Income-tax deduction from Salaries during the Financial Year 2013-14 under section 192 of the Income-tax act. 1961


CIRCULAR NO : 08 /2013

F.No. 275/192/2013-IT(B)

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

.....

 

New Delhi, dated the 10th October, 2013

 

SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2013-14 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961.

 

Reference is invited to Circular No.08/2012 dated 05.10.2012 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 2012-2013, 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 2013-2014 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, 2013:

 

As per the Finance Act, 2013, income-tax is required to be deducted under Section 192 of the Act from income chargeable under the head "Salaries" for the financial year 2013-14 (i.e. Assessment Year 2014-15) at the following rates:

 

2.1 Rates of tax

A. Normal Rates of tax:

Sl  No

Total Income

Rate of tax

1

Where the total income does not exceed Rs. 2,00,000/-.

Nil

2

Where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000/-.

10 per cent of the amount by which the total income exceeds Rs. 2,00,000/-

3

Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.

Rs. 30,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.

4

Where the total income exceeds Rs. 10,00,000/-.

Rs. 1,30,000/- plus 30 Per cent of the amount by which the total income exceeds Rs. 10,00,000/-

 

 


 
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