Income Tax Circular for the year 2021-22

State Insurance Corporation Ministry of Labor and Employment, Government of India) of India) NO. 53.KAR.CASH.INST.2021-2022 सत्यमेव जयते Regional Office, Karnataka, ed. 10, Binnyfields, Binnypet, Bangalore - 560023 कार्यालय कार्यालय, कर्नाटक, नं. 10 बिन्नीफील्डस, बिन्नीपेट, बेंगलूरु 560023 1 REGIONAL OFFICE, KARNATAKA, NO. 10 BINNYFIELDS, BINNYPET, BENGALURU - 560 023 Phone - 080-26742485, E-Mail-esicbng@nic.in Website: www.esic.nic.in/www.esic.in Date: 28-09-2021 

CIRCULAR

 Sub: DEDUCTION THE FINANCIAL YEAR FOR SOURCE AT INCOME TAX 2021-2022

  It is requested that all the staff and officers are required to assess their Income Tax liability for the financial year 2021-2022 (AY 2022 -2023) 

As the "New Tax Rate Chart" is appearing below and they are hereby required to submit their Provisional Income Tax Statement as per the Proforma Enclosed on October 10, 2021, Duplicate to the Drawing and Disbursing Officer along with Photocopy of their PAN card. While calculating they are required to take into account the DA, the PLB, the MACP (if applicable) of the arrears, the 7th Pay and other receipts on the arrears, if any, the tax will be deducted as per Income Tax Rules. This is also applicable to all the Branch Offices under Regional Office of Jurisdiction, Bangalore. The Tax Dues shall be recovered in 5 months from the commencement of the installment of the Payment Bill of October 2021. The short / excess if any will be adjusted from the Payment Bill of February 2021. The Payment of Income Tax Dues of financial year shall not be allowed. In case the information is not received by the due date, Income Tax will be deducted as per the information available at the cash branch. In Budget 2020, the Income Tax Department has set out a new tax regime and also an option for taxpayers to choose between the Old and New Tax regime. Both regimes have separate deductions / exemptions along with separate tax slabs and rates.

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