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Income-tax deduction from salaries during the - Tin-nsdl

Income-tax deduction from salaries during the - Tin-nsdl 2025

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The document is a circular issued by the Government of India, Ministry of Finance, detailing the procedures and rates for income tax deduction at source from salaries under Section 192 of the Income-tax Act for the financial year 2006-2007. It outlines responsibilities of employers, methods for calculating taxable income, applicable tax rates based on income brackets, exemptions, deductions available to employees, and compliance requirements for tax deduction and reporting. The circular serves as guidance for employers in implementing TDS on salary payments.

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What is the tax deduction for payroll?

The most common deduction on your paycheck is the federal income tax. The federal income tax rate can vary between 10% to 35% of your gross wages depending on your income amount. The most common deductions followed by federal income tax are Social Security and Medicare.

Can you deduct employee salaries from taxes?

Employee salaries All of your employees wages are fully deductible, including any bonuses and commissions, as long as the payments are deemed ordinary, reasonable, and for services rendered. You can also deduct any paid time off for your employees.

What is the tax deduction under 80C?

Section 80C allows a deduction of up to Rs. 1.5 lakh per year for investments in specified financial instruments such as Life Insurance premiums, Public Provident Fund (PPF), National Savings Certificates (NSC), and Equity-Linked Savings Schemes (ELSS).

What is TDS deduction for income tax?

The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government.