Employee Declaration of Taxable Income for the AY 2016-17 (FY-2015-16)

Annual Regular Income

Basic
HRA
DA
Conveyance / Transport
Medical
TOTAL - A:
Annual Inrregualar Income
Exgratia/Bonus
Leave Travel Assistance(LTA)
Leave Encashment
Unllaimed Medilal Reimbursement
Others
TOTAL - B:
Gross Salary A
Exemptions under Sec. 10:
CEA Annual exemption
HRA Annual exemption
Conveyance exemption
Medical Allowance
Total of Exemptions under Sec.10 B
Balance C=(A-B)
Less: Section 16(iii) deduction
Professional tax D
Income under Head "Salary" E=(C-D)
Add: Income / Loss on House Property(ies) (Sec 24 (B) F
Gross Total Income G=(E-F)

Deductions Under Sec.80

Deduction under section 80 C and 80 CCC
HEALTH SCHEME AMOUNT(INCLUDING PARENTS)
MEDICAL TREATEMENT TO SELF OR DEPENDENT HANDICAPPED FAMILY MEMBER
MEDICAL TREATEMENT FOR SEVER DESEASE
INTEREST PAID FOR EDUCATION LOAN
DONATION TO CHARITIBLE FUND
HOUSE RENT PAID(WHO HAVE NOT GET HRA)
EXEMPTION TO PHYSICAL HANDCPD EMPLOYEE
TOTAL :Sec.80

NET INCOME: (After Deductions)

Tax on Total Income
Less: Releif U/s. 87A

Add: Education Cess

Total Tax payable
Tax deducted so far
Balance Tax payable
Per Month
Notes :
Rates for Individuals Below 60 Years
Income slabs Income tax rate
Income up to Rs. 2.50 lakhs Nil
Rs. 2.50 to Rs. 5 lakhs 10%
Rs.5 Lakhs to Rs. 10 Lakhs 20%
Rs. 10 lakhs above 30%

Rates for Individuals Above 60 years below 80 Years

Income slabs Income tax rate
Income up to Rs. 3 lakhs Nil
Rs. 3 to Rs. 5 lakhs 10%
Rs.5 Lakhs to Rs. 10 Lakhs 20%
Rs. 10 lakhs above 30%

Particulars Exemption Limit Rs.

A.Sec 80 C 150000.00
1.Public Provident Fund (PPF):
2.Life Insurance Premiums:
3.Equity Linked Savings Scheme (ELSS):
4.Provident Fund (PF)
5.Home Loan Principal Repayment:
6.Stamp Duty and Registration Charges for a home:
9.5-Yr bank fixed deposits (FDs) and post office savings account:
10.Unit linked Insurance Plan:
11.Tuition Fees for two children for full time education
Total
B.Sec 80D
below 60years Age (Self,Spouse,Childen) 15000
Assessee family and Dependent Parents below 60 Years of Age 30000
Assesee family lessthan 60years and parents Above 60years 35000
Assesse and parents above 60 years 40000
C.Sec 80 DD
Expenditure for the medical treatment (including nursing), training
and rehabilitation of a disabled dependent 50000/100000
D.Sec 80DDB 40000/60000
1.Medical treatment of specified ailments under section 80DDB Deductions of expenses on medical
treatment of specified ailments (such as AIDS, cancer and neurological diseases) can be claimed under
Section 80DDB. The maximum amount of deduction allowed from gross total income is restricted to Rs
40,000 (which goes up to Rs 60,000 if the age of the person treated is 60 years or more) on condition that
no medical reimbursement is received from any insurance company or employer for this amount. In case of
reimbursement the amount paid should be reduced by the amount received if any under insurance from
2.In order toor
an insurerer claim this deduction,
reimbursed however, you will have to submit Form 10-I from a specialist doctor
by an employer.
working in a government hospital in India, confirming the treatment of the disease.

