CIRCULAR NO. 01/2017 - INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2016-17 - COMPLETE DETAILS BY IT DEPARTMENT

                                                                                                                 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

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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.
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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).
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