INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2014-15 UNDER SECTION 192 OF THE INCOME TAX ACT, 1961.

CIRCULAR NO : 17/2014

F.No. 275/192/2014-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    10th December, 2014

SUBJECT:  INCOME-TAX  DEDUCTION  FROM  SALARIES  DURING  THE FINANCIAL  YEAR 2014-15  UNDER  SECTION 192  OF  THE  INCOME- TAX ACT, 1961.

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Reference is   invited  to Circular No.08/2013 dated   25.10.2013   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  2013-14, 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 2014-15 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  (No. 2) ACT,  2014:

As per the Finance (No. 2) Act, 2014, income-tax is required to be deducted under Section 192 of the Act from income chargeable under the head  "Salaries" for the financial  year 2014-15 (i.e. Assessment Year 2015-16) at the following rates:

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