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of <h1>Central Board of Direct Taxes Issues Guidelines for Salary Tax Deductions FY 2020-21 u/s 192; Introduces Section 115BAC.</h1> The circular issued by the Central Board of Direct Taxes outlines the guidelines for income tax deduction from salaries for the financial year 2020-21 under Section 192 of the Income Tax Act, 1961. It specifies the rates of tax deduction applicable to different income brackets, including special rates for senior citizens. It also introduces Section 115BAC, offering concessional tax rates subject to certain conditions. The document details the responsibilities of employers in deducting tax at source, including the issuance of Form 16 and the requirement to obtain evidence for various deductions and exemptions claimed by employees. Additionally, it covers the procedural aspects of filing tax deduction statements and the penalties for non-compliance.
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