Income Tax Deduction from Salaries

INCOME TAX
DEDUCTION FROM SALARIES

Financial Year 2021-22

Dr Sajjad Wani (JKAS)

1|Page
 Income Tax Deduction from Salaries

PREFACE

This booklet has been prepared as a simplified reply to the

queries received over years from employees and DDOs working in
various departments regarding the income tax calculation from
salaries. Since it was time consuming and almost impossible to
respond to each query individually, I came up with a simple solution,
first with video lectures on YouTube on income tax since 2018 and
then compilation of the facts in the form of this booklet in 2021. This
is the second edition of this booklet meant for salaried class
employees, especially for the employees working under the
government. The focus will be the calculation of income tax at the
normal rates of tax for every individual, being a resident in India,
who is up to sixty years of age with annual income less than fifty
lakh rupees. This booklet will serve as a guide to the employees &
Drawing and Disbursing Officers to understand the various
provisions related to deduction of income tax from salaries. In case of
any doubt, reference may be made to the provisions of the Income-tax
Act, 1961, the Income-tax Rules, 1962, the Finance Acts, 2019 and
2020, Circular no. 4/2020 and 20/2020 of Ministry of Finance
(Department of Revenue) CBDT Government of India etc.
Further, for more clarification and removal of doubts about
individual sections of Income Tax act and the manner of calculation
of income tax, readers may watch videos on the YouTube Channel
titled “Dr Sajjad Wani” under the Playlist: Finance & Accounts.

Date: 06.02.22 Dr Sajjad Wani

2|Page
 Income Tax Deduction from Salaries

TABLE OF CONTENTS

1. Role of a DDO in Income tax calculation & payment

2. Concessional Tax regime under Section 115BAC.

3. Tax Rates under the Existing and the Concessional Tax Regime.

4. Deduction of Income Tax at Source from Salary.

5. Exemptions: Incomes not to be included under the head ‘Salary’

6. Deductions: Incomes to be deducted from the head ‘Salary’

7. Deductions under Chapter VI-A of Income Tax Act.

8. Calculation of Income Tax to be deducted.

3|Page
 Income Tax Deduction from Salaries

Chapter 1:
ROLE OF A DRAWING & DISBURSING OFFICER IN
INCOME TAX CALCULATION & PAYMENT

A DDO is responsible to deduct income-tax on the estimated

income of an employee under the head 'Salaries'. DDOs have been
authorized to allow certain deductions, exemptions, or allowances or
set-off of certain loss for the purpose of estimating the income of the
employee or computing the amount of tax to be deducted.

The person responsible for paying tax (DDOs) shall obtain from
the employee evidence or proof or particulars of claims such as
House rent Allowance (where aggregate annual rent exceeds one lakh
rupees), Leave Travel Concession or Assistance, Deduction of interest
under the head ―Income from house property and deduction under
Chapter VI-A. DDOs shall also seek correct PAN or Aadhar number
of the employees; non-furnishing by employees will result in
deduction of TDS at higher rates.

4|Page
 Income Tax Deduction from Salaries

Chapter 2:
CONCESSIONAL TAX REGIME UNDER SECTION
115BAC

The Budget (Finance Act) 2020 introduced a new regime under

section 115BAC giving an option to taxpayers to pay income tax at
concessional rates. The new system is applicable for income earned
from 1 April 2020 (FY 2020-21)

An employee can exercise the option to choose the new tax

regime at the beginning of Financial year. The employee cannot
change their choice anytime during the financial year. However, the
change can be done at the time of filing the income tax return. In case
an employee does not choose the new tax regime at the beginning of
the financial year, the employer will deduct income tax (TDS) under
the existing tax regime. A salaried taxpayer can opt-in and opt-out
every year. That means one can choose the new tax regime in one
year and choose the regular tax regime in another year.

5|Page
 Income Tax Deduction from Salaries

Chapter 3:
THE TAX RATES UNDER THE EXISTING TAX
REGIME AND THE NEW TAX REGIME

Existing slab rates New (optional) slab rates

Income under Rs 2.5 lakh 0% Income under Rs 2.5 lakh 0%
Income from Rs 2.5 lakh to 5% Income from Rs 2.5 lakh to 5%
Rs 5 lakh Rs 5 lakh
Income from Rs 5 lakh to 20% Income from Rs 5 lakh to 10%
Rs 10 lakh Rs 7.5 lakh
Income above Rs 10 lakh 30% Income from Rs 7.5 lakh to 15%
Rs 10 lakh
Income from Rs 10 lakh to 20%
Rs 12.5 lakh
Income from Rs 12.5 lakh 25%
to Rs 15 lakh
Income above Rs 15 lakh 30%

It may be noted that the basic exemption limit of Rs. 2,50,000 is

common for both existing as well as concessional tax regime.

