The Central Board of Direct Taxes (CBDT) on December 07, 2022, issued a circular regarding Income-Tax Deduction from Salaries During the Financial Year 2022-23 under Section 192 of the Income-tax Act, 1961.
This has a reference to Circular No. 04/2022 dated March 15, 2022, 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 2021-22, were intimated.
The following has been stated namely: -
• It states the Definition of “salary”, “perquisite” and “profit in lieu of salary” (section 17)
• The Rates of Income-tax as per the Finance Act, 2022 have been mentioned.
(a) Normal Rates of tax, In the case of every individual.
(b) Rates of tax for every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the financial year.
(c) In the case of every individual, being a resident in India, who is of the age of eighty years or more at any time during the financial year.
• It provides the Method of Tax Calculation.
• The Computation of Income under the Head "Salaries" has been mentioned.
• Various Forms have been attached in the Annexure such as Form No. 12BA Form No. 12BB and Form No. 10 BA.
Disclaimer: refer to the document to view further details.
[Circular No: 24/2022]