E.Sec 80E
1. Deduction available only to Individual ,Spouse and Childrens
2.Deduction amount: The amount of interest paid is eligible for deduction and moreover there is no cap
on the amount to be deducted. You can deduct the entire interest amount from your taxable income.
However there is no benefit available on the repayment of principal amount of the loan.

F.Sec 80GG 2000 P.M

1.Assesse is paid house rent (who have not get HRA )

G.Sec 80U 100000

1. who suffers from not less than 40 per cent of any disability is eligible for deduction to the extent of Rs.
50,000/- and in case of severe disability to the extent of Rs. 100,000/-.

H.Releif Sec 87A

A tax rebate of Rs 2,000 from tax calculated will be available for people having an Net Total income below
Rs 5 lakh

I.Interest on Home Loan Sec 24 200000

1. If the house on which loan is taken is only house and you stay in that house then: a) Prinicipal amount
paid by you is claimed u/s 80C b) inetesrt upto 2.0 Lakhs maximum is allowed u/s 24(b) subject to loan
was for purchase of house or for construction of house. 2. If the house on which loan is taken is under
construction as on 31.3.2015 then you cannot claim interest. a) but you can avail 80C deduction. 3. If the
house is complete and you have another house then you need to file ITR 2 as you have more than one
house. Rest is same as in 1 above.
 0.00

- -
###
-
-
- -
-
-

-
-

80C 106,749
80D
80DD
80DDB
80E
80G
80GG 50,000
80U
156,749

(156,749)
-
2000.00
(2,000)
(60)
(2,060)

(2,060)

Signature of the Employee

 84,809

21940
106749

of expenses on medical
) can be claimed under
come is restricted to Rs
more) on condition that
this amount. In case of
y under insurance from
from a specialist doctor

moreover there is no cap

m your taxable income.
of the loan.
 tion to the extent of Rs.

Net Total income below

en: a) Prinicipal amount

/s 24(b) subject to loan
h loan is taken is under
80C deduction. 3. If the
ou have more than one
 HRA Exemption 10(13A) of IT Act Calculator for the Financial Year 2013-14

No.of
Particulars Per Month Annual Rent
Months

BASIC Basic Salary + DA 0 1 0

If Monthly Salary Changed (Revised Salary) 0 1 0
Total 0

RENT Actual Rent Paid by the Employee - 12 -

If Monthly Rent Changed (Revised Rent) -
-
Less :10 % of the Basic salary -
Total -

40 % of the Basic Salary -

HRA HRA Paid 0 1 -

If Monthly HRA Changed (Revised HRA) 0 1 -
-
Allowable Exemption -

1 condition
Actial HRA received by empoyer 77970

2. condition
Rent paid in excess of 10% salary 0

3. conditiom
40% sal 0

Final HRA minimum of above three 0

 * A tax rebate of Rs 2,000 from tax calculated will be available for people having an annual income upto Rs 5 lakh. How

The education cess to continue at 3 percent.

** Surcharge of 10% will be payable, if income is above Rs 1 crore

cted from the FY 2014-15 (AY 2015-16)

Investment limit under section 80C of the Income-Tax Act raised from Rs.1 lakh to Rs. 1.5 lak

Deduction limit on account of interest on loan in respect of self occupied house property raised

Personal Income-tax exemption limit raised by ` 50,000/- that is, from Rs. 2 lakh to Rs. 2.5 lak

013-14 or AY 2014-15]

012-13 or AY 2013-14]

y to be called by upto four Tour Operators from whom you can check the rates and other details. Compare

orm and Get Comparative Quotes f

From Multiple Travel Experts
e TimeSave MoneyTrusted Network
Planning to travel
(where to go)
on or around

for
along with

on a
having budget as

GO

nt Rules for filing of Tax Return

 Ads by Google

1. Filing of income tax is compulsory for all individuals whose gross annual income exceeds the maximum amount which is not

