​Income Tax Deduction from salaries F.Y. 2018-19 u/s 192 of IT Act 1961

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CIRCULAR  NO : 01 /2019

F.No. 275/192/2018-IT(B)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
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North Block, New Delhi
Dated the 1st January, 2019

SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2018-19 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961.

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Reference is  invited  to Circular No. 29/2017 dated 05.12.2017  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 2017-18, 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 2018-19 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.

2. RATES OF INCOME-TAX AS PER FINANCE ACT, 2018:

As per  the Finance Act, 2018, income-tax is required to be deducted under Section 192 of the Act from income chargeable under the head  “Salaries” for the financial  year 2018-19 (i.e.  Assessment Year 2019-20) at the following rates:

2.1  Rates of tax

A. Normal Rates of tax:

 

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