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of <h1>Income Tax Deduction Guidelines for Salaries u/s 192 for FY 1997-98: Employer Responsibilities and Penalties.</h1> The circular outlines the income tax deduction process from salaries for the financial year 1997-98 under section 192 of the Income-tax Act, 1961. It specifies tax rates based on income brackets, with no tax for incomes up to Rs. 40,000, and progressive rates for higher incomes. Employers must deduct tax at source from salaries, considering exemptions and deductions under various sections. The circular also details the responsibilities of employers in issuing TDS certificates and filing returns. It highlights exemptions for certain allowances and deductions under Chapter VI-A, including insurance, medical expenses, and contributions to provident funds. Penalties for non-compliance are also addressed.
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