Tax Deduction Guidelines Update: Section 192 Adds Agniveer Fund and Revises Salary Benefits Computation for 2024-25

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....CBDT circular 3/2025 outlines income tax deduction from salaries for FY 2024-25 under Section 192 of IT Act. Key modifications include revised definition of "salary" incorporating Agniveer Corpus Fund contributions by Central Government under Section 80CCH and updated perquisite valuations for accommodation benefits. Notable changes in surcharge structure under old tax regime affect individuals with income exceeding specified thresholds. Circular builds upon previous guidance (Circular 24/2022) while incorporating amendments from Finance Acts of 2023 and 2024 (No. 1 & 2). For unchanged provisions, Circular 24/2022 remains applicable. Specific emphasis placed on revised computation methods for rent-free and concessional accommodation benefits provided by employers.....