INCOME-TAX DEDUCTION FROM SALARIES UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961

DEDUCTION OF TAX AT SOURCEINCOME-TAX DEDUCTION FROM SALARIES

UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961

DURING THE FINANCIAL YEAR 2016-17

CIRCULAR NO. 01/2017

SUBJECT:  INCOME-TAX  DEDUCTION  FROM  SALARIES  DURING  THE    FINANCIAL  YEAR  2016-17  UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961

Reference is invited to Circular No.20/2015 dated 02.12.2015  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   2015-16,  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  2016-17  and  explains  certain   related provisions of 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.. 

•  RATES OF INCOME-TAX AS PER FINANCE ACT, 

                      2016:As per the Finance Act, 2016, income-tax is required to be deducted under Section 192 of the Act from income chargeable under the head "Salaries" for the financial year 2016-17 (i.e. Assessment Year 2017-18)

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