Deduction of Income Tax at source from the Salary of Officers/ Staff of the TMRE Institutions

PROCEEDINGS OF THE SECRETARY:: TMREI SOCIETY, HYDERABAD

Present: Sri Tafseer Iqubal, IPS

Re.No.TMREIS/IT/12654/2024-25 Dated 10-01-2025

Sub:- TMREI Society, Hyderabad - Deduction of Income Tax at source from the Salary of Officers/ Staff of the TMRE Institutions/ TMREI Society for the financial year 2024-25 (Assessment year 2025-26) Orders -Issued - Regarding.

All the Principals of TMRE Institutions are informed that, as per Article-86 of the Telangana Financial Code, Volume-I, deduction of income tax at source is to be made from salaries and annual return sent to IT authorities.

As per section 192 (1) of IT Act, 1961, any person who is responsible for any income chargeable under the head "Salaries" shall, at the time of payment, deduct income tax on the amount payable at the average rate of income tax computed on the basis of rules in force for the financial year in which the payment is made, on the estimated income of the assessee under the head "Salaries" for the financial year.

The following are the rates of Income Tax on salary income for the financial year 2024-25.

Old Regime (with exemptions under 80C etc.)

Upto Rs. 2,50,000/- NIL

Rs.2,50,001/- to Rs.5,00,000/- 5%

Rs.5,00,001/- to Rs.10,00,000/- 20%

Above Rs.10,00,000/- 30%

New Regime (without any exemptions)

Upto Rs. 3,00,000/- NIL

Rs.3,00,001/- to Rs.7,00,000/- 5%

Rs.7,00,001/- to Rs. 10,00,000/- 10%

Rs. 10,00,001/- to Rs.12,00,000/- 15%

Rs.12,00,001/- to Rs.15,00,000/- 20%

Above Rs.15,00,000/- 30%

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