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Income Tax Calculator for FY-2012-13, AY 2013-14

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Income Tax Calculator for FY-2012-13, AY 2013-14 Powered By Docstoc
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                                    by B.P.Choudhary (Tax Consultant)                                CALCULATION OF INCOME TAX                                                 D.O.B
                                                                                                                                                                                                        00/00/000        COMPUTATION SHEET OF INCOME TAX                                                   D.O.B        00/00/000

                                    Calculate your Tax in less than 5 Minutes                       for the Financial Yr 2012-13/ Assessment yr 2013-14                     ASSESSE                      MALE           for the Financial Yr 2012-13, Assessment yr 2013-14                          ASSESSE                MALE
   Latest Version 7.1 for Financial year 2012- 13 , Assessment year 2013-14                     NAME :                                                                          PAN                                     NAME :                                                                            PAN

Auto Calculator very Simple & Easy,to use by a common Individual to compute the Tax for         ADDRESS :                                                                 PHONE :                                       ADDRESS :                                                                  PHONE :
Salaried/Business or Profession with Linked Information and Rules. Once you enter the amount                                                                              Email id-                                                                                                                Email id-
in the white blank cells. Other cells will calculate data & Tax automatically. Calculate your
Income Tax in Calculation Sheet & print the Working Sheet.
                  INDEX                                                                             1. Gross Annual Income/Salary ( include all allowances)                               0                     0        1. Gross Annual Income/Salary                                                                              0

                                                                                                                                                                                                                         2. Less: Allowances exempt u/s 10                                                                          0
1. CALCULATION OF INCOME TAX                                                                        2. Less: Allowances exempt u/s 10 &17( for Service Period )                                                 0
2. CALCULATION OF INCOME FROM HOUSE PROPERTY                                                        a (I)Calculate H.R.A. Exemption(U/S 10(13A) (if Detail of Basic & HRA is available)                 0                3. Income under the head salaries                                                                          0
3. COMPUTATION SHEET OF INCOME TAX (For Print)                                                                   City of Residence                                             Metro                                     4. Add: Any other income from other sources                                                                0
4. INFORMATION OF INCOME TAX RULES & INFORMATIONS for Deduction, Exemption                                       Basic Salary (Basic+DA)                                                  0             0                    1. Interest received from following Investments
5. NEW PENSION SCHEME - Sec 80CCD                                                                                Rent Paid                                                                0             0                        a. Bank/Post Office (Saving A/C )                                              0
6. RAJIV GANDHI EQUITY SAVING SCHEME - Sec 80CCG                                                                 H.R.A received                                                           0             0                        b. Bank FD/REC                                                                 0
7. MEDICLAIM - Sec 80 D                                                                                (II) Transport / Conveyance allowances (U/S 10(14)                                 0             0                        c. N.S.C. (accrued/ Recd )                                                     0
                                                                                                       (iii) Medical Bills Reimbursement (u/s 17(2)                                       0             0                        c. Post Office M.I.S (6 yrs.)                                                  0
                                                                                                       (iv) Children Education Allowance (u/s 10(14)                                      0             0                        d. Post Office Recurring Deposit (5 yrs.)                                      0
                                                                                                        (v) LTA Exemption (u/s 10(5)                                                      0             0                        e. Term Deposit (1 to 5 yrs.)                                                  0
                                                                                                       (vi) Uniform Expenses ( u/s 10(14)                                                 0             0                        f. Saving Bonds (6yrs.)                                                        0
                                                                                                       (vii) Professional Tax                                                             0             0                      2. Any Other Income                                                              0
                                                                                                       ( viii) Any Other Exempted Receipts/ Allowances                                    0             0                      3. Any Other Income                                                              0
                                                                                                     b OR Total Allowances exemption u/s 10 &17
                                                                                                                                                                                          0                             5. Income from house property                                                                               0
                                                                                                .      ( if Detail of Basic & HRA etc is not available)

