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INCOME-TAX DEDUCTION FROM SALARIES DURING THE FY 2016-17 – Finmin Orders

January 24, 2017

Income Tax Rates FY 2016-17 (AY 2017-18) – Finmin Orders

CIRCULAR NO : 01/2017

F.No.275/192/2016-IT(B)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

North Block, New Delhi
Dated the 2nd January, 2017

SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2016-17 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961.

Reference is invited to Circular No.20/2015 dated 02.12.2015 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 2015-16, 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 2016-17 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, 2016:
As per the Finance Act, 2016, income-tax is required to be deducted under Section 192 of the Act from income chargeable under the head “Salaries” for the financial year 2016-17 (i.e. Assessment Year 2017-18) at the following rates:

2.1 Rates of tax
A. Normal Rates of tax:

B. Rates of tax for every individual, resident in India, who is of the age of sixty years or more but less than eighty years at any time during the financial year:

C. In case of every individual being a resident in India, who is of the age of eighty years or more at any time during the financial year:

Related posts:

  1. Deduction of Tax at source – Income Tax deduction from salaries during the Financial year -2015-16 under Section 192 of the Income Tax Act,1961
  2. Rates of Income Tax as per Finance Act, 2015 – Financial Year 2015-16(Assessment Year 2016-17)
  3. Approval of Eligible Projects or Schemes under Section 35AC of the Income Tax Act, 1961
  4. Details of provision for Income Tax, TDS, Exemption limit in Budget 2015-16 – Finance Bill 2015
  5. Deduction of Income Tax on withdrawal of P.F. (Provident Fund) 60%
  6. DEDUCTION OF TAX AT SOURCE INCOME – DURING THE FINANCIAL YEAR 2017-18
  7. Deduction of Income Tax at the time of making payment – CPAO
  8. Income Tax Calculation for Interest on Housing Loan and Deduction u/s 80C with illustration
  9. Clarification regarding the Income Declaration Scheme 2016
  10. Annual Budget 2016 – Will the income tax slab increase? Or, will it not?

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