How Much Deduction of Lic in Income Tax India - PDF

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					                                                                                                              2010‐2011 




                 कद्रीय प्रदषण िनयंत्रण बोडर्, िद ली
                            ू
                                                                 े
                          (पयार्वरण एवं वन मंत्रालय, भारत सरकार क अंतगर्त एक वायत सं था)
                           ‘ पिरवे श - भवन ’, पू वीर् अजुर् न नगर शाहदरा , िद ली - ११० ०३२

File No. AC-101/05/VG/2010-11/                                                                  अक्टू बर २५ , २०१०



                                                          पिरपत्र
Subject:      Declaration of Tax Savings and other income during the financial year 2010-2011

As per Income Tax Act as amended by Finance Act 2010, every Employer is responsible to calculate tax liability on
the salary disbursed by him during the financial year 2010-2011 and to deduct due tax from the salaries of employees
on monthly basis and to deposit with the Govt. account within the specified due date. It is also clarified in this
amendment that every employer will deduct income-tax as per the enclosed table or 20%, whichever is higher,
from the entire salary of employees, who are not having/providing verified copy of PAN number, without giving
any rebate/deduction/exemption whatsoever, under various section(s) of the Income Tax Act (effective from
01.04.2010 section 206AA).

The details of savings under various sections of Income Tax Act should be submitted by employees in 2 phases to
F&A Division of CPCB-HO at Delhi.

Under ‘First Phase’ Employee may furnish details of savings as per the enclosed formats (annexure -1 & II) latest by
30 th November 2010 along-with the documentary evidence of the savings made till November 30 th 2010, duly counter-
signed.

Details of proposed savings after November 2010 may also be intimated in the column provided for. Documentary
evidence of the savings (after Nov. 2010) which were proposed earlier in the declaration, mentioning CP No., may be
submitted only once, in the ‘Second Phase’ in the subsequent months but before 10th February 2011 positively.

Multiple & in piece-meal ‘Saving-receipts’ at different intervals will not be considered in any case.

In case, no information is received by November 30 th 2010, it will be presumed that employee has no
information/details of savings to furnish and due tax will be deducted on the basis of the information available with the
Finance & Accounts Division.

                                                                                                          (M.S. Bansal)
                                                                                                        Accounts Officer
                                                                                                             & I/C F&A
Encl.: As above
Copy to:
    1. PS to CCB: - For kind information of CCB.
    2. PS to MS: - For kind information of MS.
    3. Divisional Incharge –
          For his information and circulation in his division please.
    4. Incharge, Zonal Office –
          For his information and circulation in Zonal Office please.
    5. Notice Board
    6. Master file

 

                                                                                                         1
                                                                                                         2010‐2011 

                                                                             Category Name: A / Q / B / C / D
                                                                                      L / G / O /M / K /H
                                                                                      ( As mentioned in the pay slip )

                                                                            From: CP No.__________________

                                                                                     Name__________________
                                                                                    Date: __________________


      To,

      The Accounts Officer &
      Incharge F&A Division,
      Central Pollution Control Board,
      ‘Parivesh Bhawan’
      East Arjun Nagar, Shahahdara,
      Delhi-110032

      Subject : - Declaration of Tax Savings and other income during the financial year 2010-2011

    Sir,

    Please find enclosed herewith my declaration of tax savings and other income during the financial year
    2010-2011 in annexure-I and annexure-II duly supported with the documentary evidence and duly
    verified. I also certify that particulars furnished by me are correct and true to the best of my knowledge
    and belief. I also certify that these savings have been made by me from my own salary income
    /sources.

    The ‘Second-Phase’ savings evidences, which are being declared now in the First Phase, will be
    submitted by me latest by 10 th February 2011. I understand if I am unable to submit the saving
    declaration by November 30 th 2010 & IInd phase savings evidences by 10 th February 2011, duly
    verified, due tax may be deducted from my salary for the month of February and March 2011 without
    any further intimation to me.