2. The last date for filing of income tax return is usually July 31 for individuals (sometimes the same is extended).

3. The penalty for non filing of income tax return is Rs.5,000/-

(1) Deductions from Taxable Income (Section 80C) :-

ALS AND TAX BENEFITS AVAILABLE UNDER EACH OF THEM - Financial Year 2013-14
A new section 80C was introduced (replacing section 88) from the financial year 2005-06. Under this Section, a deduction of

ed in August , 2014)

Tax
benefits
for
Sec. earnings
under (i.e.
which interest Lock in
Tax received / Period
Saving Benefit dividend and other
Scheme available Return received) Remarks
 5 years
(reduced
wef Dec
2011 from
6 years to
5 years
for new
investmen
ts). The
yield on
these
NSCs will
8.50% for now be
VIII Series revised
5 Year every
NSCs; year and
and will be 25
National 8.80% for bps above
Saving 10 year the 5 year
Certificate NSCs for governme
s - ( NSC Section FY 2014- nt bond
scheme ) 80C 15 Taxable yields
Equity Varies
Linked from year
Savings to year
Schemes Section (Market Dividend
(ELSS) 80C linked) is tax free 3 years

Varies Varies
Life Varies from from
Insurance Section from year scheme to scheme to
Policies 80C to year scheme scheme

Varies
Unit from
Linked Varies scheme to
Insurance Varies from scheme
Plan Section from year scheme to (15 to 20
(ULIP) 80C to year scheme years)
 Varies
from issue
to issue.
These
were
around
8%+ in
Dec
2011.
These
have lost
their
charm as
Additiona
l Tax
Infrastruct rebate of
ure Bonds Rs 20,000
(NO is NOT
LONGER given
AVAILABL now from
E FOR FY 2012-
FRESH 13
INVESTM Section onwards. 3 to 5
ENT) 80C Taxable years

8.75% on
EPF for Till
Contributi 2013-14 retirement
on to EPF (announc (loans are
/ GPF / ed in Interest permitted
Voluntary Section August earned is only after
PF 80C 201) tax free 5 years)
Earnings
are tax
free in
Insurance Section 6 to 7% most of Locked till
Policies 80C only the cases maturity
Earnngs Partiail
Section Market are tax withdrawa
ULIPS 80C linked free l allowed
 15 years
and
extendabl
e.
Withdraw
als
allowed
after 7
years.
Yield on
PPF will
vary and
will be
fixed at 25
basis
point
Public above the
Provident 8.70% for Interest 10 year
Fund Section FY 2014- earned is governme
(PPF) 80C 15 tax free nt bonds.
Withdraw
al not
Interest permitted
Section Market earned is before
NPS 80C Linked tax free maturity

Tuition
Fees
including
admission
fees or
college
fees paid
for full
time
education
of any two
children of
the Section Not Not Not
assessee. 80C applicable applicable applicable

Repayme
nt of
Housing
Loan Section Not Not Not
(Principal) 80C applicable applicable applicable
Varies
from bank
Bank to bank
Fixed (around
Deposits - Section 8.00% -
5 Years 80C 9.00%) Taxable 5 Years
 As per the
guidelines
issued in
December
2011,
there will
be spread
of 100
basis
points
Senior above the
Citizens
Savings
5 year
Scheme bonds
2004 (from 9.20% for yields for
financial
year 2007- Section FY 2014- this
08) 80C 15 Taxable scheme.

Post Office
Time
Deposit
Account
(from
financial Section
2007-08) 80C

PS Note : Now some of the above investments (like PPF and 5 Year Senior Citizens Sav

ION 80C OR BACKGROUND AND KNOW ALL ABOUT SECTION 80C

(1) Deductions Under Section 80CCC(1) :

Under this section, the contributions by individuals towards "Pension" schemes of LIC or any other Insurance company, is allow

(2) Deductions Under Section 80 D :

dependa
nt
children
is
allowed
upto Rs
15,000.
In case
any of
the
persons
specified
above is
a senior
citizen
(i.e. 65
years or
more as
of end of
the year)
and
Mediclai
m
insuranc
e
premium
is also
paid for
such
senior
citizen,
deductio
n amount
is
enhance
d to Rs.
20,000.
Additiona
l
deductio
n:
Mediclai
m
premium
paid for
parents.
Maximum
deductio
n Rs
15,000. In
case any
of the
parents
covered
by the
Mediclai
m policy
is a
senior
citizen,
deductio
n amount
is
enhance
d to Rs.
20,000.

