Exemption limit raised - Employees drawing salary between Rs. 8,000 and Rs. 10,000 - Adjustment of tax deducted at source during financial year 1977-78 against tax deductible from sal­aries

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..... urce during financial year 1977-78 against tax deductible from sal­aries 1. Attention is invited to Board's Circular No. 225 [F. No. 275/13/77-IT(B)], dated 30-6-1977 on the above subject. 2. The exemption limit of taxable income was raised from Rs. 8,000 to Rs. 10,000 by the Finance (No. 2) Act, 1977. It has been represented that, before the enactment of the said Act, income-tax was deducte .....

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..... ar. Such adjustments will be made in the following manner : 4. The "persons responsible for paying" the salaries should, in the first instance, determine the amount of tax deducted and paid to the credit of the Central Government in the earlier months on account of the employees whose estimated annual salary income is likely to be below Rs. 10,000 (hereinafter referred to as "sur­plus payment .....

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..... rule 34 from the require­ment of furnishing the monthly return in Form No. 21, he should submit, in respect of the employees whose income from salary is likely to be below Rs. 10,000, the monthly returns separately for each month only up to and along with the return in respect of such employees for the month in which the adjustment of tax deducted at source is made. 5. A certificate should a .....

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