6|Page
 Income Tax Deduction from Salaries

TAX CALCULATION AS PER PREVIOUS (EXISTING)

RATES:
S No. Total (Taxable) Rate of tax
Income
1 Up to Rs. 2,50,000/- Nil
2 Rs. 2,50,001 to Rs. 5 % of the amount by which the total
5,00,000/- income exceeds Rs. 2,50,000/-

3 Rs. 5,00,001/- to Rs. 12,500/- plus 20 % of the amount by

Rs. 10,00,000/- which the total income exceeds Rs.
5,00,000/-

4 Rs. 10,00,001/- & Rs. 1,12,500/- plus 30 % of the amount

above by which the total income exceeds Rs.
10,00,000/

7|Page
 Income Tax Deduction from Salaries

TAX CALCULATION AS PER CONCESSIONAL

(NEW/OPTIONAL) RATES:
S Total (Taxable) Rate of tax
No. Income
1 Up to Rs. 2,50,000/- Nil
2 Rs. 2,50,001 to Rs. 5 % of the amount by which the total
5,00,000/- income exceeds Rs. 2,50,000/-
3 Rs. 5,00,001/- to Rs. Rs. 12,500/- plus 10 % of the amount
7,50,000/- by which the total income exceeds
Rs. 5,00,000/-
4 Rs. 7,50,001/- to Rs. Rs. 37,500/- plus 15 % of the amount
10,00,000/- by which the total income exceeds
Rs. 7,50,000/-
5 Rs. 10,00,001/- to Rs. Rs. 75,000/- plus 20 % of the amount
12,50,000/- by which the total income exceeds
Rs. 10,00,000/-
6 Rs. 12,50,001/- to Rs. Rs. 1,25,000/- plus 25 % of the
15,00,000/- amount by which the total income
exceeds Rs. 12,50,000/-
7 Rs. 15,00,001/- & above Rs. 1,87,500/- plus 30 % of the
amount by which the total income
exceeds Rs. 15,00,000/-

8|Page
 Income Tax Deduction from Salaries

Chapter 4:
DEDUCTION OF INCOME TAX AT SOURCE FROM
SALARY

Income-Tax Deduction from Salaries under section 192 of the

Income-Tax Act, 1961 during the Financial Year 2021- 22
(Assessment Year 2022-23):

The following income shall be chargeable to income-tax under

the head "Salaries":

(a) any salary due whether paid or not.

(b) any salary paid or allowed though not due or before it became due.

(c) any arrears of salary paid or allowed, if not charged to income-tax

for any earlier previous year.

9|Page
 Income Tax Deduction from Salaries

Chapter 5:
EXEMPTIONS: INCOMES NOT TO BE INCLUDED
UNDER THE HEAD ‘SALARY’

Under the existing regime, any income falling within any of the
following clauses shall not be included in computing the income from
salaries:

1. Section 10 (5): The value of leave travel concession to any place

in India, & cash equivalent to LTC fare.

2. Section 10 (10): Death-cum-retirement gratuity up to Rs. 20 lakhs.

3. Section (10A) (i): Any payment in commutation of pension.

4. Section 10 (10AA) (i): Cash-equivalent of the leave salary.

5. Section 10 (12B): Sum received as Partial Withdrawal from the

NPS up to 25% of the amount of contribution made by an employee.

6. Section 10 (11): Payment from Provident Fund (GPF advance &

GPF withdrawal)

7. Section 10 (14):
(i) Any special allowance granted to an employee to meet the
expenses wholly, necessarily and exclusively incurred in the
performance of his duties.
(ii) Any allowance granted to an employee either to meet his personal
expenses at the place of his posting or at the place he ordinarily
resides or to compensate him for the increased cost of living.
(iii) Any allowance granted for the period of journey in connection
with transfer, to meet the ordinary daily charges incurred on account

10 | P a g e
 Income Tax Deduction from Salaries

of absence from normal place of duty, & the allowance granted to

meet the cost of travel on tour or on transfer including any sum paid
in connection with transfer, packing and transportation of personal
effects (TA/DA)
Transport allowance up to Rs. 3200 per month only to the
person who is blind or orthopedically handicapped with disabilities of
lower extremities, to meet his expenditure for the purpose of
commuting between the place of the residence and the place of his
duties.

