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of <h1>New Tax Deduction Rules for Salaries: Key Rates, Exemptions, and Compliance for FY 1999-2000 Under Finance Act.</h1> The circular outlines the procedures and rates for tax deduction at source from salaries for the financial year 1999-2000, as per the Finance Act, 1999. It specifies tax rates based on income brackets, with no tax for incomes up to Rs. 50,000, and increasing rates for higher income levels. Employers must deduct tax from salaries exceeding Rs. 50,000, considering perquisites and other income sources. The document also highlights exemptions, deductions, and rebates available under various sections of the Income-tax Act, including provisions for housing loans, medical expenses, and investments. Compliance requirements for employers, such as issuing TDS certificates and filing annual returns, are detailed. Penalties for non-compliance are also specified.
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