IT calculation 2009-10 for salaried class Notified
The Income tax Department has issued notification on 11.01.2010, for envisaging procedures for income tax deduction from salaries under Section 192 of the Income tax 1961 for the financial year 2009-10. It could be seen that there is no major deviation from the tax proposals announced by the Government in the recent buget.
This circular could be taken as compendium of all the earlier instructions issued by the Income tax department for the estimation of Income tax in respect of salaried class for the financial year 2009-10.
This circular also gains significance in view of categorical announcement by the Income tax department relating to arrears of income received by the emloyees during this year. It reads as follows.
Relief When Salary Paid in Arrear or Advance:
3.5 Under sub-section (2A)of section 192 where the assessee, being a Government servant or an employee in a company, co-operative society, local authority, university,institution, association or body is entitled to the relief under
Sub-section (1) of Section 89, he may furnish to the person responsible for making the payment referred to in Para (3.1), such particulars in Form No. 10E duly verified by him, and thereupon the person responsible as aforesaid shall
compute the relief on the basis of such particulars and take the same into account in making the deduction under Para(3.1)