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

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....1986 From             B. Nagarajan,             Secretary, Central Board of Direct Taxes. To             All State Governments including             Administratio....

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....nt payable at the average rate of income computed on the basis of the rates in force for the financial year in which the payment is made and also the method of calculation of such deductions. It also explains the liabilities to which such a person will be exposed in case of failure to deduct tax at source or after deducting fails to pay the tax to the credit of the Central Government within the st....

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....salary subject to a maximum of Rs. 10,000. This amendment is effective from 1-4-1987 and will accordingly apply in relation to the assessment year 1987-88 and subsequent years. (2) With a view to providing relief to employees getting house rent allowance and removing the disparity in the matter of liability of income-tax as between an employee getting house rent allowance and another provided w....