Deduction of tax at source-Income-tax deduction from salaries during the financial year 1986-87 under section 192 of the I.T. Act, 1961

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ral Board of Direct Taxes. To All State Governments including Administration of Union Territories. Sir, Subject: Deduction of tax at source-Income-tax deduction from salaries during the financial year 1986-87 under section 192 of the I.T. Act, 1961. I am directed to invite the reference to this Ministry Circular No. 429 (F. No. 275/35/85-IT (B) dated the 8th August, 1985 (printed at [1985]....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... pay the tax to the credit of the Central Government within the stipulated time. It also refers to the various exemptions/deductions admissible under the I.T. Act, in computing the income-tax for the purpose of deduction under section 192. 3. The Finance Act, 1986, has not made any modification in the rate at which income-tax will be deductible during the financial year 1986-87 from the payment o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....employee getting house rent allowance and another provided with rent-free accommodation by the employer, the ceiling limit of Rs. 400 per month has been removed. 4. The contents of this circular are not exhaustive and are issued with a view to helping the employers to understand the material provisions of the I.T. Act which are applicable to deductions from "Salary" income. Wherever there is any ....