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

Last updated: 05 December 2020

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This circular provides updated rates for deducting income tax from salaries during the financial year 2020-21, as per Section 192 of the Income-tax Act, 1961. It outlines the tax slabs and percentages applicable for the assessment year 2021-22. The rates are based on the total income earned.

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

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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.

Notification No : CIRCULAR NO. 20/2020
Source : https://www.incometaxindia.gov.in/communications/circular/circular_20_2020.pdf

Attached File : 322600_9798_circular_20_2020.pdf

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