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of <h1>CBDT Circular: New Rule 3A Details Interest Calculation on Loans & Tax Deduction for Salaries u/s 192.</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 references previous circulars and communicates the introduction of a new sub-clause under Section 17, effective April 1, 1985, specifying a 10% per annum simple interest rate for certain loans. A new rule, Rule 3A, details the calculation method for interest on outstanding loans, considering repayments made by employees. The circular instructs that these guidelines be promptly communicated to relevant officers and state undertakings.
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