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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Guidelines for Income Tax Deductions on Salaries for 1975-76: Key Provisions and Compliance Requirements.</h1> The circular provides guidelines for the deduction of income tax from salaries for the financial year 1975-76, as per the Finance Bill, 1975, and the Finance (Amendment) Act, 1975. Key points include the tax exemption threshold set at Rs. 8,000, standard deductions for employment-related expenses, and provisions for contributions to provident funds and insurance. It also outlines deductions for education expenses of dependent children and siblings, adjustments for perquisites, and the treatment of compulsory deposits. The circular emphasizes compliance with tax deduction at source and penalties for non-compliance. Examples illustrate the calculations for tax deductions.
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