                                                                                                    3. Income under the head salaries                                                                           0       6. Gross Total Income                                                                                       0
                                                                                                    4. Add: Any other income from other sources                                                                 0       7. Less: Deduction under chapter VI A                                                                       0
                                                                                                        1. Interest received from following Investments                                                                   a1. Less: Deduction under Sec 80CCE                                                       0
                                                                                                              a. Bank/Post Office (Saving A/C )                                           0                                      1.   PF & VPF Contribution                                                     0
                                                                                                              b. Bank ( FD /Rec )                                                         0                                      2.   Life Insurance/ ULIP premiums                                             0
                                                                                                              c. N.S.C.(accrued/ Recd)                                                    0                                      3.   PPF a/c Contribution                                                      0
                                                                                                              d. Post Office M.I.S (6 yrs.)                                               0                                      4.   N.S.C (Investment +accrued Int first five year)                           0
                                                                                                              e. Post Office Recurring Deposit (5 yrs.)                                   0                                      5.   Housing. Loan Principal Repayment/ Regn / Stamp Duty                      0
                                                                                                              f. Term Deposit (1 to 5 yrs.)                                               0                                      6.   Tuition fees for 2 children                                               0
                                                                                                              g. Saving Bonds (6yrs.)                                                     0                                      7.   E.L.S.S ( Mutual Fund )                                                   0
                                                                                                           2. Any Other Income                                                            0                                      8.   FD (5 Years and above)                                                    0
                                                                                                           3. Any Other Income                                                            0                                      9.   Senior Citizen Saving Scheme                                              0
                                                                                                    5. Income from house property (Go to 66-72)                                                         0                       10.   80CCC - Pension Plan                                                      0
                                                                                                 6. Gross Total Income                                                                                          0               11.   80CCD - New Pension Sheme ( Employee/ Self Employed Contribution)         0
                                                                                                 7. Less: Deduction under chapter VI A                                                                          0               12.   80CCF -Tax Savings Infrastructure Bonds                                   0
                                                                                                       a 1. Deduction under Sec 80CCE (Max Rs.1,00,000/-)                                               0                     a2. 80CCD - New Pension Sheme ( Employer Contribution)                            0
                                                                                                       1. PF & VPF Contribution                                                           0             0                   a3. 80CCG - Rajiv Gandhi Equity Scheme                                                  0
                                                                                                       2. Life Insurance / ULIP premiums                                                  0             0                   b 1. 80 D - Medical Insurance premiums (for Self )                                  0
                                                                                                       3. PPF a/c Contribution                                                            0                                 b 2. 80 D - Medical Insurance premiums (for Parents)                                0   0
                                                                                                       4. N.S.C (Investment +accrued Int first five year)                                 0                                 c. 80 E - Int Paid on Education Loan                                                    0
                                                                                                       5. Home Loan Principal Repayment / Regn/Stamp Duty                                 0                                 d. 80G -     Donation to approved fund                                                  0
                                                                                                       6. Tuition fees for 2 children                                                     0                                 e. 80TTE- Interest received in Saving Account                                           0
                                                                                                       7. E.L.S.S(Mutual Fund)                                                            0                               f. Any other Deduction U/S 80 A-U                                                         0
                                                                                                       8 FD (5 Years and above)                                                           0                              8.    Total Income                                                                                         0
                                                                                                       9. Sr. Citizen Saving Scheme                                                       0                              9.    Total Taxable Income (Round off to nearest 10 rupees)                                                0
                                                                                                      10. 80CCC -Pension Plan                                                             0                             10.    Tax on Total Income                                                                                  0
                                                                                                      11. 80CCD - New Pension Secheme                                                     0                             11.    Add; Edn Cess @ 3%                                                                                   0
                                                                                                          (Employee/Self Employed Contribution)                                                                         12.    Total Tax Payable                                                                                    0
                                                                                                      12. 80CCF - Tax Savings Infrastructure Bonds                                        0                             13.    Tax Deduction at Source                                                                              0
                                                                                                      a2. 80CCD -New Pension Scheme- Employer Contribution                                0             0               14.    Balance Tax                                                            Refundable                    0
                                                                                                      a3. 80CCG -Rajiv Gandhi Equity Scheme                                               0             0
                                                                                                      b1. 80D - Medical Insurance premiums+Health Check                                   0             0
                                                                                                      b2. 80D - Medical Insurance premiums (for Parents)                                  0             0
                                                                                                      c. 80E - Int Paid on Education Loan                                                 0             0
                                                                                                      d. 80G Donation to approved fund                                                    0             0
                                                                                                      e.      80TTE- Interest received in Saving Account                                  0
                                                                                                      f. Any other Deduction U/S 80 A-U                                                   0
                                                                                                     8. Total Income                                                                                        0
                                                                                                     9. Total Taxable Income (Round off to nearest 10 rupees)                                               0
                                                                                                 10. Tax on Total Income                                                                                    0
                                                                                                 11. Add - Education Cess @ 3%                                                                              0
                                                                                                    12. Total Tax Payable                                                                                   0
                                                                                                 13. Tax Deduction at Source                                                              0                 0
                                                                                                 14. Balance Tax Payable / Refundable                                          Refundable                   0
                                                                                                             Calculation of Income from house property
                                                                                                 Accommodation Status - SELF OCCUPIED / LET OUT                             Self Ocupied
                                                                                                   Annual Letable value/ Rent Received or Receivable                                      0   0
                                                                                                Less-Taxes Paid to Local Authority                                                        0   0
                                                                                                       Net Annual Value                                                                   0   0
                                                                                                Less-Repair & Collection Charges(30% of Net Annual Value)                                 0   0
                                                                                                Less-Interest on Housing Loan                                                             0   0
                                                                                                Net Income / Loss from House Property                                                     0
       Income Tax Calculator   by B.P.Choudhary (Tax Consultant)




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   Income Tax Calculator                              by B.P.Choudhary (Tax Consultant)

