Section 192 of ITA, 1961 : Section 192: Salary

Explanation using Example

Example Scenario for Section 192 of The Income-tax Act, 1961:

Raj is an employee at a software company in India. His annual salary is ₹8,00,000. The financial year is 2022-2023, and the tax rates for that year are provided by the government. Raj's employer is responsible for deducting income tax from his salary each month.

As per Section 192(1), the employer calculates the average rate of income tax based on Raj's estimated income for the financial year, which includes his basic salary, house rent allowance, and other components of his salary. The employer then deducts the calculated tax amount from Raj's monthly salary before making the payment t...

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