TaxTMI 
TaxTMI 
Income-tax deduction from salaries under section 192 during the financial year 2012-13
X X X X Extracts X X X X
X X X X Extracts X X X X
....d "Salaries" for the financial year 2012-13 (i.e. Assessment Year 2013-14) at the following rates: 2.1 Rates of tax A. Normal Rates of tax: Sl.No. Total Income Rate of tax 1 Where the total income does not exceed Rs. 2,00,000/-. Nil 2 Where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000/-. 10 per cent of the amount by which the total income exceeds Rs. 2,00,000/- 3 Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 30,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-. 4 Where the total income exceeds Rs. 10,00,000/-. Rs. 1,30,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/- B. Rates of tax for every individual, resident in India, who is of the age of sixty years or more but less than eighty years at any time during the financial year: Sl.No Total Income Rate of tax 1 Where the total income does not exceed Rs. 2,50,000/-. Nil 2 Where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000/-. 10 per cent of the amount by which the total income exceeds Rs. 2,50,000/- 3 Where the total income exceeds Rs. 5,00,0....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ites by Employer: An option has been given to the employer to pay the tax on non-monetary perquisites given to an employee. The employer may, at his option, make payment of the tax on such perquisites himself without making any TDS from the salary of the employee. The employer will have to pay such tax at the time when such tax was otherwise deductible i.e. at the time of payment of income chargeable under the head "salaries" to the employee. 3.3 Computation of Average Income Tax: For the purpose of making the payment of tax mentioned in para 3.2 above, tax is to be determined at the average of income-tax computed on the basis of rate in force for the financial year, on the income chargeable under the head "salaries", including the value of perquisites for which tax has been paid by the employer himself. ILLUSTRATION: Suppose that the income chargeable under the head "salaries" of an employee below sixty years of age for the year inclusive of all perquisites is Rs. 4,50,000/-, out of which, Rs. 50,000/- is on account of non-monetary perquisites and the employer opts to pay the tax on such perquisites as per the provisions discussed in para 3.2 above. STEPS: Income Chargeable....
X X X X Extracts X X X X
X X X X Extracts X X X X
....in the case of a public sector company referred to in section 10(10C)(i) (read with Rule 2BA), a scheme of voluntary separation, if an exemption in respect of any amount received or receivable on such voluntary retirement or termination of his service or voluntary separation has been claimed by the assessee under section 10(10C) in respect of such, or any other, assessment year. 3.6 Income under any Other head: (i) Section 192(2B) enables a taxpayer to furnish particulars of income under any head other than "Salaries" (not being a loss under any such head other than the loss under the head "income from house property") received by the assessee for the same financial year and of any tax deducted at source thereon. Form no. 12C, which was earlier prescribed for furnishing such particulars, has since been omitted from the Rules by the Income Tax (24th amendment) Rules, 2003, w.e.f. 1-10-2003. However, the particulars may now be furnished in a simple statement, which is properly signed and verified by the taxpayer in the manner as prescribed under Rule 26B(2) of the Rules and shall be annexed to the simple statement. The form of verification is reproduced as under: I, _________ (name....
X X X X Extracts X X X X
X X X X Extracts X X X X
....From House Property Section 24(b): Section 24(b) of the Act allows deduction from income from house property on interest on borrowed capital as under:- (i) the deduction is allowed only in case of house property which is owned and in the occupation of the employee for his own residence. However, if it is not actually occupied by the employee in view of his place of the employment being at other place, his residence in that other place should not be in a building belonging to him. (ii) The quantum of deduction allowed as per table below: Sl. No Purpose of borrowing capital Date of borrowing capital Maximum Deduction allowable 1 Repair or renewal or reconstruction of the house Any time Rs. 30,000/- 2 Acquisition or construction of the house Before 01.04.1999 Rs. 30,000/- 3 Acquisition or construction of the house On or after 01.04.1999 Rs. 1,50,000/- In case of Serial No. 3 above (a) The house so acquired or constructed should be completed within 3 years from the end of the FY in which the capital was borrowed. Hence it is necessary for the DDO to have the completion certificate of the house property against which deduction is claimed either from....
