of 2% is applicable for income exceeding Rs. 60,000. The circular also addresses tax deduction procedures for employees with multiple employers, relief under section 89, and the inclusion of other income. It provides guidelines for calculating perquisites, exemptions, deductions under Chapter VI-A, and tax rebates. Additionally, it emphasizes the responsibilities of employers in deducting and remitting taxes, issuing TDS certificates, and maintaining proper documentation.
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