    Thanking you

    Encl. Annexure –I and II

                                                                                                  Yours faithfully



                                                                             Signature__________________

                                                                              CPCB Extn. No.____________

                                                                               Mobile No.________________




 

                                                                                                   2
                                                                                                                                   2010‐2011 

                                                                                                                        Annexure -1
CP No.      नाम (Name)                               पदनाम (Designation)                           PAN No.                                              
                                                                                                   (Encl. copy of PAN Card) 




            Place of Posting                         Category HO: (as mentioned on salary slip)    Category ZO: (as mentioned on salary slip) 
                                                     A  /  B  /  C  / D  /  Q                      L  /  G  /  O  / M  /  K  / H 


Particulars for other income and savings: 
(I) Income from house property (Give full details) 
    01  Name  of  the  owner  &  Co‐owner  of  the  House
        Property                                                     :
    02  Address of House Property 
          (Enclose documentary evidence)                             :
    03  Whether  it  is  a  purchase  of  ready  built 
        flat/house  or  a  semi‐built  up  house  or  a  piece       :
        of land on which house is constructed 
    04  Whether  Housing  loan  taken,  if  yes,  give  the 
        name  &  address  of  the  bank/  organisation  &            :
        date  of  loan  (provide  sanction  /  disbursement 
        letter from bank) 
    05  Date  of  possession  of  house  along  with 
        completion certificate                                       :
    06  Whether  the  House  Property  is  Self  Occupied 
          (Yes or No)                                                :
    07  Whether any part of this House Property is let 
        out  during  the  financial  year?  If  yes,  give 
        details. 
    08  Housing  Loan  Interest  Due/Paid/to  be  paid 
        during  the  Financial  Year  ending  31 st   March          :
        2011 
        (Attach  prescribed  certificate  from  Money 
        Lender bank / Organisation) 
    09  Out  of  the  above  Housing  Loan  interest,  how 
         much is being claimed this year as deduction                :
    10  Whether  Co‐applicant  is  claiming  any 
          deduction from his/her income 
    11  Interest  on  HBA  for  Pre‐construction  period 
          claimed during this year                                   :
    12  Source(s)  for  repaying  the  Housing  Loan 
          (Principal and Interest, both)                             :
    13  In  case  of  Co‐owner/Co‐borrower,  Give  full 
            details  about  his/her  employment  /                   :
            profession in a separate sheet 
     14     Whether House Property is declared in Annual 
            Declaration  of  property  statement  to  CPCB           :
            (Yes or No) 
          
(II)       Other Income:                   
       (On self‐certification basis) 
    1. Honorarium received during the year:  __________________________________________________ 

    2. Saving Bank/FDR etc Interest during the year:  ___________________________________________ 

 

                                                                                                                           3
                                                                                                                    2010‐2011 

    3. CPCB T/C Society interest received                     :_______________________________________________ 

    4. Monitoring Allowance received during the year                              :__________________________________ 

    5.         Medical Bill Reimbursement( without hospitalization), 

                if taken more than Rs. 15,000/‐ during the year: _______________________________________ 

    6. Agricultural Income. (if more than Rs. 5,000 during the year):_____________________________ 
       (For determination of tax rate purposes only) 
     



    7. Any Other income (Give Full Details)                    

               (a)…………………………………..                             :          ______________________________________ 

               (b).………………………………….                             :          ______________________________________ 

               (c)…………………………………..                             :          ______________________________________ 

(III) Employees,  who  are  in  receipt  of  house  rent  allowance  (HRA)  and  want  to  get  exemption  of 
      HRA  under  section  10  (13A)  in  computing  of  total  income,  should  furnish  the  following 
      particulars: 
        i)       Monthly rent (receipts must be enclosed in                   :     
                 the prescribed pre‐printed format) 
                 Computer generated receipts will not be considered.  

        ii)      Name, Address & Telephone No. of House                       :     
                 Owner 
    iii)         PAN Number of House Owner                                    :     
        iv)      Address of House taken on rent                               :     




        v)       Total Amount of rent paid / will be paid during  :                 
                 the financial year 2010‐11 
 

Certified  that  the  particulars  furnished  by  me  in  annexure‐I  are  correct  and  true  to  the  best  of  my  knowledge 
and belief. 