Thus, in a net shell we can say that health insurance premium that you pay for yourself, your dependents (spouse and children) and

However, there are a few conditions:

You can not claim tax benefit on health insurance premium paid for your in-laws;

Proof of payment of premium has to be furnished, in order to avail the tax benefit

The health insurance premium must be paid from taxable income of that year only if you want to claim a deduction. Thus, if on

However, you have to remember that the premium paid by any mode of other than cash is eligible. Note prior to 1st A

(3) Deductions Under Section 80 E :

Under this section, deduction is available for payment of interest on a loan taken for higher education from any financial institution or an approved charitable

The deduction is available for the first year when the interest is paid and for the subsequent seven years.
(4) Deductions Under Section 24(b) :
Under this section, interest on borrowed capital for the purpose of house purchase or construction is deductible from taxable inc

PS : 1A) Section 80CCF : Infrastructure Bonds : (NOT PERMITTED FROM FY 2012-13) onwards) :

Section 80CCF allowed you to invest an additional Rs. 20,000 in infrastructure bonds, and such an investment was red

TAX FREE INCOMES :

Some of the incomes are completely exempted from income tax and that too without any upper limit. The following in

(a) Interest on EPF / GPF / PPF

(b) Interest on GOI Tax Free Bonds / Tax Free Bonds issued with specific stipulation to this effect

(c) Dividends on Shares and Mutual Funds. Dividend income from companies / Equity Oriented Mutual funds is compl

(d) Capital receipts from Life Insurance policies i.e. sums received either on death of the insured or on maturity of Life

e) Interest on Saving Bank accounts in banks upto Rs10,000/- per year (from FY 2012-13)

(f) Long term capial gains on sale of shares and equity mutual funds after 01/10/2004, if security transaction is paid / im

GIFT TAX :
Gift tax was abolished with effect from October 1, 1998. The gifts are no longer taxable in the hands of donor or donee

(i) Spouse;

(ii) Brother or sister;

(iii) Brother or sister of the spouse;

(iv) Brother or sister of either of the parents of the individual;

(v) Any lineal ascendant or descendant of the individual

(vi) Any lineal ascendant or descendant of the spouse of the individual

(vii) spouse of the person referred to in (2) or (6) or received on the occasion of marriage or under a will by way of inhe
Capit
al
Gain
s:
Capital
gains
arise
when an
individual
sells at a
profit
certain
assets
like
property
or shares
or mutual
funds or
bonds etc
The
treatment
of such
income is
not the
same as
income
from other
sources.
There are
two types
of capital
gains, viz
Short
Term
Capital
Gains or
Long
Term
Capital
Gains.
Gains :
Capital
gain is
considere
d as Short
Term
Capital
Gain, if
immovabl
e property
is sold /
transferre
d within
three
years of
acquiring
the
same.
Similarly,
if shares
or other
financial
securities
such as
mutual
funds are
sold
within one
year of
purchase,
the profit
earned is
treated as
Short
Term
Capital
Gain.
normal
tax rates
are
applicable
.
However,
w.e.f. 1st
October,
2004, the
short term
capital
gains
from sale
of equity
shares or
units of
equity
oriented
mutual
fund
schemes
are taxed
only at a
flat rate of
10%,
irrespectiv
e of the
tax slab
on other
sources of
income,
provided
securities
transactio
n tax is
paid on
such sale.
purchse,
or
financial
securties
such as
shares,
deep
discount
bonds,
units of
open
ended or
close
ended
schemes
of
mutaula
funds are
disposed
(i.e. sold /
redeemed
/
transferre
d) after
holding
the same
for more
than
twelve
months,
then the
gain is
considere
d to be
long term
capital
gain.
from tax
w.e.f. 1st
October,
2004,
provided
securities
transactio
n tax has
been paid
on such
sale. For
assets
other than
the listed
shares /
units of
mutual
funds
schemes,
tax is
payable in
respect of
long term
capital
gains at a
flat rate of
20% and
the
amount of
gain has
to be
adjusted
for
inflation
through
indexation
benefit.
capital
gains tax
in respect
of bonds
and debt
securities
or debt
oriented
mutual
fund
schemes
listed on
stock
exchange
s is
payable at
a flat rate
of 10% of
the capital
gains
amount.
In case an
individual
wishes to
avail the
benefits
of
indexation
, then tax
has to be
paid at
normal
long term
capital
gains tax
rate of
20%.

