Income Tax Act and Income Tax Calculation for 2014-15 for AY 2015-16 Income Tax Act and Income Tax Calculation for 2014-15 for Employees and Teachers. Income Tax Deduction from Salaries During The Financial Year 2014-15 under Section 192 of the Income Tax, Act.1961. Vide Circular No.17/2014 F.No. 275/192/2014-IT(B) Dated 10.12.14, Govt of India has released the Guidelines for Calculation of Income Tax for Salaried Employees, Teachers for 2014-15. Reference is invited to Circular No.08/2013 dated 10.10.2013 whereby the rates of deduction of income-tax from the payment of income under the head "Salaries" under Section 192 of the Income-tax Act, 1961(hereinafter ‘the Act’), during the financial year 2013-2014, were intimated. The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head "Salaries" during the fi...
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