X X X X Extracts X X X X
X X X X Extracts X X X X
....of tax deducted at source to the account of Central Government. 4.4.1. Prescribed time of payment/deposit of TDS made to the credit of Central Government account is as under: (a) In case of an Office of Government: Sl. No. Description Time up to which to be deposited. 1 Tax deposited without Challan [Book Entry] SAME DAY 2 Tax deposited with Challan 7TH DAY NEXT MONTH 3 Tax on perquisites opt to be deposited by the employer. 7TH DAY NEXT MONTH (b) In any case other than an Officer of Government Sl. No. Description Time up to which to be deposited. 1 Tax deductible in March 30th APRIL NEXT FINANCIAL YEAR 2 Tax deductible in any other month 7TH DAY NEXT MONTH 3 Tax on perquisites opt to be deposited by the employer 7TH DAY NEXT MONTH However, if a DDO applies before the jurisdictional Additional/Joint Commissioner of Income Tax to permit quarterly payments of TDS under section 192, the Rule 30(3) allow for payments on quarterly basis and time given in Table below: Sl. No. Quarter to the financial year ended on Date for quarterly payment 1 30th June 7th July 2 30th September 7th October 3 31st December 7th January 4 31st March 30th April next....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... If a person fails to deduct the whole or any part of the tax at source, or, after deducting, fails to pay the whole or any part of the tax to the credit of the Central Government within the prescribed time as under: 4.5.1 He shall be liable to action in accordance with the provisions of section 201. Section 201(1A) lays down that such person shall be liable to pay simple interest (i) at 1% for every month or part of the month on the amount of such tax from the date on which such tax was deductible to the date on which such tax is deducted and (ii) at one and one-half per cent for every month or part of a month on the amount of such tax from the date on which such tax was deducted to the date on which such tax is actually paid. Such interest, if chargeable, is mandatory in nature and has to be paid before furnishing of quarterly statement of TDS for respective quarter. 4.5.2 Section 271C lays down that if any person fails to deduct whole or any part of tax at source or fails to pay the whole or part of tax deducted, he shall be liable to pay, by way of penalty, a sum equal to the amount of tax not deducted or paid by him. 4.5.3 Further, section 276B lays dow....
X X X X Extracts X X X X
X X X X Extracts X X X X
....shall issue Part A of the certificate in Form No. 16 pertaining to the period for which such assessee was employed with each of the employers and Part B may be issued by each of the employers or the last employer at the option of the assessee. 4.6.3 The employer may issue a duplicate certificate in Form No. 16 if the deductee has lost the original certificate so issued and makes a request for issuance of a duplicate certificate and such duplicate certificate is certified as duplicate by the deductor. 4.6.4. Authentication by Digital Signatures: (i) Where a certificate is to be furnished in Form No. 16, the deductor may, at his option, use digital signatures** to authenticate such certificates. (ii) In case of certificates issued under clause (i), the deductor shall ensure that (a) the conditions prescribed in para 4.6.1 above are complied with; (b) once the certificate is digitally signed, the contents of the certificates are not amenable to change; and (c) the certificates have a control number and a log of such certificates is maintained by the deductor. Challan identification number (CIN) means the number comprising the Bas....
X X X X Extracts X X X X
X X X X Extracts X X X X
....rned, as required by section 192(2C), he will be liable to pay, by way of penalty, under section 272A(2)(i), a sum which shall be Rs. 100/- for every day during which the failure continues. 4.7 Mandatory Quoting of PAN and TAN: 4.7.1 Section 203A of the Act makes it obligatory for all persons responsible for deducting tax at source to obtain and quote the Tax-deduction Account No (TAN) in the challans, TDS- certificates, statements and other documents. Detailed instructions in this regard are available in this Department's Circular No.497 [F.No.275/118/87-IT(B), dated 9-10-1987]. If a person fails to comply with the provisions of section 203A, he will be liable to pay, by way of penalty, under section 272BB, a sum of ten thousand rupees. Similarly, as per Section 139A(5B), it is obligatory for persons deducting tax at source to quote PAN of the persons from whose income-tax has been deducted in the statement furnished u/s 192(2C), certificates furnished u/s 203 and all returns prepared and delivered as per the provisions of section 200(3) of the Act. 4.7.2 All tax deductors are required to file the TDS returns in Form No.24Q (for tax deducted from salaries). As the requirement o....
