Income Tax Deduction from Salaries under Section 192 during the Financial Year 2012-13

Posted: 21/10/2012 in Circulars, Income Tax
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Section 192 of the Income-Tax Act, 1961- Deduction of Tax at Source- Salary- 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 05.10.2012 

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- www.incometaxindia.gov.in. 

2. RATES OF INCOME-TAX AS PER FINANCE ACT, 2012: 

As per the Finance Act, 2012, income-tax is required to be deducted under Section 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:.

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Click here to view the complete text of the above Circular- Circular No. 8, dated 05.10.2012.

Source: Income Tax Department

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