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of <h1>Finance Act 1977: Tax Exemption Raised to Rs. 10,000; Employers to Adjust Excess Deductions for Salaries Below Limit.</h1> The exemption limit for taxable income was increased from Rs. 8,000 to Rs. 10,000 by the Finance Act of 1977. To address the hardship faced by employees whose salaries fall between these amounts, adjustments are allowed for tax deducted at source. Employers can adjust excess tax deducted from employees earning below Rs. 10,000 against the tax deductible from those earning above Rs. 10,000. This adjustment should be reflected in monthly returns and revised returns must be submitted to the Income-tax Officer. Certificates should indicate excess tax deducted and refunded. These instructions apply to non-government employers for the financial year 1977-78.
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