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of <h1>New Tax Deduction Guidelines for Salaries: Increased Exemption Limits and Enhanced Deductions u/s 192, Income-tax Act 1961.</h1> The circular outlines the income tax deduction guidelines for salaries during the financial year 1992-93 under section 192 of the Income-tax Act, 1961. Key changes include an increased income-tax exemption limit from Rs. 22,000 to Rs. 28,000 and a reduction in taxable income slabs. The Finance Act, 1992, introduces amendments enhancing deductions for working women, medical expenses, and investments in notified schemes. It also details the valuation of perquisites, exemptions for travel and medical benefits, and conditions for tax rebates. Employers are responsible for deducting tax at source and complying with reporting requirements, with penalties for non-compliance.
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