X X X X Extracts X X X X
X X X X Extracts X X X X
..../s National Securities Depository Ltd. (NSDL). The requirement of filing an annual return of TDS has been done away with w.e.f. 1-4-2006. The quarterly statement for the last quarter filed in Form 24Q (as amended by Notification No. S.O.704(E), dated 12-5-2006) shall be treated as the annual return of TDS. Due dates of filing this statement quarterwise is as in the Table below. TABLE: Dates of filing Quarterly Statements E-TDS Return 24Q Sl. No Return for Quarter ending Due date for Government Offices Due date for Other Deductors 1 30th June 31st July 15th July 2 30th September 31st October 15th October 3 31st December 31st January 15th January 4 31st March 15th May 15th May 4.9.2. The statements referred above may be furnished in paper form or electronically in accordance with the procedures, formats and standards specified by the Director General of Income-tax (Systems) along with the verification of the statement in Form 27 A. 4.9.3. All Returns in Form 24Q are required to be furnished in computer media except in case where the number of deductee records is less than 20. This is in accordance with the "Electronic Filing of Returns of Tax Deducted at Source....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... in the statement; (ii) quote his permanent account number (PAN) in the statement except in the case where the deductor is an office of the Government including State Government). In case of Government deductors "PANNOTREQD" to be quoted in the e-TDS statement; (iii) quote the permanent account number PAN of all deductees; (iv) furnish particulars of the tax paid to the Central Government including book identification number or challan identification number, as the case may be. (v) furnish particular of amounts paid or credited on which tax was not deducted in view of the issue of certificate of no deduction of tax u/s 197 by the assessing officer of the payee. 4.10 TDS on Income from Pension: In the case of pensioners who receive their pension from a nationalized bank, the instructions contained in this circular shall apply in the same manner as they apply to salary-income. The deductions from the amount of pension under section 80C on account of contribution to Life Insurance, Provident Fund, NSC etc., if the pensioner furnishes the relevant details to the banks, may be allowed. Necessary instructions in this regard were issued by the Reserve Bank of India t....
X X X X Extracts X X X X
X X X X Extracts X X X X
....or a former employer though not due or before it became due to him. (c) any arrears of salary paid or allowed to him in the previous year by or on behalf of an employer or a former employer, if not charged to income-tax for any earlier previous year. (2) For the removal of doubts, it is clarified that where any salary paid in advance is included in the total income of any person for any previous year it shall not be included again in the total income of the person when the salary becomes due. Any salary, bonus, commission or remuneration, by whatever name called, due to, or received by, a partner of a firm from the firm shall not be regarded as "Salary". 5.2 Definition of "Salary", "perquisite" and "profit in lieu of salary" (Section 17): 5.2.1 "Salary" includes:- i. wages, fees, commissions, perquisites, profits in lieu of, or, in addition to salary, advance of salary, annuity or pension, gratuity, payments in respect of encashment of leave etc. ii. the portion of the annual accretion to the employee's account in to the balance credit of the employee participating in a recognized provident fund as consists of { Rule 6 of Part A of the Fourth Schedule of the ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....han a recognized provident fund or an approved superannuation fund or other specified funds u/s 17, to effect an assurance on the life of an assessee or to effect a contract for an annuity. VI. With effect from 1-4-2010 (AY 2010-11) it is further clarified that the value of any specified security or sweat equity shares allotted or transferred, directly or indirectly, by the employer, or former employer, free of cost or at concessional rate to the assessee, shall constitute a perquisite in the hand of employees. Here (a) "specified security" means the securities as defined in section 2(h) of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and, where employees' stock option has been granted under any plan or scheme therefore, includes the securities offered under such plan or scheme; (b) "sweat equity shares" means equity shares issued by a company to its employees or directors at a discount or for consideration other than cash for providing know-how or making available rights in the nature of intellectual property rights or value additions, by whatever name called; (c) the value of any specified security or sweat equity shares shall be the f....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ion : a. Basic Salary; b. Dearness Allowance, if terms of employment so provide ; c. Bonus ; d. Commission ; e. Fees ; f. All other taxable allowances (excluding the portion not taxable ); and g. Any monetary payment which is chargeable to tax (by whatever name called). Further, Salary should be calculated on 'accrual' basis. Advance salary shall not be taken into consideration for this purpose. Salary from all employers shall be taken into consideration in respect of the period during which an accommodation is provided. Where on account of the transfer of an employee from one place to another, he is provided with accommodation at the new place of posting while retaining the accommodation at the other place, the value of perquisite shall be determined with reference to only one such accommodation which has the lower value for a period not exceeding 90 days and thereafter the value of perquisite shall be charged for both such accommodation. B Valuation of the perquisite of furnished accommodation, the value of perquisite as determined by the above method (in A) shall be increased by- (i) 10%....
