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of <h1>Government of India issues guidelines for income tax deduction from salaries u/s 192 for FY 2016-17.</h1> The circular issued by the Government of India outlines the procedures for income tax deduction from salaries under Section 192 of the Income-Tax Act, 1961, for the financial year 2016-17. It details the applicable tax rates as per the Finance Act, 2016, based on income slabs and age categories, including surcharges and education cess. The circular also explains the responsibilities of employers in deducting tax, providing options for tax payment on perquisites, and handling multiple employers. It includes guidelines for deductions under Chapter VI-A, such as insurance premiums and contributions to pension funds, and emphasizes the need for accurate documentation and compliance with tax laws.
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