                  INFORMATION and RULES
  for(Rates,Deductions,Exemption etc.)                   with
        detail of every for the Financial year 2012- Reconer)
  brief Latest Version 7.1 rule ( Like a Mini Ready 13,
This Tax Calculator will help you to calculate the estimated tax payable. If you find any
ASSESSMENT YEAR amendments, please let me know, I will try to fix it at .
inconsistency, correction or 2013-14                                                             the
earliest Please send a detailed e-mail at bpchoudhary@gmail.com
      REGARD - B.P.CHOUDHARY, 1577 SECTOR - 5, R.K.PURAM, NEW DELHI-110022
Ph 9811302497, 9211125587
This: Calculator is Very Simple & Easy to be use by a common Individual to compute the Tax for Salaried/Business or P
Easy to understand with all latest rules & regulation and similar as form 16.
You can Calculate your Income Tax in Calculation Sheet & print the Working Sheet.
Once you enter the amount in the white blank cells. Other cells in Calculation & Computation Sheets will
 Follow theTax Rules & Informations (where applicable). Following linked ready reaconer is for your reference.
 Tax Rates for Financial-Year 2012-13, Assessment Year 2013-2014
Some Exempted Receipts / Special allowances & Perquisite which are not chargable to tax
Some Exempted Income ( to be shown while Return filing)
T A X R U L E S & O T H E R U S E F U L I N F O R M A T I O N S for
HRA exemption
Transport allowance
Reimbursement of Medical bills
 u/s(5) LTA is exempt
 u/s 24 Exemption for interest on housing loan.
u/s 80CCE & 80CCD Maximum Exemption
Rajiv Gandhi Equity Savings Scheme
u/s 80D Medical Insurance
u/s 80DD Deduction in respect of medical treatment of handicapped dependents
u/s 80DDB Deduction in respect of medical treatment for specified ailments or diseases
u/s 80E Interest repayment on education loan
u/s 80G Donations given for certain charities
u/s 80GG If you are not getting HRA, but living in rented house,
u/s 80U If you have a permanent physical disability
 KNOW MORE about DEDUCTION under Section 80-C
Qualifying Investments u/s 80CCE
Provident Fund (PF) & Voluntary Provident Fund (VPF)
Life Insurance Premiums & Unit linked Insurance Plan (ULIP)
Public Provident Fund (PPF):
National Savings Certificate (NSC):
Home Loan Principal Repayment & Stamp Duty and Registration Charges for a home
Tuition fees for 2 children
Equity Linked Savings Scheme (ELSS)
5-Yr bank fixed deposits (FDs) or 5-Yr post office time deposit (POTD)
Pension Funds or Pension Policies
Stamp Duty and Registration Charges for a home:
Infrastructure Bonds: NABARD rural bonds:
Senior Citizen Savings Scheme 2004 (SCSS)
I M P O R T A N T - A D V I S ES
As per finance bill 2011    - TAX RATES For Financial Year 2012-13 & Assesment Year 2013-
                            For MALE ASSESSE
 Net Income Range                                Income Tax Rates
 Up to Rs.2,00,000                                         NIL
 2,00,001 to Rs. 5,00,000                      10% of Total Income (-) Rs.2,00,000
 Rs5,00,001 to Rs. 10,00,000                  Rs30,000+20% of Total Income(-)Rs. 5,00,000
 More than Rs10.00,000                          Rs1,30,0,000+30% of Total Income(-)Rs10,00,000
                            For FEMALE ASSESSE
  Net Income Range                               Income Tax Rates
 Up to Rs2,00,000                                   NIL
 Rs200,001 to 5,00,000                          10% of Total Income(-) 2,00,000
 Rs.5,00,001 to Rs.10,00,000                   Rs30,000+20% of Total Income (-) 5,00,000
 More than 10.00,000                            Rs1,30,,000+30% of Total Income(-)10,00,000
For SENIOR CITIZEN ASSESSE (Above 60 Year ) attaining the age during the year
          Net Income Range                             Income Tax Rates
  Up to Rs2,50,000                                   NIL
 Rs2,50,001 to 5,00,000                         10% of Total Income(-) Rs.2,50,000
  Rs5,00,001 to 10,00,000                        Rs25,000+20% of Total Income(-)5,00,000
  More than 10.00,000                           Rs1,25,000+30% of Total Income(-)10,00,000
For VERY SENIOR CITIZEN ASSESSE (Above 80 Year ) attaining the age during the year
          Net Income Range                             Income Tax Rates
  Up to Rs.5,00,000                                  NIL
  Rs5,00,001 to 10,00,000                       20% of Total Income (-) Rs.10,00,000
  More than 10.00,000                         Rs1,00,000+30% of Total Income(-)10,00,000
          Education Cess is 2% & Secondary and Higher education Cess is 1% of income tax from all Assesse.


