Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
Date, 18th January, 2019
Subject: Income-Tax Deduction from Salaries during the Financial Year 2018-19 under Section 192 of the Income-tax Act, 1961 -regarding.
The undersigned is directed to refer to Circular No.1/2019 dated 1st January, 2019 bearing file of even number on the above mentioned subject and to state that in Annexure-I from Examples from 1 to 8 referred to in pages from 47 to 55, "For Assessment Year 2018-19" may be read as "For Assessment Year 2019-20".
In Annexure-I in Example 1 referred to in page 47, in Para A against serial No.(ii), "Rs. 5,00,000" may be read as " Rs. 4,00,000".
In Annexure-I from Examples 1 to 10, referred to in pages 47 to 59, a deduction of Rs. 40,000 is allowed as standard deduction u/s 16(ia) of the Income-tax Act, 1961. The computation of total income and tax payable thereon will be accordingly modified.