Deduction of tax at source-Income-tax deduction from salaries during the financial year 1986-87 under section 192 of the I.T. Act, 1961

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..... B. Nagarajan, Secretary, Central Board of Direct Taxes. To All State Governments including Administration of Union Territories. Sir, Subject: Deduction of tax at source-Income-tax deduction from salaries during the financial year 1986-87 under section 192 of the I.T. Act, 1961. I am directed to invite the reference to this Ministry Circular No. .....

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..... posed in case of failure to deduct tax at source or after deducting fails to pay the tax to the credit of the Central Government within the stipulated time. It also refers to the various exemptions/deductions admissible under the I.T. Act, in computing the income-tax for the purpose of deduction under section 192. 3. The Finance Act, 1986, has not made any modification in the rate at which incom .....

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..... removing the disparity in the matter of liability of income-tax as between an employee getting house rent allowance and another provided with rent-free accommodation by the employer, the ceiling limit of Rs. 400 per month has been removed. 4. The contents of this circular are not exhaustive and are issued with a view to helping the employers to understand the material provisions of the I.T. Act .....

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