NATIONAL INSTITUTE OF TECHNOLOGY CALICUT
Sub: - Deduction of Income Tax from salaries during 2008- 2009 (Assessment Year 2009- 10)
Members of staff whose gross salary income during 2008-2009 would exceed
Rs.1, 50,000/- for men and Rs.1,80,000 for women are requested to furnish a statement in the
Proforma appended with relevant documents in original, so as to reach Accounts Section on
or before 14-11-2008. In case the statement is not furnished within the above mentioned date,
income tax for the year 2008-2009 will be computed on the basis of the details available in the
relevant office records and recovery effected accordingly from the salary for November 2008
2. Loss under the head “Income from House Property” being interest on House Loan may be claimed
as deduction (Section 192(2B)). The maximum amount of eligible for such deduction is Rs.30, 000
for housing loans taken for construction or acquisition of residential building upto 31.03.99 and
Rs.1, 50,000/- for housing loans availed for construction or acquisition of residential building
from 01.04.1999 for the year 2008-09. Certificate to this effect from the person to whom the
interest is payable specifying the amount of interest payable has also to be obtained and furnished
in original. The higher rate (Rs.1, 50,000/-) is not available for loans taken for repairs/renovation.
3. In order to allow deduction towards rent paid, as per Sl.No.5 of the Proforma, the officials
concerned should produce rent receipts along with the statement of income. Deduction will not be
considered if rent receipt in original is not produced. Salary for regulating the exemption for HRA
includes DP and DA if the terms of employment so provide, but excludes all other allowances and
4. Medical reimbursement by the employer exceeding Rs.15000/- p.a is to be taken as perquisite u/s
17(2)(V) of Income Tax Act.
5. Important deductions under Chapter VI-A of Income tax Act are:
I.T Amount of
Aggregate of amount paid/ incurred/invested towards
any of the following:
a. Premium paid towards Life Insurance Policy not
exceeding 20% of the total Sum Assured.
b. Any annuity or Deferred Annuity Plan
1 80C c. Contribution towards approved Provident Fund Up to Rs.1, 00,000
d. Subscription towards National Saving Certificate
e. Contribution to UTIs Retirement Benefit Plan.
f. Investment in UTIs Unit Linked Insurance Plan
g. Approved Mutual Fund Investment
h. Repayment of Housing Loan Principal towards
Self-occupied Residential Property
i. Payment of Tuition fees towards any two children
of the assessee
j. Investment in Equity Linked Savings Scheme /
approved Infrastructure Bonds
k. Investment in Pension Fund / Deposit Scheme of
National Housing Bank Under Home Loan
l. Fixed Deposit of any Scheduled Bank /Housing
Finance Co. for not less than 5 years
m. Investment in Equity Shares Debentures of
approved Public Finance Instn. or Company
2 80 CCC Premium paid towards IRDA approved Pension Fund Up to Rs.1, 00,000
Amount paid/deposited in an approved Pension
Up to10% of Salary
Scheme of Central Government
& matching contribution made by the Employer to
Up to 10% of Salary
the Pension A/c of individual.
Aggregate of deduction u/s 80C, 80CCC & 80CCD
4. 80 CCE ----
shall not exceed Rs.1 lakh.
a. Medical Insurance Premium paid by any mode
5 Up to Rs. 15,000
80 D other than cash.
b. For Senior Citizens Up to Rs. 20,000
a. Any expenditure for Medical, Nursing &
Rehabilitation incurred on dependent relative Upto Rs.50, 000 if
suffering from permanent Physical Disability, disability is over
6 80DD Autism, Cerebral Palsy and Multiple disability 40% & Rs.75, 000 if
b. Deposits under LIC, UTI’s Scheme & other IRDA disability is over
approved Insurers for the benefit of Physically 80%
a. Actual expenditure incurred on medical treatment
of self, or dependent relative suffering from
Upto Rs.40, 000
7 80 DDB terminal diseases like Cancer, AIDS, Renal failure
Upto Rs.60, 000
b. For Senior Citizens.
Interest on repayment of Loan taken from
charitable / financial institution for Self, Spouse, Any amount of
Children Higher Education for a maximum of interest
a. Donation paid to P.M.Relief fund, National
Defence Fund, Funds of Universities or
Educational Institution of National Fame, National
admissible U/s 80G
Trust for welfare of persons with Autism, Cerebral
will have to be
Palsy, Mental retardation and multiple disabilities
9 80G claimed by the
b. Donations to National Children fund, Jawaharlal
tax payer in the
Lal Nehru memorial fund, P.Ms Drought Relief
return of income.
Fund, Any Charitable / Religious Institutions,
Corporation established for promoting interest of
the members of a minor community.