8. Section 17: Any medical treatment provided to an employee or any

member of his family, in any hospital maintained by the employer;
any sum paid by the employer in respect of any expenditure actually
incurred by the employee on his or his family member’s medical
treatment (Medical Reimbursement)

9. Section 10 (13A): Exemption of House Rent Allowance:

HRA is exempt from Income-tax to the extent of the least of the
following:
(a) Actual amount of HRA received in respect of the relevant period
i.e. the period during which the accommodation was occupied; or
(b) Actual amount of rent paid in excess of one-tenth of the salary due
for the relevant period; or
(c) 50% of the salary due for the relevant period if the
accommodation is situated in Mumbai, Kolkata, Delhi or Chennai; or
40% of the salary due for the relevant period if the accommodation is
situated in any other places.
(Here "Salary" includes dearness allowance, but excludes all other
allowances)

HRA granted to an employee who is residing in a house/flat

owned by him is not exempt from income-tax. Only the rent actually

11 | P a g e
 Income Tax Deduction from Salaries

paid in respect of residential accommodation occupied qualifies for

exemption.
Responsibility of DDO in respect of HRA exemption:
It is obligatory for the DDO to obtain details/evidence of Rent paid to
the landlord, Name, Address & PAN or Aadhaar number of the
landlord. If the aggregate rent paid during the financial year exceeds
Rs one lakh, the employee is required to furnish these details in Form
12BB.

Exemptions allowed under the concessional tax regime:

Under the concessional/optional regime, any income falling within
any of the following clauses shall not be included in computing the
income from salaries:
1. Transport allowance to an employee with disability
2. Travelling expenses (TA/DA)
3. Conveyance allowances

12 | P a g e
 Income Tax Deduction from Salaries

Chapter 6:
DEDUCTIONS: INCOMES TO BE DEDUCTED FROM
THE HEAD ‘SALARY’

In computing the taxable income of the employee, under the existing

regime, the following deductions are made from the head ‘Salary’:

Standard deduction under Section 16 (ia): Standard deduction of

Rs 50,000/- or the amount of salary whichever is less.

Deduction of Interest on Borrowed Capital under section

24(b): Section 24(b) of the Act allows deduction from income from
houses property on interest on borrowed capital as under:-

1. Repair or renewal or reconstruction of the house: up to Rs.

30,000/-

2. Acquisition or construction of the house: up to Rs. 2,00,000/-

Aggregate deduction under section 24(b) shall not exceed Rs.

2,00,000. The deduction is allowed only in case of house property
which is owned and is in the occupation of the employee for his own
residence. It is necessary for the DDO to have the completion
certificate of the house property against which deduction is claimed
either from the builder or through self-declaration from the employee.

13 | P a g e
 Income Tax Deduction from Salaries

Chapter 7:
DEDUCTIONS UNDER CHAPTER VI-A OF INCOME
TAX ACT
In computing the taxable income of the employee under the existing
tax regime, the following deductions under Chapter VI-A of the IT
Act are to be allowed from the gross total income:

Deduction in respect of Life insurance premia, deferred

annuity, contributions to provident fund, subscription to
certain equity shares or debentures, etc. (Section 80C):
Subject to a limit of Rs. 1,50,000.

1. Payment of insurance premium / subscription / contribution to an

insurance or a contract for a deferred annuity, Sukanya Samriddhi
Account, saving certificates, annuity plan of the Life Insurance
Corporation like New Jeevan Dhara, New Jeevan Akshay, Unit
Linked Insurance Plans, Mutual Funds, pension funds, equity shares
or debentures, term deposits, Senior Citizens Savings Certificates,
Post Office Time Deposits, pension schemes, Provident Funds like
GPF, CPF etc (deduction is allowed only in respect of subscription
& not refund of advances)

2. Any sums paid for the purpose of purchase or construction of a

residential house property, re-payment of loans (principal
amount) borrowed for construction or purchase of houses in India.

3. Tuition fees, at the time of admission or thereafter, paid to a

university, college, school etc. situated in India, for the purpose of
full-time education of any two children, including full-time
enrolment in educational courses, play-school activities, pre nursery
and nursery classes. It includes fee but excludes development fees or
donation or capitation fees etc.
14 | P a g e
 Income Tax Deduction from Salaries

Deduction in respect of contribution to pension funds

(Section 80CCC):
Annuity plan of Life Insurance Corporation of India or any other
insurer for receiving pension from the Fund.

