Circular no. 8/2012 [F.NO. 275/192/2012-IT(B)], DATED 5-10-2012
Reference is invited to Circular No. 05/2011, dated 16-8-2011 whereby the rates of deduction of income-tax from the payment of income under the head “Salaries” under Section 192 of the Income-tax Act, 1961 (hereinafter the Act), during the financial year 2011-12, were intimated. The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head “Salaries” during the financial year 2012-13 and explains certain related provisions of the Income-tax Act, 1961 (hereinafter the Act) and Income-tax Rules, 1962 (hereinafter the Rules). The relevant Acts, Rules, Forms and Notifications are available at the website of the Income Tax Department.
2. RATES OF INCOME-TAX AS PER FINANCE ACT, 2012:
As per the Finance Act, 2012, income-tax is required to be deducted under Sculaection 192 of the Income-tax Act 1961 from income chargeable under the head “Salaries” for the financial year 2012-13 (i.e. Assessment Year 2013-14) at the following rates:…… read more