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of <h1>CBDT Circular: Changes to Section 192 Deductions; No HRA Exemptions for Homeowners; New Tax Rule on Employee Loans.</h1> The circular issued by the Central Board of Direct Taxes addresses the deduction of income tax from salaries for the financial year 1984-85 under section 192 of the Income-tax Act, 1961. It highlights the retrospective insertion of an explanation in section 10(13A), which disallows house rent allowance exemptions for employees owning their residences or not incurring rent expenses. Consequently, previous exemptions granted under the Punjab and Haryana High Court judgment are withdrawn. Additionally, new sub-clause (vi) under section 17 addresses the taxation of interest-free or low-interest loans provided by employers, effective April 1, 1985. Relevant authorities are instructed to implement these changes urgently.
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