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of <h1>Section 392 mandates employers deduct tax at source on estimated annual salary, allows perquisite tax election, and sets trustee duties</h1> Section 392 requires any payer of salary to deduct tax at source at an average rate on estimated annual salary, permits employers to elect to pay tax on non-monetary perquisites, imposes duties on trustees of provident/superannuation funds (including a 10% deduction by EPF trustees where aggregate payments = Rs.50,000 and taxable), and mandates employee particulars in prescribed form and verification. Differences from the Bill include a changed cross-reference to section 17(1) (vs 17(2)), insertion of 'as the case may be' clarifying start-up obligations to deduct or pay, and tighter prescribed form/verification and year-specific timing requirements.
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