https://www.taxtmi.com/circulars?id=4568 The circular directs application of the Finance (Amendment) Act rate schedule for deduction of tax at source from salaries for 1975-76, raising the exemption threshold and prescribing progressive slab rates with surcharge. It sets computation rules: no deduction below the exemption; a standard deduction for employment expenses subject to ceilings and special limits where conveyance or employer-provided vehicles apply; valuation of perquisites as per amended rules; exclusion of compulsory deposit credits until repayment; staged deductions for insurance and provident contributions capped by a percentage or absolute limit; and a limited education expenditure deduction claimable at withholding. Rounding, payroll reporting and penal sanctions for failure to deduct or pay are also specified. en-us Mon, 09 Jun 1975 00:00:00 +0530 Wed, 30 Jul 2008 16:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=4568 The circular directs application of the Finance (Amendment) Act rate schedule for deduction of tax at source from salaries for 1975-76, raising the exemption threshold and prescribing progressive slab rates with surcharge. It sets computation rules: no deduction below the exemption; a standard deduction for employment expenses subject to ceilings and special limits where conveyance or employer-provided vehicles apply; valuation of perquisites as per amended rules; exclusion of compulsory deposit credits until repayment; staged deductions for insurance and provident contributions capped by a percentage or absolute limit; and a limited education expenditure deduction claimable at withholding. Rounding, payroll reporting and penal sanctions for failure to deduct or pay are also specified. Circulars Income Tax Mon, 09 Jun 1975 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4568