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of <h1>Guidelines for Income Tax Deductions from Salaries in 1976-77: Key Sections 80C & 80FF Explained with Compliance Warnings.</h1> The circular outlines the guidelines for income tax deduction from salaries for the financial year 1976-77. It specifies that tax is deductible only if the estimated salary exceeds Rs. 8,000. Perquisites like free accommodation and motor cars are included in salary calculations. Deposits under certain schemes are not deductible, and standard deductions are detailed based on salary and allowances. Specific deductions under sections 80C and 80FF are noted, including those for life insurance and education expenses. House Rent Allowance is exempt under certain conditions. The circular also emphasizes compliance with tax deduction laws, warning of penalties for non-compliance.
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