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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>New Income Tax Deduction Rules for Salaries FY 1994-95: Revised Exemptions, No 12% Surcharge, Employer Responsibilities.</h1> The circular outlines the rules for income-tax deduction from salaries for the financial year 1994-95 under section 192 of the Income-tax Act, 1961. It details the revised tax exemption limits and rates established by the Finance Act, 1994, including the abolition of a 12% surcharge. The document explains the calculation of tax deductions, including provisions for perquisites, exemptions, and deductions such as travel concessions, gratuities, and medical expenses. It also provides guidance on tax rebates under section 88 and 88B, and the responsibilities of employers regarding tax deduction at source, including the issuance of TDS certificates and filing annual returns.
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