LATEST DETAILS

Corrigendum in Circular No.1/2019 dated 1st January, 2019

F.No. 275/192/2018-IT(B)
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.

Check Your Tax Knowledge
Youtube
Product Demo
Professional services available
Tax Lok English Viedo
Tax Lok Hindi Viedo

FOR FREE CONDUCTED TOUR OF OUR ON-LINE LIBRARIES WITH OUR REPRESENTATIVE-- CLICK HERE

FOR ANY SUPPORT ON GST/INCOME TAX

Do You Want To Take FREE DEMO Of Our GST/Income Tax Library.