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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>CBDT Circular: Income Tax Deduction Procedures for Salaries FY 1986-87 u/s 192; Key Changes Explained.</h1> The circular issued by the Central Board of Direct Taxes outlines the procedures for deducting income tax from salaries during the financial year 1986-87 under section 192 of the Income-tax Act, 1961. It clarifies the responsibilities of employers in deducting and remitting taxes, the implications of non-compliance, and the exemptions and deductions available. Notably, the Finance Act, 1986 introduced changes such as increasing the standard deduction to 30% of the salary, capped at Rs. 10,000, and removing the Rs. 400 monthly ceiling for house rent allowance. Employers are advised to consult the Income-tax Act and relevant Finance Acts for detailed guidance.
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