Deduction in respect of contribution to pension scheme of

Central Government (Section 80CCD):

Section 80CCD (1) allows a deduction of an amount paid or

deposited under NPS (Employees' share) up to 10% of salary
(BP+DA)

Section 80CCD (1B) allows a deduction of the amount paid or

deposited under the NPS up to Rs. 50,000. The deduction of Rs.
50,000 shall be allowed whether or not any deduction is allowed
under sub-section (1). However, the same amount cannot be claimed
both under sub-section (1) and sub-section (1B) of section 80CCD.

Aggregate deduction under sections 80C, 80CCC and 80CCD (1)

shall not exceed Rs.1,50,000/-. The deduction allowed under section
80 CCD(1B) is an additional deduction in respect of an amount paid
in the NPS up to Rs. 50,000/-.

Section 80CCD (2) allows a deduction of the whole amount of

government’s share (up to 14%) when it is considered in the
computation of total salary income. However, the Government
contribution under Section 80CCD (2) is excluded from the limit of
Rs.1,50,000/-.

Deduction in respect of investment made under an equity

savings scheme (Section 80 CCG):
15 | P a g e
 Income Tax Deduction from Salaries

Investment made under notified equity saving scheme like Rajiv

Gandhi Equity Savings Scheme on certain conditions.

Deduction in respect of health insurance premia paid, etc.

(Section 80D)
Maximum deduction allowed under any category may be Rs.25,000
or 50,000 while the aggregate deduction in respect of self & family
and parents allowed is Rs 50,000 , 75,000 & 1,00,000 as per the
following details:

Particulars/cases Medical Medical Maximum Aggregate

insurance expenditure deduction deduction
allowed allowed
1 Self & Family 25,000 - 25,000 50,000
(no senior citizen)
Parents 25,000 - 25,000 50,000
(no senior citizen)
2 Self & Family (no 25,000 - 25,000 75,000
senior citizen)
Parents(at least 50,000 50,000 50,000 75,000
one senior
citizen)
3 Self & Family (at 50,000 50,000 50,000 1,00,000
least one senior
citizen)
Parents (at least 50,000 50,000 50,000 1,00,000
one senior
citizen)

Deductions in respect of expenditure on persons or

dependants with disability.
80DD deduction is in case of the dependent of the employee whereas
80U deduction is in case of the employee himself.

Deductions in respect of maintenance including medical

treatment of a dependent who is a person with disability
(Section 80DD):
16 | P a g e
 Income Tax Deduction from Salaries

Where an employee has incurred any expenditure for the medical

treatment (including nursing), training and rehabilitation of a
dependant, being a person with disability; or paid any amount under a
scheme framed in this behalf by the Life Insurance Corporation or any
other insurer or the Administrator or the specified company subject to
the conditions specified in this regard and approved by the Board in
this behalf for the maintenance of a dependant, being a person with
disability, the employee shall be allowed a deduction of a sum of Rs
75,000/- & in case of severe disability, a deduction of Rs 1,25,000/-

Deductions in respect of a person with disability (Section

80U):
A deduction of Rs 75,000/- is allowed to an individual who is
certified by the medical authority to be a person with disability & Rs
1,25,000/- in case of severe disability.

In both cases, the employee shall furnish to the DDO the following:
1. A copy of the certificate issued by the medical authority as
defined in Rule 11A (1) in the prescribed form as per Rule 11A(2) of
the IT Rules.
2. New certificate in cases where the disability is temporary and
requires reassessment of its extent after a period stipulated in the
aforesaid certificate.

Deduction in respect of medical treatment, etc. (Section

80DDB):
A deduction of any amount actually paid for the medical treatment of
specified disease or ailment for an employee himself or a dependant.
The deduction allowed is equal to the amount actually paid or Rs.
40,000 (Rs. 1,00,000 in case the claim is made against a senior
citizen) whichever is less.
The diseases or ailments include:
17 | P a g e
 Income Tax Deduction from Salaries

1. Neurological diseases (with 40% or more disability): dementia,

dystonia musculorum deformans, chorea, ataxia, motor neuron
disorder, Hemiballismus, Parkinson’s disease.
2. Malignant cancer
3. Full blown AIDS
4. Chronic Renal failure
5. Haematological disorders: Haemophilia, Thalassaemia.

