Income tax deduction from salaries: revised withholding, reporting and valuation rules including Agniveer and perquisite changes. The Circular updates withholding and reporting for salary payments in FY 2024 25: it broadens the definition of salary and perquisites to include Central Government contributions to the Agniveer Corpus Fund and specified accommodation benefits, revises perquisite valuation and remote area rules, raises the leave encashment exemption ceiling for non government employees, introduces a deduction for Agniveer Corpus Fund contributions, sets out revised surcharge and new regime tax rates and computation restrictions, formalises employee disclosure for other income to be considered for withholding, amends Form No.16 and 24Q, and clarifies enhanced penalty and prosecution consequences for TDS defaults.
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Income tax deduction from salaries: revised withholding, reporting and valuation rules including Agniveer and perquisite changes.
The Circular updates withholding and reporting for salary payments in FY 2024 25: it broadens the definition of salary and perquisites to include Central Government contributions to the Agniveer Corpus Fund and specified accommodation benefits, revises perquisite valuation and remote area rules, raises the leave encashment exemption ceiling for non government employees, introduces a deduction for Agniveer Corpus Fund contributions, sets out revised surcharge and new regime tax rates and computation restrictions, formalises employee disclosure for other income to be considered for withholding, amends Form No.16 and 24Q, and clarifies enhanced penalty and prosecution consequences for TDS defaults.
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