Section 192 of the Income-tax Act, 1961 - Deduction of tax at source - Income-tax deduction from salaries during the financial year 2008-09
Circular No. 9/2008, Dated 29-9-2008
Reference is invited to Circular No. 08/2007, dated 5-12-2007 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, during the financial year 2007-08, 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 2008-09 and explains certain related provisions of the Income-tax Act. The relevant Acts, Rules, Forms and Notifications are available at the website of the Income-tax Department - www.incometaxindia.gov.in.
Finance Act, 2008
2. As per the Finance Act, 2008, income-tax is required to be deducted under section 192 of the Income-tax Act, 1961 from income chargeable under the head Salaries for the financial year 2008-09 (i.e. assessment year 2009-10) at the following rates: