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of <h1>Income Tax Deduction Guidelines for Salaries in FY 2015-16 u/s 192 of the Income-Tax Act.</h1> The circular outlines the income tax deduction from salaries for the financial year 2015-16 under Section 192 of the Income-Tax Act, 1961. It specifies the tax rates applicable based on income brackets and age categories, including normal rates, rates for senior citizens, and very senior citizens. It details the surcharge and education cess applicable on income tax. The circular also explains the method of tax calculation, employer responsibilities for tax on perquisites, and handling of salary from multiple employers. Deductions under various sections like 80C, 80D, and 80G are elaborated, along with the process for filing TDS statements and issuing Form 16. Penalties for non-compliance and procedures for corrections in TDS filings are also addressed.
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