Quick Summary
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 192 OF THE INCOME-TAX ACT, 1961 DURING THE FINANCIAL YEAR 2020-21 CIRCULAR NO. 20/2020 NEW DELHI, the or 03 Dece
Daily Limit Reached
You have reached your daily limit of 2 Free Notice & Circular
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited Notice & Circular Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
This circular informs about the rates of income tax deduction from salaries for the financial year 2020-21 under Section 192 of the Income-tax Act, 1961.
This circular covers the financial year 2020-21, which corresponds to Assessment Year 2021-22.
For total income up to Rs. 2,50,000, the tax rate is Nil. For income between Rs. 2,50,001 and Rs. 5,00,000, it's 5%. Between Rs. 5,00,001 and Rs. 10,00,000, it's Rs. 12,500 plus 20%. For income exceeding Rs. 10,00,000, it's Rs. 1,12,500 plus 30%.
The relevant Acts, Rules, Forms, and Notifications are available on the Income Tax Department's website: www.incometaxindia.gov.in.
CAclubindia
Guest
Notification No : CIRCULAR NO. 20/2020Published in Income Tax
Source : https://www.incometaxindia.gov.in/communications/circular/circular_20_2020.pdf