Section
54EC
of the I-
T Act,
1961 :
Relief
from
Capital
Gains
Tax
you want
to buy a
new
property
one or
two years
after
transferrin
g the
original
asset, you
will have
to either
wait or
look for
alternative
funds.
After the
lock-in
period or
on the
maturity
of the
bonds,
the
investor is
free to put
in his
money in
any kind
of asset.
However,
the
interest
on the
bond is
taxable.
 a boon for
people
who have
sold their
property
but
haven't
been able
to
purchase
the
property
within the
stipulated
period.
Once a
final
decision
is taken
on the
property
you want
to reinvest
in, you
can opt
for an exit
from SBI
Plan, but
you will
need to
get a
certificate
of
consent
from the
assessme
nt officer.

ous Years (Last 10 years) Income Tax Slab / Rates in India

*******

Regarding Rate of Interest on Small Savings etc.

RATE OF INTEREST ON PPF and SCSS 2004 Schemes

RBI/2013-
14/526
DGBA.CD
D. No.
5342 /
15.02.001
/2013-14

21-Mar-14

Madam/D
ear Sir,

Public
Provident
Fund
Scheme,
1968
(PPF
Scheme,
1968) and

Senior
Citizens
Savings
Scheme,
2004
(SCSS,
2004) -
Revision
of
interest
rates
advised
the rate of
interest
on various
small
savings
schemes
for the
financial
year
2014-15.
According
ly, the
rates of
interest
on PPF,
1968 and
SCSS,
2004 for
the
financial
year
2014-15,
effective
from April
01, 2014,
on the
basis of
the
interest
compoun
ding/paym
ent built-in
in the
schemes,
will be as
under:

Scheme Rate of Rate of

Interest
w.e.f. Interes
t w.e.f.
01.04.2
014

01.04.201
3
5 Year 9.2% p.a. 9.20%
SCSS,
2004 p.a.
PPF, 1968 8.7% p.a. 8.70%
p.a.
ncome upto Rs 5 lakh. However, this benefit of Rs2,000 tax credit will not be available if you cross the income range of Rs 5 lakh

Rs.1 lakh to Rs. 1.5 lakh.

d house property raised from Rs.1.5 lakh to Rs. 2 lakh.

Rs. 2 lakh to Rs. 2.5 lakh in the case of individual taxpayers, below the age of 60 years.

ther details. Compare them and if you like finally book the Travel Agent Which you Like.
 aximum amount which is not charageble to income tax (e.g. Rs.3,00,000 for Senior citizens, Rs.2,50,000/- for resident individuals

me is extended).

