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INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2014-15

CIRCULAR NO : 17/2014

F.No. 275/192/2014-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 10th December, 2014

SUBJECT:  INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2014-15 UNDER SECTION 192 OF THE INCOME TAX ACT, 1961.

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Reference is invited to Circular No.08/2013 dated 25.10.2013 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 2013-14,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 2014-15 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.

2. RATES OF INCOME-TAX AS PER FINANCE (No. 2) ACT, 2014:
As per the Finance (No. 2) Act, 2014, income-tax is required to be deducted under Section 192 of the Act from income chargeable under the head “Salaries” for the financial year 2014-15 (i.e. Assessment Year 2015-16) at the following rates:

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