Rules helpful for CBLR

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Rules helpful for CBLR exam
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  1 GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES DEDUCTION OF TAX AT SOURCE — INCOME–TAX DEDUCTION FROM SALARIES UNDER SECTION 192 OF THE INCOME–TAX ACT, 1961 DURING THE FINANCIAL YEAR 2009-2010 CIRCULAR NO.1/2010 F.No.275/192/2009IT(B)]  NEW DELHI, dated the 11 th  January,2010  2 INDEX Para No. Page Nos. 1. General 03 2. Finance Act, 2009 3-5 3. Section 192 of Income-tax Act 1961 5-9 4. Persons responsible for deducting tax and their duties 9-14 5. Estimation of income under the head “Salaries” 14 5.1 Income chargeable under the head “Salaries” 14-20 5.2 Incomes not included in the head “Salaries” (Exemptions) 20-26 5.3 Deductions u/s 16 of the Act (Standard Deduction) 26 5.4 Deductions under Chapter VI-A of the Act 26-37   6. Calculation of Income-tax to be deducted 37 7.Clarification on TDS on arrears of salary 38 8. Miscellaneous 39-44 Annexures I. Examples 45-51 II. Board's Notification dated 4.10.2002 {Form No. 12BA (as amended)} 52-53 III. Board's Notification dated 12.1.2004 (Form No. 16AA) 54-58 IV. Board's Notification dated 26.8.2003 59-61 IVA. Deptt. of Eco. Affairs Notification dated 22.12.2003 62 VA. Board's Notification dated 24.11.2000 63 VB. Board's Notification dated 29.1.2001 64 VII. Form No. 10 B A 65  3 CIRCULAR NO.: 1/2010   F.No. 275/192/2009-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ..... New Delhi, dated the 11 th  January,2010 SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2009-2010 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961.   …………… Reference is invited to Circular No.08/2007 dated 5.12.2007 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, during the financial year 2008-2009, 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 2009-2010 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,2009 As per the Finance Act, 2009, 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 2009-2010 (i.e. Assessment Year 2010-2011) at the following rates: RATES OF INCOME-TAX  A. Normal Rates of tax: 1. Where the total income does not Nil exceed Rs.1,60,000/-. 2. Where the total income exceeds 10 per cent, of the Rs.1,60,000 but does not exceed amount by which the Rs.3,00,000/-. total income exceeds Rs.1,60,000/-   3. Where the total income exceeds Rs.14,000/- plus 20 Rs.3,00,000/- but does not exceed per cent of the Rs.5,00,000/-. amount by which the total income exceeds Rs.3,00,000/-. 4. Where the total income exceeds Rs.54,000/- plus 30 Rs.5,00,000/-. per cent of the amount by which the total income exceeds Rs.5,00,000/-.  4 B. Rates of tax for a woman, resident in India and below sixty-five years of age at any time during the financial year: 1. Where the total income does not Nil exceed Rs.1,90,000/-. 2. Where the total income exceeds 10 per cent, of the Rs.1,90,000 but does not exceed amount by which the Rs.3,00,000/-. total income exceeds Rs.1,90,000/-   3. Where the total income exceeds Rs. 11,000/- plus 20 Rs.3,00,000/- but does not exceed per cent of the Rs.5,00,000/-. amount by which the total income exceeds Rs.3,00,000/-. 4. Where the total income exceeds Rs.51,000/- plus 30 Rs.5,00,000/-. per cent of the amount by which the total income exceeds Rs.5,00,000/-. C. Rates of tax for an individual, resident in India and of the age of sixty-five years or more at any time during the financial year: 1. Where the total income does not Nil exceed Rs.2,40,000/-. 2. Where the total income exceeds 10 per cent, of the Rs.2,40,000 but does not exceed amount by which the Rs.3,00,000/-. total income exceeds Rs.2,40,000/-   3. Where the total income exceeds Rs.6,000/- plus 20 Rs.3,00,000/- but does not exceed per cent of the Rs.5,00,000/-. amount by which the total income exceeds Rs.3,00,000/-. 4. Where the total income exceeds Rs.46,000/- plus 30 Rs.5,00,000/-. per cent of the amount By which the total income exceeds Rs.5,00,000/-. Surcharge on Income tax: There will be no surcharge on income tax payments by individual taxpayers during FY 2009-10 (AY 2010-11). Education Cess on Income tax: The amount of income-tax shall be further increased by an additional surcharge (Education Cess on Income Tax) at the rate of two percent of the income-tax.
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