Quick Summary
.auto-style1 { text-align: center; } 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 2020-21 and explains certain related provisions of the Act and Income-tax Rules, 1962. Read the official circularbelow: GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) CENTRAL BOARD OF DIRECT TAXES DEDUCTION OF TAX AT SOURCE- INCOME-TAX DEDUCTION FROM SALARIES UNDER SECTION
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
2 Years PLAN
3499
(Excl. of GST ₹629)
BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 07941056694
FAQ :
This circular provides the rates for deducting income tax from salaries during the financial year 2020-21 and explains related provisions of the Income-tax Act and Rules.
The relevant section is Section 192 of the Income-tax Act, 1961, concerning income-tax deduction from salaries.
For individuals with income up to £2,50,000, the tax rate is Nil. For income between £2,50,000 and £5,00,000, it's 5%. Between £5,00,000 and £10,00,000, it's £12,500 plus 20% of the excess over £5,00,000. For income over £10,00,000, it's £1,12,500 plus 30% of the excess over £10,00,000.
Yes, for residents aged 60-79, the Nil tax threshold is £3,00,000, with subsequent slabs adjusted. For residents aged 80 and above, the Nil tax threshold is £5,00,000, with adjusted subsequent slabs.
The relevant Acts, Rules, Forms, and Notifications are available on the Income Tax Department's website: www.incometaxindia.gov.in.
CAclubindia
