Income-tax deduction from salaries under section 192 during the financial year 2012-13

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 therates 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

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