Date: 

                                                                                              Signature___________________ 

                                                                                               Name______________________ 

                                                                                         CPCB Intercom Extension No.________ 

                                                                                              Mobile No.__________________ 




 

                                                                                                               4
                                                                                                    2010‐2011 

                                                                                                  Annexure‐II

DEDUCTION UNDER CHAPTER VI‐A IN RESPECT OF PAYMENTS:  
Deduction  Under  Section  80  (C),  80‐CCC  and  80‐CCD (aggregate  amount  of  Maximum  amount  of 
Deduction Rs. 1,00,000/‐ or the amount of investment, which ever is lower) 
Sl No.       Nature of Deduction                                            Amount of Investment
                                                                          Savings            Proposed 
Deduction under Section 80 (C):                                            up to              Savings  
                                                                             th
                                                                     Nov 30  2010         after Nov. 30 th   
                                                                     (Attach photocopy)        2010 
(1)          Life Insurance Premium (minimum holding period 2 years) 
                 Name         of        Policy No.      Sum Assured /          Premium             Premium 
                 Insurance Co.                           policy term            Amount              Amount
                                     
                                     
                                     
                                     
                                     
                                     
                                     
              




(2)          Employees  Contribution  to  CPF  – Compulsory  and 
             Voluntarily  both  but  do  not  include  repayment  of 
             loan 
(3)          Contribution  for  participating  in  ULIP  of  UTI,  LIC  etc 
             (minimum holding period 5 years) 
(4)          Contribution to Notified Mutual Funds
(5)          Any  Payment  towards  the  cost  of  purchase / 
             construction  of  a  residential  property  (including 
             repayment  of  loan  taken  from  Govt.,  Banks,  Co‐
             operative  banks,  LIC,  National  Housing  Bank,  CPCB), 
             but  does  not  include  the  cost  of  any  addition  or 
             alteration  or  renovation  or  repair  of  the  house 
             property  which  is  carried  out  after  the  issue  of 
             completion  certificate  or  the  house  property 
             occupied  by  the  assessee  or  any  other  person  on  his 
             behalf or has been let out. 
             (minimum holding period 5 years) 
(6)          Recognised Mutual Funds
(7)          Amount  deposit  in  five  year  time  deposit  scheme  of 
             post office 
(8)          Amount  deposit  in  a  fixed  deposit  for  5  years or 
             more with schedule bank under tax saving scheme 
(9)          Amount  invested  in  approved  debentures  of,  and 
             equity  shares  in,  a  public  company  engaged  in 
             infrastructure including power sector 

 

                                                                                              5
                                                                                                  2010‐2011 

(10)              Any  sum  paid  as  tuition  fees  (not  included  any 
                  payment  towards  development  fees  /  donation  / 
                  payment  of  similar  nature)  whether  at  the  time  of 
                  admission  or  otherwise  to  any  University  /  College 
                  /Educational  Institution  in  India  for  full  time 
                  education of any two children of an assessee. 
(11)              Subscription  to  National  Savings  Certificates,  VIII 
                  issue 
                      Date of Purchase                 Amount of NSC
                       
                       
                       
                   




(12)              Accrued  Interest  on  NSC (which  is  deemed  as  re‐
                  invested)  is  also  qualified  for  deduction  for  first  5 
                  years 
                      Date of Purchase                 Amount of NSC
                       
                       
                       
                   




(13)              Contribution  (not  being  repayment  of  loan)  towards 
                  15 years  PPF (No  Maximum  ceiling  under the  Income 
                  Tax  Act.  But,  according  to  PPF  Scheme,  Maximum 
                  contribution to PPF is Rs. 70,000) 
(14)              Payment  in  respect  of  any  non  commutable  deferred 
                  annuity (UTI,LIC, Kothari) 
(15)              Contribution  towards  an  approved  superannuation 
                  fund 
Deduction under Section 80 (CCC):
(1)               Pension fund (Maximum Rs. 1,00,000/‐)
                      Name of Fund         Date        of  Amount      of 
                                           Investment      Investment 
                                            
                                            
                                            
                   




Deduction under Section 80 (CCD):
(1)               Employees’  contribution  to  New  Pension  scheme  of 
                  Central Govt. (upto 10% of BP+DP+DA) 
Deduction under Section 80 (CCF):  
(FOR FINANCIAL YEAR 2010‐2011 ONLY) This is in addition to the deduction of Rs. 1,00,000/‐ 
u/s 80‐C, 80‐CCC & 80‐CCD.

