Deduction of Income Tax at Source from the Salary for the Financial Year 2006-07 (Assessment Year 2007-08) under Section 192 of I.T.Act, 1961.
Under Section 192 of I.T. Act,1961 the Drawing and Disbursing Officer is
required to deduct Income Tax at source while making the payment of salary
etc.during the financial year.
In order to assess the Income Tax liability, after allowing admissible
deductions and rebates under various sections of Income Tax Act, all staff
members of the Institute are requested to submit declaration of their savings
(other than Salary savings viz., GPF/CPF, Life Insurance Premia/HBA principal etc., recovered from salary) in the prescribed pro-forma (Annexure A).
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