Instructions for deduction of tax at source from salary during financial year 1980-81 at the rates specified in Part III of First Schedule to Finance (No. 2) Act, 1980
1. I am directed to invite a reference to this Ministry’s (Department of Revenue) Circular No. 252 [F. No. 275/16/79/-IT(B], dated 26-4-1979/10-5-1979 on the subject of deduction of income-tax from salaries paid during the year 1979-80.
2. The Finance Act, 1980 prescribes the same rates for deduction of tax from “salaries” during the financial year 1980-81 as were in force during the financial year 1979-80. Hence, tax at source from salaries may continue to be deducted at the same rates as are given in Part III of the First Schedule to the Finance Act,1979.
Circular : No. 266 [F. No. 275/12/80-IT(B)], dated 24-4-1980.
