ICICI

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Income-tax Deduction from Salaries During the Financial Year 2020-21 under section 192 of the Income-tax Act, 1961


 Notice Date : 03 December 2020

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 December, 2020

F.No. 275/19212020-IT(B)
Government of India
Ministry of Finance
Deportment of Revenue
Central Board of Direct Taxes

North Block. New Delhi
Dated the 3th December 2020

SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2020-21 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961.

Reference is invited to Circular No. 4/2020 dated 16.01.2020 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 2019.20. 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 2020-21 and explains certain related provisions of the Act and Income-tax Rules, 1962 (hereinafter the Rules). All the sections and rules referred arc of Income-tax Act. 1961 and Income-tax Rules, 1962 respectively unless otherwise specified. 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. 2020:

As per the Finance Act, 2020, income-tax is required to be deducted under Section 192 of the Act from income chargeable under the head “Salaries” for the financial year 2020-21 (i.e. Assessment Year 2021-22) at the following rates:

2.1 Rates of Tax

A. Normal Rates of Tax

SI
No
Total Income Rate of tax
1 Where the total income does not exceed Rs. 2.50.000/-. Nil
2 Where the total income exceeds Rs. 2.50.000/- but does not exceed Rs. 5,00,000/-. 5 per cent of the amount by which the total income exceeds Rs. 2,50,000/-
3 Where the total income exceeds Rs. 5.00.000/- but does not exceed Rs. 10,00,000/-. Rs. 12.500/- plus 20 per cent of die amount by which the total income exceeds Its. 5.00.000/-.
4 Where the total income exceeds Rs. 10,00,000/- Rs. 1,12,500/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00.000/-

Please refer to the attached file for full notification

 

Guest
on 05 December 2020
Notification No : CIRCULAR NO. 20/2020
Published in Income Tax
Source : , https://www.incometaxindia.gov.in/communications/circular/circular_20_2020.pdf
downloaded 2 times










Trending Tags