SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2018-19 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961.

F.No. 275/192/2018-IT(B)

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

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North Block, New Delhi

Dated the 1

st January, 2019

SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THE

FINANCIAL YEAR 2018-19 UNDER SECTION 192 OF THE

INCOME-TAX ACT, 1961.

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Reference is invited to Circular No. 29/2017 dated 05.12.2017 whereby the rates

of deduction of income-tax from the payment of income under the head "Salaries" under

Section 192 of the Income-tax Act, 1961 (hereinafter ‗the Act‘), during the financial year

2017-18, were intimated. The present Circular contains the rates of deduction of income-tax

from the payment of income chargeable under the head "Salaries" during the financial

year 2018-19 and explains certain related provisions of the Act and Income-tax Rules, 1962

(hereinafter the Rules). The relevant Acts, Rules, Forms and Notifications are available at

the website of the Income Tax Department- www.incometaxindia.gov.in.

2. RATES OF INCOME-TAX AS PER FINANCE ACT, 2018:

As per the Finance Act, 2018, income-tax is required to be deducted under Section 192 of

the Act from income chargeable under the head "Salaries" for the financial year 2018-19

(i.e. Assessment Year 2019-20) at the following rates: