Furnishing of particulars for deduction of tax at source from income under head "Salaries"

Particulars the employee may furnish (sub-rule 1). For the deduction under section 392(1), the assessee may furnish to the person responsible for paying, in Form No. 122:

• (a) income under the head "Salaries" due or received from any other employer or employers during the tax year;
• (b) any loss under the head "Income from house property" for the same tax year;
• (c) income chargeable under any other head, not being a loss under any such head (other than the house property loss in clause (b)), for the same tax year; and
• (d) tax deducted or collected at source under Chapter XIX-B of the Act for the same tax year.

Employer's statement of perquisites (sub-rule 2). The person paying salary gives the employee correct and complete particulars of perquisites or profits in lieu of salary and their value:

• in the relevant columns of Form No. 130, if the salary paid or payable for the tax year is not more than Rs. 1,50,000; or
• in Form No. 123, if it is more than Rs. 1,50,000.

Definition (sub-rule 3). "Salary" has the meaning in rule 15.