Income Tax Deduction or TDS from Salary under S.192 Income Tax : FY 2015-16 (AY 2016-17)
Income Tax Deptt./ CBDT has issued Circular No. 20/2015 dt. 2nd December, 2015 containing the TDS rates under S.192 of the Income Tax Act with regard to the payment of Income under the Head “Salaries’ during the Financial Year 2015-16 corresponding to Assessment Year 2016-17. Also this CBDT circular on salary tds for FY 2015-16 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 the instructions contained in the aforesaid CBDT Circular on Salary TDS for FY 2015-16, 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 2015, the relevant circulars / notifications, etc.