Income-tax deduction from salaries during the financial year 1998-99 under section 192 of the Income-tax Act, 1961

1998 Circular: Income Tax Deduction Guidelines for Salaries u/s 192, Including Employer Responsibilities and Penalties.

The circular issued on November 3, 1998, outlines the rates and guidelines for income tax deduction from salaries for the financial year 1998-99 under section 192 of the Income-tax Act, 1961. It specifies tax deduction rates based on income brackets and provides instructions for employers on calculating and deducting tax at source from employees' salaries. The document also addresses scenarios involving multiple employers, deductions for specific allowances, and exemptions for certain types of income. Additionally, it details the responsibilities of employers in issuing TDS certificates and filing returns, along with penalties for non-compliance.