INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2017-18,2018-19,2019-20,2020-21 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961.
Income-Tax Important Circulars
RATES OF INCOME-TAX AS PER FINANCE ACT. 2020
As per the Finance Act, 2020, income-tax is required to be deducted under Section 192 of the Act from income chargeable under the head “Salaries” for the fmancial year 2020-21 (i.e. Assessment Year 2021 -22) at the following rates:
| S.n | Total Income | Rate of Tax |
| 1 | Where the total income does not exceed Rs. 2 50000/·. | Nil |
| 2 | Where the total income exceeds Rs. 2,50,000/- but does not exceed Rs. 500000/- | 5 per cent of the amount by which the total income exceeds Rs. 2,50,000/- |
| 3 | Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. | Rs. 12,500/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00 ,000/-. |
| 4 | Where the total income exceeds Rs. 10,00,000/-. | Rs. 1,12,500/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/- |
which section have RGHS and GPF2004 deduction in INcometax calculation.
80D:- (1) In computing the total income of an assessee, being an individual or a Hindu undivided family, there shall be deducted such sum, as specified in sub-section (2) or sub-section (3), payment of which is made by any mode as specified in sub-section (2B), in the previous year out of his income chargeable to tax.
(2) Where the assessee is an individual, the sum referred to in sub-section (1) shall be the aggregate of the following, namely:—
(a) the whole of the amount paid to effect or to keep in force an insurance on the health of the assessee or his family or “any contribution made to the Central Government Health Scheme or such other scheme as may be notified by the Central Government in this behalf” or any payment made on account of preventive health check-up of the assessee or his family as does not exceed in the aggregate twenty-five thousand rupees.
GPF2004:- include this in section 80C. GPF 2004 is General Provident Fund Account for Employees recruited on or after 01-01-2004.