Section 192 of the I.T.Act, 1961 provides that every who is responsible for paying any income chargeable under the head "Salaries" shall deduct income-tax on the estimated income of the assessee under the head "Salaries" for the financial year 2013-14. The income-tax is required to be calculated on the basis of the rates. However, no tax will be required to be deducted at source in any case unless the estimated salary income including the value of perquisites, for the financial year exceeds Rs. 2,50,000/- (age below 60 yrs) or Rs.3,00,000/- (Sr. Citizen) or Rs. 5,00,000/- (Super Sr. Citizen; Age 80 yrs. & above)
As per section 204(i) of the Act, the "persons responsible for paying" for the purpose of Section 192 means the employer himself or if the employer is a Company, the Company itself including the Principal Officer thereof. Further, as per Section 204(iv), in the case of credit, or as the case may be, if the payment is by or on behalf of Central Government or State Government, the DDO or any other person by whatever name called, responsible for crediting, or as the case may be, paying such sum is the "persons responsible for paying".
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