Some Exempted Receipts / Special allowances & Perquisite which are not chargable to tax are
Exempted Receipts - 1. Medical Reimbursement (Max Rs15000/- Per annum)               2. L.T.A (as per Rule)
Special allowances Exempted u/s 10(14)
1. Uniform Allowance (granted to meet the expenditure incurred on purchase or maintenance of uniform to be worn
during performance of Official Duty)                      2 Helper Allowance ( granted to meet exependiture
incurred on helper for performance of official duty)
3. Academic Allowance (granted for encouraging academic, research & training pursuits) including Newspaper,
Generals etc.)                                                4. Children Education Allowance ( Rs100 P.M. per
Child / (Rs300 for Hostel Expenditure) Max of 2 Children)
 Deduction available u/s granted to meet the expenditure incurred on convayance, while performing official duty.
5. Convayance allowance ( -16
1. Entertainment allowance (for Govt Employees) Max Rs5000/-
2. Professional tax - Professional tax paid by employee is deducted. If employee pays the professional tax on
behalf of employee, It is first added in gross salary as taxable perquisite and thereafter deduction isvprovided
 Perquisite not chargable to tax
Free food and beverage ( 1. Food and non-alcoholic beverages provided in working hours in remote area or an
offshore instalation are exempted to tax            2. Tea, coffee or non-alcoholic beverages and snaks in
working hours are tax free perquisites.
Some Exempted Income are ( to be shown while Return filing)
     1. Withdrawal / Maturity received from PF,PPF,Insurance Co., Agriculture. (Max up to 5000/- )
     2 Long Term Capital Gain From Shares
       3 Dividend on shares in companies
       4. Interest on Saving Bank & Post Office A/c up to Rs10,000/-
Please Note :
(i) Interest earned from all sources is to be included. All interest (including saving Bank A/C (above Rs10,000) (FD)
income is fully taxable.
(II) As per clarification from IT department, all perquisites such as rent-free accommodation, company provided car,
free or concessional education facilities, employee stock option plan, free club membership, company provided
T A X R U gift vouchers, E R U S E F U L I N F O R M A T I O N S are
credit card,L E S & O T H meal coupons, hotel stay beyond 15 days,for fully taxable.
HRA exemption = minimum of (40% (50% for metros) of Basic+DA or HRA or rent paid - 10% of Basic+DA)
Transport allowance is exempt up to ₹800/- per month during the month. ( Expenditure incured for covering journey
between office and residence .)
For people havingof Medical bills are exempt forthe exemption is ₹1,600/- per month
Reimbursement permanent physical disability, self and dependent family, up to Rs.15,000/- per annum
u/s(5) LTA is exempt to the tune of economy class Train/ Air /Recognised public Transport fare for the family to any
destination in India, by the shortest route.              LTA can be claimed twice in a block of 4 calendar years. The current
                                             claim, it is must to provide originals tickets etc.
block is from 01.01.2010 to 31.12.2013. Foron housing loan.(for Self occupied Residence). If the loan was taken before Apr
u/s 24 There is an Exemption for interest
1, 1999 exemption is limited to Rs30,000/- per year. If the loan was taken after Apr 1, 1999 exemption is limited
toRs1,50,000/- per year if the house is self-occupied; There is no limit if the house is rented out
This exemption is available on accrual basis, which means if interest has accrued, you can claim exemption, irrespective of
If you have rented out your house, enter the total income / loss from the house (after deducting property tax and standard
maintenance expenses).
u/s 80CCE- Maximum Exemption up to Rs.100000/- Investments up to Rs.1 lac in PF, VPF, PPF, Employee contribution
in NPS,Insurance Premium, Housing loan principal repayment, NSC, ELSS, long term bank Fixed Deposit, Post Office Term
Deposit, etc. are deductible from the taxable income. There is no limit on individual items, (for example) all 1 lac can be
invested in NSC or PPF etc.
u/s 80CCD -The Finance Act, 2011 provides that contribution made by the Central Government or any other employer to
NPS (up to 10 per cent of the salary of the employee in the previous year)shall be excluded while computing the limit of
Rs1,00,000.The contribution by the employee to the NPS will be subject to the limit of Rs1,00,000.
u/s 80CCG - Rajiv Gandhi Equity Savings Scheme is a new exemption available for investment in stock markets (direct
equity). Avaialble only for those with gross income less than 10 lacs and only for first time investors in stock market.
Exemption available at 50% of investment subject to maximum of Rs.50,000/- invested. Investments are locked-in for three
years
u/s 80D Medical Insurance Premium (such as Mediclaim & Critical illness Cover)& Health Check up Upto Rs5000,
premium is exempt up to Rs30,000/ per year (₹15,000/- for self,spouse and children ) (Rs15000/- for Parents. If the premium
includes for a dependent who is (Senior Citizen) above 60 years of age, an extra Rs5,000//- can be claimed.
u/s 80DD Deduction in respect of medical treatment of handicapped dependents is limited to ₹75,000/- per year if the
disability is less than 80% and Rs1,00,000/- per year if the disability is more than 80%
u/s 80DDB Deduction in respect of medical treatment for specified ailments or diseases for the assesse or dependent
can be claimed up to Rs40,000/- per year. If the person being treated is a senior citizen, the exemption can go up
toRs60,000/-. but any amount received under Medical Insurance Policy will be reduced from the amount of deduction
allowed. The Diseases and ailments specified under rule 11DD are.
(1)neurological diseases being demetia, dystonia musculorum deformans, motor neuron disease, ataxia, chorea,
hemiballismus, aphasia and parkisons disease,          (2) cancer, (3) AIDS, (4)Chronic renal failure, (5) hemophilia, and (6)
u/s 80E Interest repayment on education loan (taken for higher education from a university of self & dependents) is
completely tax exempt
u/s 80G Donations given for certain charities are tax exempt. Some(NGO,Trust etc.) are exempt to the tune of 50%,
whereas Govt funds not getting HRA, but living in rented house, an exemption is available. This will be calculated as
u/s 80GG If you are are 100%.
minimum of (25% of total income or rent paid - 10% of total income or Rs24,000/- per year)
u/s 80U If you have a permanent physical disability (including blindness), you can take an exemption (subject to maximum
of Rs75,000/- per year)
                                 KNOW MORE about DEDUCTION under Section 80-C
Section 80C of the Income Tax Act allows certain investments and expenditure to be deduct from total
income.                                           One must plan investments well and spread it out across the
various instruments specified under this section to avail maximum tax benefit. There are no sub-limits and is
irrespective of how much you earn and under which tax bracket you fall. Most of the Income Tax payee try to save
tax by saving under Section 80C of the Income Tax Act. However, it is important to know the Section in total. so
that one can make best use of the options available for deduction under income tax Act. One important point to
note that one can not only save tax by undertaking the specified investments, but some expenditure which you
                                Qualifying Investments u/s 80CCE are
Provident Fund (PF) & Voluntary Provident Fund (VPF) PF is automatically deducted from your salary. your
contribution [12% of Basic] (i.e., employee’s contribution) is counted towards section 80C investments. You also
haveInsurance Premiums: Any amount that youthrough voluntaryinsurance premium inCurrent rate of interest is
Life the option to contribute additional amounts pay towards life contributions (VPF). Life Insurance
Corporation (LIC) or any other Insurance CO.for yourself, your spouse or your children can also be included in
Section 80C deduction. If you are paying premium for more than one insurance policy, all the premiums will be
included. also premium paid for ULIP will also be treated as Premium paid for Life Insurance Policies.
Unit linked Insurance Plan : ULIP stands for Unit linked Saving Schemes. ULIPs cover Life insurance with
benefits of equity investments.They have attracted the attention of investors and tax-savers not only because they
help us save tax but they also perform well to give decent returns in the long-term.
IMP : Total Amount Received atAmong allSurvival Benefits, , Withdrawl in Insurance Policies Provident Fund fully
Public Provident Fund (PPF): Maturity, the assured returns small saving schemes, Public is Tax Free and
(PPF) is one of the best. Current rate of interest is 8% tax-free and the normal maturity period is 15 years.
Minimum amount of contribution is Rs500 and maximum is Rs1,00,000.(New Change) from 01/01/2011
National Savings Certificate (NSC): National Savings Certificate (NSC) is a 5-Yr small savings instrument
eligible for section 80C tax benefit. Rate of interest is 8.58% compounded half-yearly, i.e. If you invest Rs.100, it
becomes Rs.150.90 after five years. The interest accrued every year is liable to tax (i.e. to be included in your
taxable income) but the interest is also deemed to and Registration Charges for a home 80C The Equated
Home Loan Principal Repayment & Stamp Dutybe reinvested and thus eligible for sectionLoan deduction.
Monthly Installment (EMI) that you pay every month to repay your home loan consists of two components –
Principal and Interest.The principal component of the EMI qualifies for deduction under Sec 80C. Even the
interest component can save you significant income tax – but that would be under Section 24 of the Income Tax
Act. The amount you pay as stamp duty when you buy a house, and the amount you pay for the registration of the
documents of the house can be claimed as deduction under section 80C in the year of purchase of the house.
Tuition fees for 2 children Apart form the above major investments expenses for children’s education (Only
Tution Fee (for which you need receipts)), can be claimed as deductions under Sec 80C.
Equity Linked Savings Scheme (ELSS): There are some mutual fund (MF) schemes specially created for
offering you tax savings, and these are called Equity Linked Savings Scheme, or ELSS. The investments that you
make in ELSS are eligible for deduction underfixed deposits (FDs) of scheduled banks with tenure of 5 years are
5-Yr bank fixed deposits (FDs): Tax-saving Sec 80C.
also entitled for section 80C deduction.         5-Yr post office time deposit (POTD) scheme: POTDs are
similar to bank fixed deposits. Although available for varying time duration like one year, two year, three year and
five year, only 5-Yr post-office time deposit (POTD) – which currently offers 7.5 per cent rate of interest –qualifies
for tax saving underPension80C. Effective rate works outThis section – Sec 80CCC – stipulates that an
Pension Funds or section Policies – Section 80CCC: to be 7.71% per annum (p.a.) as the rate of interest is
investment in pension funds is eligible for deduction from your income. Section 80CCC investment limit is clubbed
with the limit of Section 80C – it means that the total deduction available for 80CCC and 80C is    Rs 1
Lakh.This also means that your investment in pension funds upto Rs.1 Lakh can be claimed as deduction u/s
80CCC. However, as mentioned earlier, the total deduction Bonds. These are issued by infrastructure
Infrastructure Bonds: These are also popularly called Infrau/s 80C and 80CCC can not exceed Rs.1 Lakh.
companies, and not the government. The amount that you invest in these bonds can also be included in Sec 80C
deductions.
NABARD rural bonds: There are two types of Bonds issued by NABARD (National Bank for Agriculture and
Rural Development): NABARD Rural Bonds and Bhavishya Nirman Bonds (BNB). Out of these two, only
Senior Citizen Savings Scheme 2004 (SCSS): A recent addition to section 80C list, Senior Citizen Savings
Scheme (SCSS) is the most lucrative scheme among all the small savings schemes but is meant only for senior
citizens. Current rate of interest is 9% per annum payable quarterly. Please note that the interest is payable
quarterly instead of compounded quarterly. Thus, unclaimed interest on these deposits won’t earn any further
interest. Interest income is chargeable to tax.P O R T A N T - A D V I S ES
                                            IM
 Mostly people gives estimated declaration at year starting to minimise their Tax Liabilities but could not
save up to last and face heavy burden in last months. Many of us start looking for investment avenues
only in February or March, just before the Financial Year is getting over. This is a big mistake! One, you
would end up investing your money without putting proper thought to it. And secondly, you would end
up losing the interest / appreciation for the whole year. Instead, decide where you want to make the
investments, and start investing right from the beginning of the financial year – from April. so it is
advisable to save from start on monthly basis through Bank ECS as a SAP . This way, you would not
only make informed decisions, but would also earn the interest for the full year from April to March.
 Clarification regarding deduction in respect
   of contribution to New Pension Scheme
Sub:                  F.No. 275/192/2009-IT in , New of contribution 9th February, 2010.
           Clarification regarding deduction (B)respectDelhi Dated the to pension scheme under Section 80
CCD – matter reg.
A number of representations have been received regarding deduction under Section 80 CCD for
contribution made under pension scheme in the light of Circular No-1 /2010 dated 11th Jan’2010
issued on the subject of Deduction of Tax at Source etc. of Section 80 CCD, deduction in respect of
It is clarified that in accordance with the provisions
contribution made by an individual in the previous year to his account under a pension scheme notified,
is allowed in computation of his total income –
(a) in the case of an employee, ten per cent of his salary in the previous year; and
        is further case, ten per cent of his Central Government or any other
(b) It in any otherclarified that where the gross total income in the previous year.employer makes any
2.
contribution to the account of employee for the pension scheme, the assessee shall also be allowed a
deduction in the computation of his total income of the whole of the amount contributed by the Central
Govt. or any other employer as does not exceed 10% of his salary in the previous year.
3. Salary for the purpose of above section (80 CCD) includes dearness allowance if the terms of
employment so provide, but excludes all other allowances and perquisites.
4. It is further clarified that aggregate limit of deduction under this section (80 CCD) along with Sections
80 C, 80 CCC shall not in any case exceed Rs. one lakh.
Yours faithfully,
(Ansuman Pattnaik) Director (Budget)
To,
All DDOs of Central Government, State Governments, CAG & other persons as per standard list