Deduction can be allowed based on a prescription (containing the

name and age of the patient, name of the disease/ailment along with
the name, address, registration number & qualification of the
specialist issuing the prescription) from a neurologist, an oncologist,
a urologist, a nephrologist, a haematologist, an immunologist, or
such other specialist.
The amount of the claim shall be reduced by the amount if any
received from the insurer or reimbursed by the employer.

Deduction in respect of interest on loan taken for higher

education (Section 80E):
A deduction in respect of payment of interest on loan taken from any
financial institution or any approved charitable institution for higher
education for the purpose of pursuing ones higher education or for
the purpose of higher education of his spouse or his children or the
student for whom he is the legal guardian. The deduction shall be
allowed for up to succeeding seven financial years or until the
financial year in which the interest is paid in full by the employee,
whichever is earlier.

Deduction in respect of interest on loan taken for certain

house property (Section 80EEA):
A deduction not exceeding Rs. 1,50,000 (not eligible to claim
deduction Under Section 80EE) in respect of the interest payable on
18 | P a g e
 Income Tax Deduction from Salaries

loan taken from any financial institution for the purpose of acquisition
of a residential house property if following conditions are met:-
(i) the loan has been sanctioned between 01.04.2019 and 31.03.2021;
(ii) the stamp duty value of residential house property does not exceed
Rs 45,00,000/-;
(iii) the employee does not own any residential house property on the
date of sanction of loan.

Deduction in respect of interest on loan taken for purchase

of an electric vehicle (Section 80EEB):
A deduction not exceeding Rs. 1,50,000 in respect of the interest
payable on loan sanctioned from any financial institution between
01.04.2019 to 31.03.2023 for the purchase of an electric vehicle.
Where a deduction under this section is allowed for any interest
referred to in this section, no deduction shall be allowed in respect of
such interest under any other provision for the same or any other
assessment year.

Deductions on respect of donations to certain funds,

charitable institutions, etc. (Section 80G):
A deduction on account of donation made to various funds, charitable
organizations etc (example: Prime Minister’s National Relief Fund,
Chief Minister’s Relief Fund, Lieutenant Governor’s Relief Fund).
No deduction is allowable in case the amount of donation exceeds
Rs 2000/- unless the amount is paid by any mode other than cash.

Deductions is respect of rents paid (Section 80GG):

A deduction in respect of house rent paid by an employee for his own
residence subject to the conditions that the employee:-
(a) is not in receipt of HRA that qualifies for exemption under Section
10 (13A);
(b) files the declaration in Form No.10 BA.

19 | P a g e
 Income Tax Deduction from Salaries

(c) neither owns any residential accommodation himself or by his

spouse or minor child at the place where he ordinarily resides or
performs duties of his office; nor is in occupation of any residential
accommodation at any other place the value of which is to be
determined under Section 23(2)(a) or under Section 23(4)(a), as the
case may be.
(d) will be entitled to a deduction in respect of rent paid by him in
excess of 10% of his total income. The deduction shall be equal to
25% of total income or Rs. 5,000/- per month, whichever is less.

Deductions in respect of donations for scientific research

or rural development (Section 80 GGA):
A deduction from total income of employee in respect of certain
donations of any sum for scientific research or rural development.
No deduction under this section is allowable in case:
i) The employee has gross total income which includes income which
is chargeable under the head "Profits and gains of business or
profession".
ii) The amount of donation exceeds Rs 10,000 and is paid in cash.

Deduction in respect of interest on deposits in savings

account (Section 80TTA):
A deduction of interest of up to Rs 10,000 from gross total income if
it includes any income by way of interest on deposits (not being time
deposits) in a savings account.

20 | P a g e
 Income Tax Deduction from Salaries

Deductions which cannot be claimed under concessional

tax regime:
In computing the taxable income of the employee, under the
concessional/optional tax regime, the following deductions cannot
be claimed from the head ‘Salary’:

Standard Deduction under section 16(ia),

Home Loan Interest under section 24(b),
Children Education Allowance,
Other Special Allowances under section 10(14)
Leave Travel Allowance under section 10(5)
Deductions under Chapter VI-A (under section 80C, 80CCC, 80CCD,
80DD, 80DDB, 80E, 80EE, 80EEA, 80G, etc)

Deductions which can be claimed under concessional tax

regime:
In computing the taxable income of the employee, under the
concessional/optional tax regime, only the following deductions can
be made from the head ‘Salary’:

Section 80CCD (2) deduction.