(1)               Subscription  to  Notified  Long  term  Infrastructure 
                  Bonds.  Max  limit  Rs.  20,000/‐if  made  through  the 
                  followings designated Organisation: 
                      (i) Industrial Finance Corporation of India;  
                      (ii)   Life Insurance Corporation of India;  

 

                                                                                              6
                                                                                     2010‐2011 

                  (iii) Infrastructure      Development       Finance 
                         Company Limited; and  
                 (iv)  A  Non‐Banking  Finance  Company  classified  as 
                         an  infrastructure  finance  company  by  the 
                         Reserve  Bank  of  India;  as  “Long‐term 
                         Infrastructure  Bond”  for  the  purpose  of 
                         section 80CCF of the Income Tax Act, 1961 
Deduction under Section 80‐D:
(1)           Medical insurance Premia:
                (i) Part  I:  A  deduction  upto  Rs.  15,000  on  the 
                         life  of  taxpayer,  his/her  spouse  and 
                         his/her dependent children; 
                (ii) Part  II:  Further  a  deduction  upto  Rs.  15,000 
                         is  available  on  the  life  of  father  and  /  or 
                         mother of the taxpayer. 
                  (iii) An  a dditional  deduction  of  Rs.  5,000/‐ 
                       available  if  medi‐claim  policy  is  taken 
                       on  the  life  of  a  resident  who  is  at  least 
                       65  years  of  age  at  any  time  during  the 
                       pervious year.  
Deduction under Section 80‐DD:
(1)           Maintenance  including  medical  treatment  of  a 
              handicapped  dependent  (having  any  disability  of  not 
              less than 40%) ‐ maximum Rs. 75,000 
Deduction under Section 80‐DDB:
(1)           Deduction  of  Rs.  40,000  in  respect of  medical 
              expenditure incurred  
              Expenditure  must  be  actually  incurred  by  resident 
              assessee  on  himself  or  dependant  relative  for 
              medical  treatment  of  specified  disease  or  ailment. 
              The  diseases  have  been  specified  in  Rule  HDD.  A 
              certificate  in  form  101  is  to  be  furnished  by  the 
              assessee  from  any  registered  doctor  working  in  a 
              Govt.  Hospital)  subject  to  reduction  of  amount 
              reimbursed by any Insurance company or CPCB 
Deduction under Section 80‐E:
(1)           Payment of Interest on loan taken for higher studies: 
              Entire  payment  of  interest  is  deductable  for  a 
              maximum  period  of  8  years  or  until  the  above 
              interest paid in full, whichever is earlier 
Deduction under Section 80‐G: 
Attention  is  invited  for  all  for  claiming  exemption  u/s  80‐G  as 
circulated  by  Income  Tax  Department,  which  is  reproduced  as 
follows: 
“In respect of section 80G, no deduction should be allowed by the 

 

                                                                                 7
                                                                                                                        2010‐2011 

employer/DDO,  from  the  salary  income  in  respect  of  any 
donations  made  for  charitable  purposes.  The  tax  relief  on  such 
donations  as  admissible  u/s  80G  will  have  to  be  claimed  by  the 
taxpayer  in  the  return  of  income.  However,  DDOs,  on  due 
verification,  may  allow  donations  to  the  following  bodies  to  the 
extent of 50% of the contribution”: 
 