                             The was introduced by the Union (NPS)
The New Pension Scheme (NPS) New Pension Scheme Government in 2003. According to the
new scheme, employees appointed on or after January 1, 2004 will contribute 10 per cent of their Pay
and Dearness Allowance to the Pension Fund Regulatory and Development Authority under the Ministry
of Finance. An equal amount will be contributed by the Centre. The scheme is mandatory for
Government employees, but optional for other citizens of India. NPS merely declared that tax benefits
The Finance Act, 2011 has inserted a new Section 36 (1)(iva) with effect from assessment year 2012-
13 to provide that an assessee will get a deduction in respect of contribution towards a pension scheme
referred in Section 80CCD of the Act on account of an employee up to 10 per cent of the salary of the
employee in the previous year. For this purpose, 'Salary' means Basic+DA,
Imp -The term ‘employee' will include all employees including Director-employees.
Sec- 80CCD -The Finance Act, 2011 provides that contribution made by Employer "the Central
Government or any other employer" to NPS (up to 10 per cent of the salary of the employee )shall be
excluded while computing the limit of Rs1,00,000. But the contribution by the employee to the NPS will
be subject to the limit of Rs1,00,000.
                  Rajiv Gandhi Equity Savings scheme
                         Deduction under Section 80CCG
Finance Bill, 2012
A new scheme called Rajiv Gandhi Equity Savings scheme is proposed in the Union Budget
2012-13 to encourage flow of saving in financial instruments The scheme allows for income tax
deduction of 50 per cent to new retail investors, who invest up to Rs 50,000 directly in equities
and whose annual income is below Rs 10 lakhs. The scheme will have lock-in period of three