21 | P a g e
 Income Tax Deduction from Salaries

Rebate of Rs 12,500 when total income is up to Rs 5 Lakh

(Section 87A):
Section 87A provides relief in the form of rebate of Rs 12,500/- or
the amount of tax payable, whichever is less, to individual taxpayers
in lower income bracket that is total ( taxable ) income not exceeding
Rs 5,00,000.
It may be noted that the rebate under section 87A is also applicable in
the concessional tax regime in line with existing scheme.

Health and Education Cess:

Levied at the rate of 4% of income tax.

22 | P a g e
 Income Tax Deduction from Salaries

Chapter 8:
CALCULATION OF INCOME TAX

Steps to be followed:
a) First compute the gross salary (excluding exemptions).
b) Allow deductions and compute the amount to arrive at Net salary
c) Add income from all other heads- like House property, etc to arrive
at the Gross Total Income.
However it may be remembered that no loss under any such head is
allowable by DDO other than loss under the Head “Income from
House property”.
d) Allow deductions mentioned from the figure arrived at (c) above
ensuring that the relevant conditions are satisfied. The aggregate of
the deductions subject to the threshold limits mentioned shall not
exceed the amount at (b) above and if it exceeds, it should be
restricted to that amount. This will be the amount of total income of
the employee on which income tax would be required to be deducted.
This income should be rounded off to the nearest multiple of ten
rupees.
e) Income-tax on such income shall be calculated at the rates given.
f) Rebate under Section 87A up to Rs 12,500/- to eligible persons
may be given.
g) The amount of tax as increased by the surcharge if applicable so
arrived at shall be increased by Health and Education Cess at the
rate of 4% to arrive at the total tax payable.
h) The amount of total tax payable as arrived should be deducted
every month in equal instalments. Any excess or deficit arising out of
any previous deduction can be adjusted by increasing or decreasing
the amount of subsequent deductions during the same financial year.

23 | P a g e
 Income Tax Deduction from Salaries

Step wise Tax Calculation in existing tax regime:

Income from salary

Less:
Exemption u/s 10 (13A) in respect of HRA
Standard deduction
Deduction u/s 24 (b) in respect of interest paid on home loan
Add:
Income from other sources
= Gross Total Income
Less:
Deductions under Chapter IV-A
=Total Taxable Income
Tax computation:
As per the rates of the tax regime.
=Tax payable
Less:
Rebate u/s 87A
=Total Tax after rebate
Add:
Health & Education cess @ 4% of tax after rebate
=Total Tax Payable
Less:
Tax already paid
=Tax Payable

24 | P a g e
 Income Tax Deduction from Salaries

Step wise Tax Calculation in Optional tax regime:

Income from salary

Less:
Exemptions, if any, allowed under new regime
Add:
Income from other sources
= Gross Total Income
Less:
Deductions, if any, allowed under new regime
=Total Taxable Income
Tax computation:
As per the rates of the new tax regime.
=Tax payable
Less:
Rebate u/s 87A
=Total Tax after rebate
Add:
Health & Education cess @ 4% of tax after rebate
=Total Tax Payable
Less:
Tax already paid
=Tax Payable

25 | P a g e
 Income Tax Deduction from Salaries

This booklet is a compilation of various provisions referred in

the Income-tax Act, 1961, the Income-tax Rules, 1962, the Finance
Acts, 2019 and 2020, Circular no. 4/2020 and 20/2020 of Ministry of
Finance (Department of Revenue) CBDT Government of India etc by
Dr Sajjad Wani (JKAS). The
author is a batch 2012 JKAS
officer, currently a Chief
Accounts Officer working as
District Treasury Officer
Anantnag (J&K). Views
expressed in this booklet, if any,
are personal and may not
necessarily reflect the views of
the department in which the
author is working.
This booklet is available
in electronic form for free
circulation. To receive the free
e-Book, readers may mail
on: sajadwani657@gmail.com
Relevant videos on the
topic are available on the
YouTube Channel titled
“Dr Sajjad Wani” under the
Playlist Finance & Accounts.

Further, for more clarification and removal of doubts, readers

may go through the relevant Acts, Rules, Forms and Notifications
available at the website of the Income Tax
Department www.incometaxindia.gov.in.

26 | P a g e