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of <h1>Circular Details Income Tax Deduction Process for Salaries in FY 2005-06 u/s 192; Highlights TDS Compliance.</h1> The circular outlines the income tax deduction process from salaries for the financial year 2005-06 under section 192 of the Income-tax Act, 1961. It specifies tax rates based on income levels for different categories, including normal rates, rates for women below 65, and senior citizens. A surcharge and education cess are applicable in certain cases. The circular explains tax deduction at source (TDS) methods, employer responsibilities regarding non-monetary perquisites, and procedures for multiple employers. It also covers deductions under Chapter VI-A, including sections 80C, 80CCC, 80CCD, and others, detailing various eligible investments and expenses. The document emphasizes compliance with TDS regulations, including timely deposits and penalties for non-compliance.
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