Income Tax Deduction From Employee Salaries During FY 2017-2018.

Income Tax Deduction From Employee Salaries During Financial year 2017-2018 at incometaxindia.gov.in/INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2017-18 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961 rates of deduction of income-tax from the payment of income at www.incometaxindia.gov.in.

Reference is invited to Circular No. 01/2017 dated 02.01.2017 whereby the rates
of deduction of income-tax from the payment of income under the head "Salaries" under Section192 of the Income-tax Act, 1961 (hereinafter ‘the Act’), during the financial year 2016-17, 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  year2017-18 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.

RATES OF INCOME-TAX AS PER FINANCE ACT, 2017:

As per the Finance Act, 2017, income-tax is required to be deducted under Section 192 of  theAct from income chargeable under the head "Salaries" for the financial year 2017-18 (i.e. Assessment Year 2018-19).

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