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of <h1>Guidelines for Income Tax Deduction from Salaries in 1988-89: Section 192 Compliance and Key Changes in Finance Act 1988.</h1> The circular outlines the procedures for deducting income tax from salaries during the financial year 1988-89 under Section 192 of the Income-tax Act, 1961. It specifies that tax deductions should be based on the average rate of income-tax on the estimated annual salary. It highlights changes in the Finance Act, 1988, including modifications to standard deductions, National Savings Scheme deposits, and deferred annuity plans. The circular also discusses exemptions and deductions under various sections, such as gratuity, leave salary, house rent allowance, and contributions to provident funds. Employers are instructed on compliance, including quoting the Tax Deduction Account Number and ensuring accurate tax payments to the government.
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