TDS u/s 192 has to be deducted on estimated income of the employee under the head “Salaries” for that Financial Year. No tax will however be required to be deducted at source for financial year 2012-2013 in any case unless the estimated salary income including the value of perquisites, exceeds –
1. Rs. 250000 – For an individual resident in India of the age of 60 years and above but less than 80 years.
2. Rs. 500000 – For an individual resident in India of the age of 80 years of more.
3. Rs.200000 – Any other individual.