TDS from Salary u/s 192 Income Tax : FY 2014-15 (AY 2015-16)
The CBDT has issued Circular No. 17/2014 dt. 10th December, 2014 containing the rates of deduction of Income Tax (TDS) under S.192 of the Income Tax Act with regard to the payment of Income under the Head “Salaries’ during the Financial Year 2014-15 corresponding to Assessment Year 2015-16. Also this CBDT circular on tds on salary explains many other related provisions for Income under the Head Salaries as contained in the Income Tax Act and / or Income Tax Rules framed there-under.
It may be reiterated that these instructions are not exhaustive and are issued by the CBDT only with a view to guide the employers / employees to understand the various provisions relating to deduction of tax from salaries. Wherever there is any doubt, reference may be made to the provisions of the Income-tax Act, 1961, the Income-tax Rules, 1962, the Finance Act 2014, the relevant circulars / notifications, etc.