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Deduction of tax at source: apply revised salary withholding rates and increased surcharge during the interim to avoid adjustments. Deduction of tax at source from salaries for 1977-78 should follow the Finance (No.2) Bill, 1977 rates (including the raised surcharge) during the interim; no withholding is required unless estimated salary exceeds the statutory threshold. Perquisites are valued under Income tax Rules and included in estimated salary; certain compulsory deposits are ignored for withholding. Taxable salary is computed after allowing the prescribed standard deduction with specified limits and reductions, exemptions for specified allowances are excluded when computing that deduction, and allowable withholdable deductions include portions under section 80C and limited education expenditure under section 80FF. Disbursing officers must ensure correct recording of tax and surcharge and note penalties under section 276B for failure to deduct or pay.
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Provisions expressly mentioned in the judgment/order text.
Deduction of tax at source: apply revised salary withholding rates and increased surcharge during the interim to avoid adjustments.
Deduction of tax at source from salaries for 1977-78 should follow the Finance (No.2) Bill, 1977 rates (including the raised surcharge) during the interim; no withholding is required unless estimated salary exceeds the statutory threshold. Perquisites are valued under Income tax Rules and included in estimated salary; certain compulsory deposits are ignored for withholding. Taxable salary is computed after allowing the prescribed standard deduction with specified limits and reductions, exemptions for specified allowances are excluded when computing that deduction, and allowable withholdable deductions include portions under section 80C and limited education expenditure under section 80FF. Disbursing officers must ensure correct recording of tax and surcharge and note penalties under section 276B for failure to deduct or pay.
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