r 2013-14
er this Section, a deduction of upto Rs.1,50,000/- (wef FY 2014-15) is allowed from Taxable Income in respect of the investments made in
Senior Citizens Saving Schemes etc.) are linked to the benchmark of 10 year / 5 Year governme

r Insurance company, is allowed as deduction of Rs.10,000/-. However, as provided under section 80CCE, the aggregate deduction u/s 80
ents (spouse and children) and your parents, are all considered for tax benefit under Section 80D of the Income Tax Act 1961. Therefore, you can

claim a deduction. Thus, if one has paid the premium from ones savings or from gifts of money received, then one is not eligible for tax benefits u

s eligible. Note prior to 1st April 2009, premium payment was required to be paid only by cheque. However, now even the paymen

nstitution or an approved charitable institution. The loan should be taken for either pursuing a full-time graduate or post-graduate course in engineering, medicine or manag
 is deductible from taxable income upto Rs.2,00,000/- is deductible from income. (certain conditions are to be fulfilled)

onwards) :

such an investment was reduced from your taxable income in addition to the Rs.100,000 deduction you get from the other instrum

pper limit. The following incomes which are tax free :-

nted Mutual funds is completely exempt in the hands of investors. Dividend is also tax free in the hands of investors in case of de

sured or on maturity of Life insurance plans. However, in case of life insurance policies issued after March 31, 2004, exemption o

curity transaction is paid / imposed on such transactions.

he hands of donor or donee. However, w.e.f. September 1, 2004, any gift received by an individual or HUF will be included in taxa

r under a will by way of inheritance

e income range of Rs 5 lakh. Thus we can say that tax payable in 10% slab will be maximum Rs23,000 (taking into account Rs 200
resident individuals

t of the investments made in some specified schemes. The schemes are similar as were available in Section 88 earlier. Now there are no
ar / 5 Year government bond yields, and thus the return on these investments will vary as and wh

e aggregate deduction u/s 80C, and u/s 80CCC and 80CCD can not exceed Rs.1,50,000/-. Thus effectively, now these are covered und
x Act 1961. Therefore, you can claim a deduction up to Rs.30000 on your taxable income, and if your parents are senior citizens, the deductible am

is not eligible for tax benefits under this section.

ever, now even the payments through Credit card or other on line mechanism are allowed. Thus, now all payment modes except

se in engineering, medicine or management, or a post-graduate course in applied science or pure science.

 u get from the other instruments listed above. You were to get the tax benefit only in the year in which you have invested in these

ds of investors in case of debt-oriented Mutual Fund schemes. (However, the Asset Management Company is liable to deduct 22.4

March 31, 2004, exemption on maturity payment u/s 10(10D) is available only if premium paid in any year does not exceed 20% of th

HUF will be included in taxable income, if the amount of tax exceeds Rs.25,000/-. However, gifts received from any of the followi
(taking into account Rs 2000 tax credit), but for people who fall in income range of Rs5 lakh and above, the tax will be Rs25,000 +
n 88 earlier. Now there are no sectoral caps and individuals can save in any of the schemes upto Rs.1,50,000/- (now even in PPF it is allow
ts will vary as and when the yield on government bonds changes. Therefore, now remember th

, now these are covered under the maximum limit of Rs.1,50,000/- under section 80C.
 enior citizens, the deductible amount goes up to Rs.35000.

w all payment modes except cash payment are accepted

h you have invested in these instruments. NOW THIS IS NOT ALLOWED

pany is liable to deduct 22.44% distribution tax in case of non individuals / non HUF investors and 14.025% in case of individuals

r does not exceed 20% of the sum asssured;

ived from any of the following will continue to remain tax free :-
e, the tax will be Rs25,000 + 20% tax on income above Rs 5 lakh;
0/- (now even in PPF it is allowed upto Rs. 150 lac as against only Rs.1 lakh upto March 2014).. The tax payers can plan their investments
re, now remember that you will not have fixed rate of return on these investments. On the other
025% in case of individuals or HUF investors.)
rs can plan their investments / savings so as to achieve their financial goals. The details of such schemes alongwith some major features o
ments. On the other hand, for other Small Saving schemes GoI will advise before 1st April every
ongwith some major features of each of these are given below : -
before 1st April every year, the rates applicable for those schemes for the next FY. Such instrum
ext FY. Such instruments will continue to have same return for the whole tenure of the investmen
nure of the investment. [For clarification see below the notification which is self explanatory]
self explanatory]