Newly inserted Section 80CCG provides deduction wef assessment year 2013-14 in respect of
investment made under notified equity saving scheme. The deduction under this section is
(a) The assessee is a resident individual (may be ordinarily resident or not ordinarily resident)
(b) His gross total income does not exceed Rs. 10 lakhs;
(c) He has acquired listed shares in accordance with a notified scheme;
d) The assessee is a new retail investor as specified in the above notified scheme;
(e) The investor is locked-in for a period of 3 years from the date of acquisition in accordance with the abo
(f) Amount of deduction - The amount of deduction is at 50% of amount invested in equity
shares. However, the amount of deduction under this provision cannot exceed Rs. 25,000. If
rdance with the above scheme;
  Deduction u/s 80D for Mediclaim Premium available to Individual,
Deduction in respect of Medical Insurance Premium (Mediclaim / Critical illness) paid to keep in force
insurance by individual either on his own your family Member should spouse, or meet with parents and your
A Mediclaim policy is a must because you or health or on the health of fall sick dependent an accident,
medical bills could wipe out your savings. So It is the only tool to protect. against heavy financial burden for
treatment in hospitals
For Inquire about MEDICLAIM POLICY from National Insurance - mail at - bpchoudhary@gmail.com
Informations about Mediclaim policy
1. Premium based on Age:
2. Who can take the Policy
3. Cover Age
4. How much Sum Insured can be taken ?
5. Deduction from Total Taxable Income
6. Partly contribution can be benefitted
7. Which Policies Premium is allowed?
8. What is the eligible amount of the deduction u/s 80 D ?
9. INDIVIDUAL MEDICLAIM POLICY from National Insurance Company Limited
10. what are the SALIENT FEATURES of Individual Mediclaim policy?
11. what are the PREMIUMS (as per sum insured & age group)?
12. Floater mediclaim Policy (PARIVAR) from National Insurance Company Limited
13. SALIENT FEATURES of PARIVAR (floater) Mediclaim policy?
14. PARIVAR Mediclaim policy Premium up to Age 35 Years
15 PARIVAR Mediclaim policy Premium for 36 to 45 years
16 PARIVAR Mediclaim policy Premium for 46 to 50 years
17. PARIVAR Mediclaim policy Premium for 51 to 55 years
18. PARIVAR Mediclaim policy Premium for 56 to 60 years
1. Premium based on Age: - The premium rates will vary among the insurers and will also depend on your age.
The older you are, the higher the premium. For example, Mediclaim policy from General Insurance Corporation has
2.fixed premium till 35Policy:and then it changes inor non resident, Indian Citizen or foreign citizen):- In case an
a Who can take the years - Individual (resident 10-year slabs.
individual is taking the deduction, the medical insurance policy can be taken in the name of any of the following: the
taxpayer or the spouse, parents or dependent children* of the taxpayer.                     Note - parents need not
beCover Age: on the Assessee,.parents of Individual or Spouse both are covered. years. However, the Policy can
3. dependent This insurance is available to a person between the age of 18 to 59
be renewed up to the age of 80 years. Children above the age of 3 months can be covered with the parents. male
child can be covered up to the age of 25 years. Female child can be covered up to the time, she is unmarried.
4. Sum Insured: Minimum sum insured shall be Rs 50,000/- and can be increased in multiples of Rs 25,000/-up to
RsDeduction from Total Income: - In addition to deduction u/s, 80C, This is an additional deduction available over
5. 5 lacs.
1,20,000.contribution: If part payment is done by you and part payment by the Spouse / parent, both can claim
6. Partly
deduction to the extent of their contribution subject to maximum allowed but amount should be paid directly to
insurance company and paid through mode other than by cash.
7. Which Policies Premium is allowed? : - Mediclaim premium paid under Medical insurance scheme of General
Insurance's Company approved by the Central Government, or any other insurer approved by the Insurance
Regulatory & Development Authority (IRDA). Or Critical illness Cover / Health Insurance by Life Insurance's
Companies. eligible amount of the deduction?
8. What is the
Basic deduction: Mediclaim premium paid for Self, Spouse or dependant children. Maximum deduction Rs
15,000.Premium paid for Parents Maximum deduction Rs 15,000. In case any of the persons is a senior citizen
(i.e. 65 years or more as of end of the year) and Mediclaim Insurance premium is paid for such senior citizen,
deduction amount is enhanced to Rs. 20,000.


