INCOME TAX CIRCULAR NO : 08/2012 FOR 2012-13
F.No. 275/192/2012-IT(B)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
SUBJECT:
INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIA L YEAR
2012-2013-UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961.
Reference is invited to Circular No.05/2011 dated 16.8.2011 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 2011-2012, 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 2012-2013 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.
2. FINANCE ACT, 2012
As per the Finance Act, 2012, 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 2012-2013 (i.e. Assessment Year 2013-2014) at the following rates:
| |||
| 1. Where the total income does not exceed Rs. 2,00,000/-. | Nill | ||
| 2. Where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000/-. | 10 per cent of the amount by which the total income exceeds Rs. 2,00,000/- | ||
| 3. Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs.10,00,000/-. | Rs. 30,000/- plus 20 per cent of the amount by which the total income exceed Rs. 5,00,000/-. | ||
| 4.Where the total income exceeds Rs. 10,00,000/-. | Rs. 1,30,000/- plus 30 per cent of the amount by which the total income exceeds Rs.10,00,000 | ||
USEFUL INFORMATION LINKS:- DOWNLOAD THE COMPLETE INCOME TAX ACT FOR 2012-13-click
- CALCULATE YOUR TAX BASING ON YOUR TAXABLE INCOME-click
- File Income Tax returns ONLINE
- Official Website of Income Tax Department
INCOME TAX FORMS:- Form 16-Tax Deduction at Source on Salary
- SAHAJ - Individual Income Tax Return 2011-12-Form
- Certificate of prescribed authority for the purposes of section 80DDB
- Certificate of the medical authority for certifying person with disability, severe disability, autism, cerebral palsy and multiple disability for purposes of section 80DD and section 80U
- For All type of remaining Income tax returns forms- click here
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