Income Tax Deduction from Salaries during FY 2015-16 AY 2016-17: Circular No. 20/2015

CIRCULAR NO : 20/2015

F.No. 275/192/2015-IT(B)

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

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North Block, New Delhi

Dated the 2^nd December, 2015

SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2015-16 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961.

Reference is invited to Circular No.17/2014 dated 10.12.2014 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 2014-15, 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 2015-16 and explains certain related provisions of the Act and Income-tax Rules, 1962 (hereinafter the Rules). 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, 2015

3. SECTION 192 OF THE INCOME-TAX ACT, 1961: BROAD SCHEME OF TAX DEDUCTION AT SOURCE FROM "SALARIES"

4. PERSONS RESPONSIBLE FOR DEDUCTING TAX AND THEIR DUTIES

Authority: http://www.incometaxindia.gov.in/communications/circular/circular20_2015.pdf