OFFICE OF THE ACCOUNTANT GENERAL (CIVIL AUDIT)



OFFICE OF THE ACCOUNTANT GENERAL (AUDIT)

TELANGANA, HYDERABAD

No. AG(Au)/TS/Bills-I/Genl./IT/2022-23/ Dt: 20.09.2022

CIRCULAR-01

SUB: Deduction of Income Tax at source – Income Tax from salary of Officers/staff – for the Financial year 2022-23 – Assessment Year 2023-24. *****

All the officers/staff members of the Office of the Accountant General (Audit), TS, Hyderabad, whose estimated gross income chargeable to ‘Salaries’ is above Rs.2,50,000/- (Rupees Two lakhs fifty thousand only) for the financial year 2022-23 (Assessment year 2022-24) are required to furnish all details in the proforma available in the respective Bills sections on or before 31st October, 2022.

In case where the staff members fail to furnish the gross income particulars in the prescribed proforma before the said date, “Income Tax” will be recovered on the basis of the particulars available in the records of the ‘Bills Sections’.

The Finance Act 2020 has provided two options for Individuals and HUFs for payment of income tax as annexed. Individual and HUF taxpayers can exercise their option for any of the two.

The following documents may please be attached along with their option and submitted to Bills section before 31.10.2022 :

➢ Proof in support of exemptions claimed under Chapter 6-A (Deductions under Sections 80CCC to 80U).

➢ Photo copies of LIC Premium receipts, etc. claiming any deductions/exemptions under I.T. Act.

➢ Form 12-C may be submitted for computation of income from House property. .

➢ House rent receipt wherever exemption under this category is claimed.

Quoting of PAN No. is mandatory.

Prescribed statements of Income tax formats may be obtained from the concerned Bills, Headquarters sections and Intranet.

Please note that request for extension of time will not be entertained and the tax will be computed and recovered based on the information available in the Bills Section.

Sd/-

Deputy Accountant General (Admn.)

To

All Sections/ Hindi Cell/Notice Board

e-Notice Board

sd/-

Sr. Audit Officer/Bills

ANNEXURE

OPTION – 01 (OLD OPTION)

|INCOME TAX SLABS |

|Net Income Range |Income Tax Rates |

|UP to 250000 |NIL |

|250001 to 500000 |5% of total income exceeding Rs. 2,50,000 |

|500001 to 1000000 |Rs. 12500 + 20% of the total income exceeding Rs. 5,00,000 |

|1000000 ABOVE |Rs. 112500 + 30% of total income exceeding Rs. 10,00,000 |

OPTION – 02 (NEW OPTION)

|INCOME TAX SLABS |

|Net Income Range |Income Tax Rates |

|Upto Rs. 2,50,000 |Nil |

|Rs. 2,50,000 to |5% |

|Rs. 5,00,000 | |

|Rs. 5,00,000 to |Rs.12,500+10% of the amount exceeding |

|Rs. 7,50,000 |Rs. 5,00,000 |

|Rs. 7,50,000 to |Rs.37,500+15% of the amount exceeding |

|Rs. 10,00,000 |Rs. 7,50,000 |

|Rs. 10,00,000 to Rs. 12,50,000 |Rs.75,000+20% of the amount exceeding |

| |Rs. 10,00,000 |

|Rs. 12,50,000 to Rs. 15,00,000 |Rs.1,25,000+25% of the amount exceeding Rs.12,50,000 |

|Above Rs. 15,00,000 |Rs.1,87,000+30% of the amount exceeding |

| |Rs. 15,00,000 |

The tax payers will have to forego the following exemptions if they opt for the new concessional tax rates (Option-2) as deductions and exemptions are not admissible u/s 115BAC :

➢ HRA : House Rent Allowance normally paid to salaried individuals

➢ Interest u/s 24 on Home Loans of self-occupied house property [u/s 23(2)]

➢ Education Loan (80E)

➢ Leave Travel Allowance (LTA)

➢ Standard deduction of Rs. 50,000 u/s 16

➢ Professional Tax

➢ 80C to 80U deductions.

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