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of <h1>Government of India Issues Income Tax Deduction Guidelines for Salaries u/s 192 for FY 2008-2009.</h1> The circular from the Government of India, Ministry of Finance, outlines the guidelines for income tax deduction from salaries under Section 192 of the Income Tax Act for the financial year 2008-2009. It specifies the tax deduction rates based on income levels and provides different rates for women and senior citizens. The circular details the responsibilities of employers in deducting tax, including the calculation of taxable income, handling non-monetary perquisites, and issuing TDS certificates. It also discusses exemptions and deductions under various sections, such as those related to house property, insurance, and pension contributions. Additionally, it addresses the procedure for handling tax on arrears of salary due to the implementation of the Sixth Pay Commission.
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