Circular No. 6 of 2004 dated 6-12-2004 of CBDT—Deduction of tax at source from salaries under section 192 of the Income-tax Act.

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.... the Income-tax Act. 1. Sub-para. 4.4 at pages 5 and 6 of the circular under reference may be read as follows : "Deposit of tax deducted : 4.4 According to the provisions of section 200, any person deducting any sum in accordance with the provisions of section 192 or paying tax on non-monetary perquisites on behalf of the employee under section 192(1A), shall pay the sum so de....

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.... the right type of challan is used. The relevant challan for making payment of tax deducted at source from salaries is challan No. ITNS-281. Where the amount of tax deducted at source is credited to the Central Government through book adjustment, care should be taken to ensure that the correct amount of income-tax is reflected therein." 3. Item No. VII of sub-para 5.1 at page 14 of the circular....

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....thod. For valuing perquisites under this rule, any other method of calculation and adjustment otherwise adopted by the employer shall not be relevant. However, small loans up to Rs. 20,000 in the aggregate are exempt. Loans for medical treatment specified in rule 3A are also exempt, provided the amount of loan for medical reimbursement is not reimbursed under any medical insurance scheme.....