Corrigendum to Circular No. 4/2020 : ​Income-Tax Deduction from Salaries under Section 192 of the Income-Tax Act, 1961 – regarding.

Corrigendum to Circular No. 4/2020 : ​Income-Tax Deduction from Salaries under Section 192 of the Income-Tax Act, 1961 – regarding.

Corrigendum to Circular No. 4/2020 : ​Income-Tax Deduction from Salaries under Section 192 of the Income-Tax Act, 1961 – regarding.

F.No.275/192/2019-IT(B)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

North Block,
New Delhi the 5th March, 2020

CORRIGENDUM TO CIRCULAR NO.4 OF 2020 DATED 16.01.2020

Subject: Income-Tax Deduction from Salaries during the Financial Year 2019-2020 under Section 192 of the Income-Tax Act, 196] — regarding.

In Circular No.04/2020 dated 16″ January, 2020 on the above mentioned subject, it is to state that Para 3.1 under heading “Method of Tax Collection” is modified as below:

Read also :  7th CPC – Extra Work Allwance - abolition of existing Care taking Allowance, Extra Duty Allowance, Flag Station Allowance, Flight Charge Certificate Allowance, Library Allowance, Rajbhasha Allowace and Special Appointment Allowance | Finmin Order dated 4.2.2019

For sentence 3 of Para 3.1:

No tax, however, will be required to be deducted at source in a case unless the estimated salary income including the value of perquisites, for the Financial Year exceeds Rs 2,50,000/- or Rs 3,00,000/- or Rs 5,00,000/-, as the case may be, depending upon the age of the employee.

May be read as:

No tax, however, will be required to be deducted at source in a case unless the estimated salary income including the value of perquisites is taxable after giving effect to the exemptions, deductions and relief as applicable.

2. In view of the above, Circular No.04/2020 may accordingly be treated as modified to this extent.

Read also :  Income Tax Circular No. 04/2020 - Income Tax Deduction from Salaries U/S 192 of IT Act, 1961 - view/download full Circular

(Naveen Kapoor)
Under Secretary to the Govt. of Indiacorrigendum-to-circular-no-4-2020-​income-tax-deduction-from-salaries-under-section-192-of-the-income-tax-act-1961-regarding

View: Income Tax Circular 4/2020 : Income Tax Deduction from Salaries during Financial Year 2019-20

Source: https://www.incometaxindia.gov.in/communications/circular/corrignedum_cir4_2020.pdf

COMMENTS