Deduction in respect of rents paid provided no Lowest of actual
house is owned by self, spouse or minor child amount of HRA
in the place of work and is residing in any of received or Rs.2000
the specified cities. The officials concerned per month or rent
should produce rent receipts with declaration paid in excess of
in Form10BA 10% of total income
subject to a ceiling
of 25% thereof.
Persons suffering from permanent physical Rs.50, 000 if
Disability and includes Autism, Cerebral Palsy, disability is over
11 80U Multiple Disability, Person with Disability 40% and Rs.75, 000
and Severe Disability if disability is over
Deductions under Chapter VI-A will be allowed only on production of relevant documents in
Rates of income tax for the Year 2008-2009 are given below for information.
Annual income from all Income tax Rates for
Male Women Sr.Citizen Education Surcharge
(After all exceptions &
below 65 below 65 65 years Cess
Yrs Yrs. and above
Upto 1,50,000 Nil Nil Nil Nil Nil
1,50,001 – 1,80,000 10% Nil Nil 3% Nil
1,80,001 – 2,25,000 10% 10% Nil 3% Nil
2,25,001 – 3,00,000 10% 10% 10% 3% Nil
3,00,001 – 5,00,000 20% 20% 20% 3% Nil
5,00,001 and above 30% 30% 30% 3% $
$ Surcharge on income beyond Rs.10, 00,000 is charged at 10%.
6. Permanent Account number (PAN) is to be invariably mentioned in the statement of income tax,
as required by the Income tax Department.
7. As per Para 3.3.1 of Circular No.9/2008 [FNo.275/192/2008 – IT (B)] of CBDT, the income tax
will be deducted by the DDO on average basis at the time of each payment. For working out the
average monthly income tax, deduction will be considered to the extent to which proof for such
deduction has been furnished by the assesse to the satisfaction of the DDO.
* Circular and format will be available in the NITC website.
NATIONAL INSTITUTE OF TECHNOLOGY CALICUT
STATEMENT OF INCOME TAX FOR THE FINANCIAL YEAR 2008-2009
1 Name, Designation and Emp.Code :
2 Permanent Account Number :
3 Pay as on 01-03-2008 Rs. : FOR OFFICE USE
4 i) Probable income from salary/Pension during
2008-2009 including all allowances
Salary (Pay, DA, CCA, Tr.All.) Rs.
ii) Employer’s contribution towards New Pension
Scheme during the Financial Year 2008-09. Rs.
iii) Honorarium Rs.
iv) Bonus/Arrears Rs.
v) Reimbursement of medical claim received in Rs.
excess of Rs.15,000/-
5 Less: House Rent Allowance exempt U/s 10 (13A)
(a) :Least of :
(i) Actual Amount of HRA received
(ii) Expenditure of rent in excess of 10% of
salary subject to a ceiling of 25% thereof.
(Indicate the amount of rent paid Rs…)
(b) i) Transport Allowance
6 Balance (4-5) Rs.
7 Professional tax paid Rs.
8 Balance (6-7) Rs.
9 a) Income from House Property:
Interest payable on loan U/s 24 (-) Rs.
b) Income from other source (NSC Interest etc.)(+) Rs
10 Deductions under Chapter VI-A, if any vide Para 3
Sl.No.5 – 11 of circular. (-) Rs.
11 TOTAL INCOME Rs
12 Deduction U/s 80 C Office use
GPF Contribution Rs.
Five -Year Bank Fixed Deposit Rs.
LIC/ULIP/PLI (Policy No…………………) Rs.
Refund of HBA (Principal) Rs.
Interest on NSC
(Show amount and year of related deposits also) Rs.
Tuition fees for full time education of children
(for two children) Rs.
Subscription to equity shares or debentures forming
Part of Capital (approved) of public companies
notified for clause xvi known as infrastructure bonds.
Subscription to mutual funds approved Rs.
13 Deduction u/s 80CCC contribution to Pension Fund Rs.
Deduction u/s 80CCD. Contribution to the New Pension
14 Scheme up to 10% during the financial year 2008-09 by
i) Employee Rs.
ii) Employer Rs.
Section 80CCE (12+13+14)
15 (Maximum qualifying amount is Rs.1, 00,000/-)
16 Total Taxable income (11-15) Rs.
17 Tax on total income Rs.
18 Relief under Chapter VIII B
Relief u/s 89 (1) for arrears if any (give Form 10E) Rs.
19 Balance Tax payable (17-18) Rs.
20 Education cess @2% Rs.
21 Secondary and Higher Education Cess @1% Rs.
22 Total (19+20+21)
23 Tax deducted at source Rs.
24 Tax to be paid Rs.
Signature & Date: