F.No.275/19212019-IT(B)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
North Block,
New Delhi the 5th March, 2020
CORRIGENDUM TO CIRCULAR NO.4 OF 2020 DATED 16.01.2020
Subject: Income-Tax Deduction from Salaries during the Financial Year 2019-2020 under Section 192 of the Income-Tax Act, 1961 - regarding.
In Circular No.04/2020 dated 16th January, 2020 on the above-mentioned subject, it is to state that Para 3.1 under heading "Method of Tax Collection" is modified as below:
For sentence 3 of Para 3.1:
No tax, however, will be required to be deducted at source in a case unless the estimated salary income including the value of perquisites, for the Financial Year exceeds Rs 2,50,000/- or Rs 3,00,000/- or Rs 5,00,000/-, as the case may be, depending upon the age of the employee.
May be read as:
No tax, however, will be required to be deducted at source in a case unless the estimated salary income including the value of perquisites is taxable after giving effect to the exemptions, deductions and relief as applicable.
2. in view of the above, Circular No.0412020 may accordingly be treated as modified to this extent.
(Naveen Kapoor)
Under Secretary to the Govt. of India
Tele/Fax: 011-23094182
E-mail: naveen.kapoor65@nic.in
CAclubindia
