🔹 *CBDT Circular on Tax Deduction From Salaries* CBDT has released circular, explaining the income tax deduction from salaries for FY 2024-25. Here are the key details: 👉 *Salary Definition* - Contributions to the Agniveer Corpus Fund under the Agnipath Scheme now count as salary. 👉 *Perquisites Valuation* - Rent-free/concessional accommodation provided by employers is now taxable. 👉 *Revised Surcharge Rates (Old Tax Regime)* - For high-income earners in FY 2024-25, here are the new surcharge slabs: 10% for income ₹50 lakh – ₹1 crore 15% for ₹1 crore – ₹2 crore 25% for ₹2 crore – ₹5 crore 37% for income above ₹5 crore 15% flat if income above ₹2 crore includes capital gains. 👉 *New Tax Regime Slabs* Opting for the New Tax Regime? Here are your slabs: Up to ₹3,00,000 – Nil ₹3,00,001 – ₹7,00,000 – 5% ₹7,00,001 – ₹10,00,000 – 10% ₹10,00,001 – ₹12,00,000 – 15% ₹12,00,001 – ₹15,00,000 – 20% Above ₹15,00,000 – 30% Bonus: Full tax rebate under Section 87A if total income is up to ₹7 lakh! 👉 *Changes to Form 16 & Form 24Q* - Form 16: Now reflects detailed reporting on other tax deductions and perquisites. - Form 24Q: A new Column 388A added to report other TDS/TCS deductions. 👉 *Stricter TDS Non-Compliance Penalties* - Section 271C: Non-deduction of TDS- Expect penalties. - Section 276B: Not depositing deducted TDS could lead to 3 months to 7 years of rigorous imprisonment + fine. 👉 *Leave Encashment Exemption Hike* - Leave encashment exemption for non-govt. employees at retirement are increased up to ₹25 lakh. 👉 *Circular Link:* https://incometaxindia.gov.in/news/circular-no-03-2025.pdf