                     NATIONAL INSURANCE COMPANY LTD.
                                1. INDIVIDUAL MEDICLAIM POLICY
Provides protection to individuals, families, employers, employees against heavy financial burden for
treatment in hospitals for illness, disease accident, whether involving surgery or not.
                              With Tax Saving other than saving of 80C (1, 20,000)
1. SALIENT FEATURES
       The policy cover reimbursement of Hospitalisation expenses for illness/diseases or injury sustained.
       Pre & Post hospitalization expenses incurred 30 days before & 60 days after hospitalisation are reimbursed.
       Photo identification card for cashless medical benefits over networked hospitals across the country or reimburse
       NO Medical Tests required up to 50 years.
       Family Discount - 10% in the total premium allowed when insured & any one or more member are covered.
       Cumulative Bonus: Sum insured shall be progressively increased by 5% in each claim free year up to 50%.
       Reimbursement of cost of medical checkup (up to 1% of the average Sum Insured).
       Tax Benefits - Under Sec 80D.
       Sum Insured Rs 50,000/- up to Rs 5 lacs.
       TPA option: The premium includes cashless facility through TPA. If the policyholder does not require Cashless facilit


                      SUM                   From         From       From        From           From          From    From
                    INSURED      0-25       26-35        36-45      46-55       56-65         66-70          71-75   76-80
                                 YRS         YRS         YRS         YRS         YRS           YRS            YRS     YRS
                       Rs.       Rs.          Rs.         Rs.        Rs.          Rs.           Rs.           Rs.      Rs.
                      50000      541          710         956       1635         2158          2688          2881     3555
                      75000      785         1031        1386       2371         3125          3886          4162     5126
                     100000     1049         1377        1852       3161         4180          5196          5567     6890
                     125000     1292         1696        2282       3909         5173          6436          6945     8751
                     150000     1536         2016        2713       4656         6165          7677          8323    10611
                     175000     1755         2304        3101       5351         7094          8847          9633    12402
                     200000     1975         2592        3488       6045         8025         10019          10941   14193
                     225000     2170         2848        3832       6685         8893         11122          12182   15917
                     250000     2365         3104        4177       7326         9761         12224          13422   17638
                     275000     2560         3360        4521       7967        10629         13326          14662   19362
                     300000     2755         3616        4866       8608        11498         14429          15902   21083
                     325000     2926         3840        5168       9196        12303         15461          17074   22737
                     350000     3096         4064        5469       9782        13110         16496          18245   24391
                     375000     3267         4288        5771       10371       13915         17528          19417   26044
                     400000     3438         4512        6071       10957       14722         18563          20587   27698
                     425000     3608         4736        6373       11545       15527         19595          21760   29351
                     450000     3779         4960        6675       12132       16334         20630          22930   31005
                     475000     3950         5184        6977       12720       17140         21662          24102   32659
                     500000     4120         5408        7277       13307       17947         22687          25273   34312
                                Service Tax 10.3% of the premium to be added (after family discount if applicable)




