TMI BlogExemption limit of income raised from Rs. 6,000 to Rs. 8,000 by Finance (Amendment) Act, 1975 - Employers permitted to make adjustments of tax deducted at source against tax deductible from salariesX X X X Extracts X X X X X X X X Extracts X X X X ..... 1975 - Employers permitted to make adjustments of tax deducted at source against tax deductible from salaries 1. Attention is invited to paragraph 2 of Circular No. 176 [F. No. 275/12/75-ITJ], dated 16-8-1975 enclosing an extract of the revised Sub-Paragraph I of Paragraph A of Part III of the First Schedule to the Finance Act, 1975, giving the revised rate of tax deduction at source from sal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax has been deduct ed and from whom, by virtue of the Amendment Act, tax was not deductible under section 192 if they have to approach the Department for refund of tax so deducted. It has been requested that in such cases of excess deduction and payment to Government account, employers may be permitted to adjust tax deducted in the first few months from the emoluments of employees having taxable i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te the real hardship that would arise in requiring employees having taxable emoluments below Rs. 8,000 to approach the Income-tax Department for refund of taxes deducted in the first few months of the current financial year, it has been decided that the employers would be permitted, as a special case, to make neces sary adjustment of such tax deduction at source made by them on behalf of this gro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount of such employees whose taxable annual income under the head "Salaries" is likely to be below Rs. 8,000. After such determination, the employers should clearly indicate for the month in which the adjustment is proposed to be made, the total deduction due for the month and reduce it by the amount of excess deductions made in the months previous to the month in which the adjustment is made. Sim ..... X X X X Extracts X X X X X X X X Extracts X X X X
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