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of <h1>Guidelines for Tax Deduction from Salaries for FY 1987-88: Exemptions, Deductions, and Employer Responsibilities Explained.</h1> The circular outlines the procedures for deducting tax at source from salaries for the financial year 1987-88, as per the Finance Act, 1987. It specifies that no tax will be deducted unless the estimated salary exceeds Rs. 18,000. It details the valuation of perquisites, exemptions, and deductions under various sections such as 80C, 10(13A), and 80U. The document also includes instructions on calculating tax and surcharge, handling multiple employments, and the responsibilities of employers in tax deduction and reporting. It emphasizes compliance with the Income-tax Act and the Finance Act, highlighting penalties for non-compliance.
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