Income-Tax Deduction from Salaries during the Financial Year 2015-16 under Section 192 of the Income-Tax Act, 1961
Circular no. 20/2015 dated 02/12/2015 issued by the Income Tax Department on Tax Deduction on Salary under section 192 of the Income Tax Act, 1961 It is very good, knowledgeable, described in the depth about each and every section and topic. Many examples are included for detailed explanation by the department.
Below are broad list of topics covered in the attached circular: –
- Rate of Income Tax as Finance Act 2015
- Broad Scheme of Income Tax Deduction at source from “Salaries”
- Method of Calculation
- Payment of Tax on Perquisites by the Employer
- Computation of Average income tax
- Salary more than one employer
- Relief when salary paid in arrear or advance
- Information regarding income under other heads
- Computation of income under head “Income from house property”
- Conditions for Claim of Deduction of Interest on Borrowed Capital for Computation of Income From House Property [Section 24(b)]
- Interest, Penalty & Prosecution for Failure to Deposit Tax Deducted:
If you want to learn Tax Deduction at source, this is the best circular issued by the department. Everything is included with examples. A must read article on TDS.