The Finance Department, Punjab on April 19, 2023, 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 CBDT Circular No: 24/2022 Relating to Income-Tax Deduction from Salaries During the Financial Year 2022-23 under Section 192 of the Income-Tax Act, 1961
The following has been stated namely: -
• It states the Definition of “salary”, “perquisite” and “profit in lieu of salary”
• The Rates of Income-tax as per the Finance Act, 2022 have been mentioned.
(a) Normal tax rates, in every individual’s case.
(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.
• It lays down methods for the Rectification of mistakes in filing the TDS Statement.
• It states the various Mode of Payment for TDS
• It lays down provisions for the Persons Responsible for Deducting Tax And Their Duties
• Various Forms have been attached in the Annexure such as Form No. 12BA Form No. 12BB and Form No. 10 BA.
[Notification No.2/9/92 DPC/11]