                  NATIONAL INSURANCE COMPANY LTD.
           2. PARIVAR – ( FLOATER ) MEDICLAIM for FAMILIES
This is a Family Floater Health Insurance Policy, Entire family is covered under single Sum Insured. (Family
means Self, Spouse & two dependant children up to an age of 25 years.) [Parents are not covered]
The Policy covers reimbursement of Hospitalisation expenses for illness/diseases contracted or injury. In
the event of any claim becoming admissible under the policy, the Company either pays to the
Hospital/Nursing Home through TPA or directly to the insured if TPA service is not availed by the insured.
 1. SALIENT FEATURES
         The policy cover reimbursement of Hospitalisation expenses for illness/diseases or injury
         Pre & Post hospitalization Medical expenses incurred 15 days before & 30 days after hospitalisation
are also reimbursed.
           Photo identification card for cashless medical benefits over networked hospitals across the country or reimburse
          Age- Persons between the ages of 3 months to 60 years are eligible.
 NO Medical Tests required up to 60years.
 Pre-Existing Diseases will be covered after 4 continuous Claim free year.
Hospitalisation expenses of person donating organ during the course of Organ Transplant                 are also covere
Tax Benefits - Under Sec 80D. Premium given by you will be fully deducted from Taxable Income.
Sum Insured Rs 2Lacs to Rs 5 Lacs.
In case any member of the family is suffering from hypertension or diabetes, will be covered after paying10% extra pre
In case any member of the family is suffering from hypertension and diabetes, will be covered after paying 25% extra p
                                    Premium Chart
Up to 35 years

      Sum           Self         Spouse        1st Child     2nd Child     2 Adults +    2Adults +
    Insured                                                                  2 Kids        1 Kid
      (Rs.)                       25%            20%           20%
    2,00,000        2469           617            494           494          4074          3580
    2,50,000        2956           739            591           591          4877          4286
    3,00,000        3444           861            689           689          5683          4994
    3,50,000        3870           968            774           774          6386          5612
    4,00,000        4297          1074            859           859          7089          6230
    4,50,000        4723          1181            945           945          7794          6849
    5,00,000        5151          1288           1030          1030          8499          7469

36 to 45 years

       Sum           Self        Spouse        1st Child      2nd Child    2 Adults +    2Adults +
     Insured                                                                 2 Kids        1 Kid
       (Rs.)                       30%           20%            20%
     2,00,000        2683          805           537            537           4561          4025
     2,50,000        3213          964           643            643           5462          4820
     3,00,000        3743          1123          749            749           6363          5615
     3,50,000        4207          1262          841            841           7152          6311
     4,00,000        4670          1401          934            934           7939          7005
     4,50,000        5135          1541          1027           1027          8730          7703
     5,00,000        5598          1679          1120           1120          9517          8397

46 to 50 years

       Sum           Self         Spouse        1st Child     2nd Child    2 Adults +     2Adults +
     Insured                                                                 2 Kids         1 Kid
       (Rs.)                       35%            20%           20%
     2,00,000        4290          1502           858           858            7508         6650
     2,50,000        5200          1820           1040          1040           9099         8060
     3,00,000        6108          2138           1222          1222          10690         9468
     3,50,000        6942          2430           1388          1388          12149         10760
     4,00,000        7776          2722           1555          1555          13608         12053
     4,50,000        8610          3013           1722          1722          15067         13345
     5,00,000        9444          3305           1889          1889          16526         14637


 51 to 55 years
           Sum         Self       Spouse      1st Child      2nd Child   2 Adults +   2Adults +
         Insured                                                           2 Kids       1 Kid
           (Rs.)                   40%          20%            20%
         2,00,000      4485        1794         897            897          8073       7176
         2,50,000      5436        2174         1087           1087         9785       8698
         3,00,000      6386        2554         1277           1277        11495       10218
         3,50,000      7258        2903         1452           1452        13064       11612
         4,00,000      8129        3252         1626           1626        14633       13007
         4,50,000      9001        3600         1800           1800        16202       14402
         5,00,000      9873        3949         1975           1975        17771       15796


     56 to 60 years

            Sum         Self       Spouse      1st Child     2nd Child   2 Adults +   2Adults +
          Insured                                                          2 Kids       1 Kid
            (Rs.)                   40%         20%            20%
          2,00,000      5127        2051        1025           1025         9228        8203
          2,50,000      6236        2495        1247           1247        11226        9978
          3,00,000      7346        2938        1469           1469        13223        11754
          3,50,000      8375        3350        1675           1675        15076        13401
          4,00,000      9406        3762        1881           1881        16931        15049
          4,50,000     10436        4175        2087           2087        18785        16698
          5,00,000     11466        4586        2293           2293        20638        18345


     NOTE: - Service Tax 10.03% of the premium to be added


For Inquire about MEDICLAIM POLICY from National Insurance - contact me at - bpchoudhary@gmail.com ph: 9811
on are reimbursed.
he country or reimbursement of Hospitalisation expenses.

 er are covered.
year up to 50%.




 require Cashless facility then 6% discount on premium




he country or reimbursement of Hospitalisation expenses.
        are also covered


ter paying10% extra premium on the total premium.
after paying 25% extra premium on the total premium.
y@gmail.com ph: 9811302497, 9211125587
                                    by B.P.Choudhary (Tax Consultant)
                                   Calculate your Tax in less than 5 Minutes
        Latest Version 7.1 for Financial year 2012- 13 , Assessment year 2013-14
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