a) The Jawaharlal Nehru Memorial Fund; 
b) The Prime Minister's Drought Relief Fund; 
c) The National Children's Fund; 
d) The Indira Gandhi Memorial Trust; 
e)  The  Rajiv  Gandhi  Foundation,  and  to  the  following  bodies  to  the  extent  of  100% 
of the contribution: 
1) The   National   Defence   Fund   or   the   Prime Minister's National Relief Fund; 
2) The Prime Minister's Armenia Earthquake Relief Fund; 
3) The Africa (Public Contribution‐India) Fund; 
4) The   National   Foundation   for   Communal Harmony; 
5) The Chief Minister's Earthquake Relief Fund, Maharashtra; 
6) The National Blood Transfusion Council; 
7) The State Blood Transfusion Council; 
8) The Army Central Welfare Fund; 
9) The Indian Naval Benevolent Fund; 
10) The Air Force Central Welfare Fund; 
11) The Andhra Pradesh Chief Minister's Cyclone Relief Fund, 1996; 
(12) The National Illness Assistance Fund; 
(13)  The  Chief  Minister's  Relief  Fund  or  Lieutenant  Governor's  Relief  Fund,  in 
respect  of  any  State  or  Union  Territory,  as  the  case  may  be,  subject  to  certain 
conditions; 
(14)  The  University  or  educational    institution    of  national  eminence  approved  by 
the prescribed authority; 
(15) The National Sports Fund to be set up by the Central Government; 
(16) The National Cultural Fund set up by the Central Government; 
(17)  The  Fund  for  Technology  Development  and  Application  set  up  by  the  Central 
Government; 
(18)  The  national  trust  for  welfare  of  persons  with  autism,  cerebral  palsy  mental 
retardation and multiple disabilities . 
Kindly check the eligibility from the above list before putting any 
amount against this column.
DEDUCTION UNDER CHAPTER VI‐A IN RESPECT OF CERTAIN INCOMES:  
Deduction under Section 80‐U:
(1)                Income  of  a  person  with  disability  with  not  less  than  40% 
                   of  any  disability  given  in  the  aforesaid  section  and 
                   submission  of  a  copy  of  certificate  issued  by  Medical 
                   Authority  Certificate  should  be  obtained  from  a  Govt. 
                   Doctor.  The  relevant  rule  is  Rule  11D.  (Format  may  be 
                   taken  from  F&A  Division,  if  required):  subject  to  certain 
                   conditions and subject to fixed deduction of Rs. 50,000.  
                   A  higher  deduction  Rs.  75,000/‐  is  available  in  respect  of 
                   person with severe disability over 80%  
Certified that the particulars furnished by me in annexure-II are correct and true to the best of
my knowledge and belief.

Date:                                                                                              Signature___________________

                                                                                                   Name______________________

                                                                                       CPCB Intercom Extension No.________

                                                                                                   Mobile No.__________________


 

                                                                                                                    8
                                                                                    2010‐2011 

              Income Tax Rates for the financial year 2010-2011

For Female Assessee

Upto Rs. 1,90,000/-       NIL

Rs. 1,90,001/- to Rs.     @ 10% of (total income minus Rs. 1,90,000) + Education Cess @ 2%
5,00,000/-                of Income Tax + Secondary & Higher Education Cess @ 1% of
                          Income Tax

Rs. 5,00,001/- to Rs.     Rs. 31,000/- + 20% of (total income minus Rs. 5,00,000)+ Education
8,00,000/-                Cess @ 2% of Income Tax + Secondary & Higher Education Cess @
                          1% of Income Tax

Rs.   8,00,001/-      &   Rs. 91,000/- + 30% of (total income minus Rs. 8,00,000)+ Education
above                     Cess @ 2% of Income Tax + Secondary & Higher Education Cess @
                          1% of Income Tax



For Male Assessee

Upto Rs. 1,60,000/-       NIL

Rs. 1,60,001/- to Rs.     @ 10% of (total income minus Rs. 1,60,000) + Education Cess @ 2%
5,00,000/-                of Income Tax + Secondary & Higher Education Cess @ 1% of
                          Income Tax

Rs. 5,00,001/- to Rs.     Rs. 34,000/- + 20% of (total income minus Rs. 5,00,000)+ Education
8,00,000/-                Cess @ 2% of Income Tax + Secondary & Higher Education Cess @
                          1% of Income Tax

Rs.   8,00,001/-      &   Rs. 94,000/- + 30% of (total income minus Rs. 8,00,000)+ Education
above                     Cess @ 2% of Income Tax + Secondary & Higher Education Cess @
                          1% of Income Tax




 

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