Assessment Year 2016 - 17
General Notes
1. Please
read the instructions before filling the form. The form needs to be filled in
all aspects.
- All investment proofs should be made during the financial year Apr 2015 to Mar 2016.
3. In case the investment is
made in any other name other than you, you need indicate your Relationship.
4. For claiming rebate under section 80DD,
80DDB and 80U, please furnish a certificate by an authorized person in the
prescribed form as defined by income tax act.
5. Mid Year joiners are required to
furnish their previous income details in Form 12B along with the salary
certificate (stamped and
signed by the employer) i.e.
Form 16 & Income Tax computation for calculating the correct tax liability for the
current year. In case of any income, other than salary please fill & sign
Form 12 C for the same & submit along with the Investment proofs.
- Employee will be the held responsible for any Income tax liability to the company arising out of wrong declaration, suppression of facts by employee, false or forged documentation.
Download Excel Based Income Tax Challan 280 ITNS [ This Form is used for the purpose for Self and Advance Tax deposit. Who have still not deposit the amount of Tax which payable through this Challan 280 and submit to the Bank and get the Challan Receipt.]
Tax on Allowances
House Rent Allowance
Taxability:
Subject to submission of Rental Agreement, Monthly Rent Receipts and PAN of the
landlord in case the rent paid is more than Rs. 8,333 per month or Rs. 100,000
per year.
For
Tax Calculation, least of the following is tax exempt
- Actual HRA Received
- Actual Rent
paid over 10% of Basic salary
- 50% or 40% of Basic salary based on city of residence (Metro/Non
Metro)
For claiming
benefit under HRA, employee needs to submit original Rent Receipt of every
quarter.
Please fill
complete details on the rent receipts attached.
Photocopy of Rent
receipts are not allowed.
Also please note
rent agreement alone does not constitute proof of payment of rent.
Company Leased Accommodation
Taxability:
15% of taxable salary or actual rent of the house, whichever is less.
Medical (Domiciliary)U/s 80D
Reimbursement
on actual medical expenses by the employer towards the amount spent by the
employee in obtaining medical treatment for himself or any member of his
family, not exceeding in the aggregate to Rs. 25000 in a year, is exempted from
tax and Sr.Citizen Rs.30,000/- P.A.
Conveyance Allowance U/s 10
Non-taxable
up to a maximum of Rs. 1600 per month for up to 80% and Rs.3200/- for above 80%
only for Phy.Disable Persons
Investment / Items eligible for Deductions under 80 C
(Maximum eligible amount is Rs. 1,50,000)
Medical Insurance u/s 80D
Premium Paid on
Medical policy of self, spouse, children is exempt up to Rs.25,000 and an
additional benefit of Rs.25,000 in case of dependent parents below 60 years and
Rs 30,000 in case of dependent parents above 60 years (Senior Citizen).
Expenses incurred
on Health check up for self, spouse, dependent children / parents are exempted
with in the overall limit, not exceeding the aggregate limit of Rs. 5000
In case if the
premium will be due in the month of Feb 2015 & March 2015, you need to
submit the last year receipts with the declaration. Late payment Charges and
service tax will not qualify for the benefit.
Medical treatment of handicapped dependent with disability u/s 80DD
Expenditure
incurred on medical treatment and maintenance of spouse, children, parents,
brothers and sisters of the individual is deductible up to a fixed amount
of Rs. 75,000. For person with severe disability over specified 80 % the limit
is Rs. 125,000.Please submit the photocopy of certificate issued by the competent
medical authority in a Government Hospital with the form 10i and detail of
amount spent on treatment or training.
Medical treatment of dependent u/s 80DDB
Expenditure
incurred on medical treatment (specified disease or ailment as prescribed by
the board) of self, spouse, children, parents, brothers and sisters is
deductible up to Rs. 60,000 and for senior citizen the limit is Rs. 80,000.
Please submit the photocopy of certificate issued by the competent medical
authority with form 10 (i)
Person with Disability u/s 80U
An individual
suffering from not less than 40% of disability can claim fixed deduction of Rs.
75,000.Rs. 125,000 for persons with severe disability of over 80%. A
certificate from specified medical authority has to be given to claim the
benefit with form 10i
Interest on Savings Account (Newly Introduced) - 80TTA
Section 80TTA is proposed to be introduced to provide deduction to an individual or a Hindu undivided family in respect of interest received on deposits (not being time deposits) in a savings account held with banks, cooperative banks and post office. The deduction is restricted to Rs 10,000 or actual interest whichever is lower.
Exemptions
under Section 80G
Payment above INR 10,000 – Sections 80G and 80GGA Presently, deduction
in respect of donations to charitable trusts is available under section 80G in
respect of any donation being a sum of money. Similarly, under section 80GGA
deduction is available in respect of donation for scientific research, rural
development, etc. Currently there is no restriction for mode of payment for
eligibility of deduction, which can be paid in cash also. Now it is provided
that any such payment exceeding ` 10,000 shall only be allowed as deduction if
such sum is paid in any mode other than cash.
Tax benefit on Housing Loan U/s 24B
Deduction Limits:
· where the loan is
taken on or after April 1, 1999-Rs 2,00,000/-
· where loan is
taken earlier - Rs 30,000/-
New section 80EE inserted by the
Finance Minister in the 2013 union Budget in order to promote affordable
housing to the first time home loan buyers only by allowing an additional
deduction of Rs 1 Lac under section 80EE
Highlights of Section 80EE are:
Additional
deduction is available to only Individuals.
2) if you have no
existing house in your name and intended to be self occupied for the “First
time house buyers” only
You have bought a
new house, and House cost of the house is maximum of Rs
40 lacs
4)
Loan is approved and taken after 1-4-2013,
5)
Loan does not exceed Rs 25 Lacs
Then, the Extra interest deduction that you will get is Rs
1,00,000/- under section 80EE.If the whole amount of Rs 1 lac is not exhausted in the first
year then it can be carried forward to the 2nd year also but not
more than that.
NPS 80CCD (I) – Tier I – Part of 80C. However no deduction is available in respect of employee contribution which is excess of 10% of the salary of the employee.
NPS 80CCD (II) – Tier II – Over and above 80C. However no deduction is available in respect of employer’s contribution which is excess of 10% of the salary of the employee.
Note: as per the section 80CCE the aggregate amount of deduction under sections
80C, 80CCC and Section 80CCD(I) shall not exceed Rs. 1,50,000/-. However the contribution
made by the Central Government or any other employee to a pension scheme u/s 80CCD (II ) shall be excluded from the limit of Rs.1,00,000/- provided under this Section.
RGESS
(Rajiv Gandhi Equity Saving Scheme) – 80CCG
With an annual income of Rs
10 lac will
get tax benefits for investing up to Rs 50,000 in the capital markets.
The maximum investment permissible under the Scheme is Rs 50,000 and the
investor would get a 50 percent deduction of the amount invested from the
taxable income for that year. To benefit the small investors, the investments
are allowed to be made in installment in the year in which tax claims are made.
