Income-tax deduction from salaries during 2024-25

INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2024-25 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961.

Reference is invited to Circular No. 24/2022 dated 07.12.2022, 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 referred to as ‘ the Act ‘), during the financial year 2022-23, were intimated. The said Circular also explained certain related provisions of the Act and Income-tax Rules, 1962 (hereinafter referred to as ‘the Rules’).

The present Circular contains the amendments made vide the Finance (No.2) Act of 2024, Finance (No. 1) Act of 2024 and Finance Act of 2023 in respect of rates of deduction of income-tax from the payment of income under the head “Salaries” under section 192 of the Act. Where no amendments have been made by the above referred Acts, in such cases, the above referred Circular No. 24 of 2022 shall continue to be applicable for F.Y. 2024-25. The relevant Acts, Rules, Forms and Notifications are available at the website of the Income Tax Department- www.incomelaxindia.gov.

Go To Annexure-A (Form 16)

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