https://www.taxtmi.com/circulars?id=4923 Employers must deduct income-tax from salaries at the average rate on estimated annual salary, with monthly deductions based on the annual estimate divided by twelve; no deduction is required if estimated annual salary does not exceed the statutory threshold. Perquisites and employer-provided benefits must be valued and included in estimated salary under applicable rules. The Finance Act, 1988 adjusts the standard deduction and certain investment and annuity deductions while continuing the surcharge; employers must verify qualifying investments, deposits and exemptions before allowing deductions for TDS. TAN quoting, correct challan use, timely deposit, prescribed returns and penalties for non-compliance are mandatory. en-us Thu, 16 Jun 1988 00:00:00 +0530 Mon, 04 Aug 2008 18:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=4923 Employers must deduct income-tax from salaries at the average rate on estimated annual salary, with monthly deductions based on the annual estimate divided by twelve; no deduction is required if estimated annual salary does not exceed the statutory threshold. Perquisites and employer-provided benefits must be valued and included in estimated salary under applicable rules. The Finance Act, 1988 adjusts the standard deduction and certain investment and annuity deductions while continuing the surcharge; employers must verify qualifying investments, deposits and exemptions before allowing deductions for TDS. TAN quoting, correct challan use, timely deposit, prescribed returns and penalties for non-compliance are mandatory. Circulars Income Tax Thu, 16 Jun 1988 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4923