X X X X Extracts X X X X
X X X X Extracts X X X X
....riod up to 90 days. However, after that the value of perquisite shall be charged for both accommodations as prescribed. E. However, the value of any accommodation provided to an employee working at a mining site or an on-shore oil exploration site or a project execution site or a dam site or a power generation site or an off-shore site will not be treated as a perquisite if: (i) such accommodation should either be located in a "remote area" or (ii) where it is not located in a "remote area", the accommodation should be of a temporary nature having plinth area of not more than 800 square feet and should not be located within 8 kilometers of the local limits of any municipality or cantonment board. A project execution site here means a site of project up to the stage of its commissioning. A "remote area" means an area located at least 40 kilometers away from a town having a population not exceeding 20,000 as per the latest published all-India census. II Personal attendants etc.: The value of free service of all personal attendants including a sweeper, gardener and a watchman is to be taken at actual cost to the employer. Where the attendant is provided at the residen....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ticularly in financial institutions, to provide interest free or concessional loans to employees or any member of his household. The value of perquisite arising from such loans would be the excess of interest payable at prescribed interest rate over interest, if any, actually paid by the employee or any member of his household. The prescribed interest rate would now be the rate charged per annum by the State Bank of India as on the 1st day of the relevant financial year in respect of loans of same type and for the same purpose advanced by it to the general public. Perquisite value would be calculated on the basis of the maximum outstanding monthly balance method. For valuing perquisites under this rule, any other method of calculation and adjustment otherwise adopted by the employer shall not be relevant. However, small loans up to Rs. 20,000/- in the aggregate are exempt. Loans for medical treatment specified in Rule 3A are also exempt, provided the amount of loan for medical reimbursement is not reimbursed under any medical insurance scheme. Where any medical insurance reimbursement is received, the perquisite value at the prescribed rate shall be charged from the date of reimbu....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... basis: Amount of expenditure incurred by the employer XXX Less : Expenditure on use for official purposes XXX Less : Amount, if any, recovered from the employee XXX XXX Amount taxable as non- monetary perquisite XXX Note: (1) Health club, sport facilities etc. provided uniformly to all classes of employee by the employer at the employer's premises and expenditure incurred on them are exempt. (2) The initial one-time deposits or fees for corporate or institutional membership, where benefit does not remain with a particular employee after cessation of employment are exempt. Initial fees / deposits, in such case, is not included. IXA Value of Subsidized / Free Lunch provided by employer to an employee: Value of taxable perquisite is calculated as under: Expenditure incurred by the employer on the value of food /non-alcoholic including paid vouchers which are not transferable and usable only at eating joints XXX Less: Fixed value of a sum of Rs. 50/- per meal XXX Less: Amount recovered from the employee XXX XXX Balance amount is the taxable non- monetary perquisites on value of food provided to the employees XXX Not....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nt which is not taxable if it can be proved that acquisition of books is necessary for the purpose of the business. XIV Staff Furnishing Scheme: It is a business expenditure if it can be proved that incurring such expense is necessary for the purpose of the business. XV Brief Case reimbursement: It is a business expenditure if it can be proved that incurring such expense is necessary for the purpose of the business. XVI Entertainment allowance: Any entertainment allowances paid to non-government employees are taxable. XVII Gifts / Awards: If made in cash or convertible into money (like gift cheques), they are taxable as perquisites. If made in kind up to Rs. 5,000 in aggregate per annum would be exempt, beyond which it would be taxable. XVIII Transfer Grant Allowance: In this connection it is to be noted that as per section 10(14) read with rule 2BB any allowance granted to meet the cost of travel on tour or on transfer includes any sum paid in connection with transfer, packing and transportation of personal effects on such transfer shall be exempt. Also any allowance, whether, granted for the period of journey in connection with transfer, to meet the ordinary daily charg....
X X X X Extracts X X X X
X X X X Extracts X X X X
....red on the journey which in turn is strictly limited to expenses on air fare, rail fare and bus fare only. No other expenses like local conveyance, sight-seeing expense etc., shall qualify for exemption. ○ Where the journey is performed in a circuitous route, the exemption is limited to what is admissible by the shortest route. Likewise, where the journey is performed in a circular form touching different places, the exemption is limited to what is admissible for the journey from the place of origin to the farthest point reached in India, by the shortest route. * Restriction on children - The exemption will not be available to more than 2 surviving children of an individual born after 1-10-1998. This restriction shall not apply in respect of children born before 1-10-1998 and also in case of multiple births after one child. It may be noted that section 2 (15B) of the Act defines a child as includes a step child and an adopted child of the individual. * Definition of Family - As per the provisions of the Rules, family means: ○ Spouse and children of the individual. ○ ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....he extent to which it does not consist of contributions by the assessee or [interest on such contributions or any sum received under a Keyman insurance policy including the sum allocated by way of bonus on such policy. "Keyman insurance policy" shall have the same meaning as assigned to it in section 10(10D);] III. any amount due to or received, whether in lump sum or otherwise, by any assessee from any person- (A) before his joining any employment with that person; or (B) after cessation of his employment with that person. 5.3 Incomes not included under the Head "Salaries"(Exemptions) Any income falling within any of the following clauses shall not be included in computing the income from salaries for the purpose of Section 192 of the Act :- (1) The value of any travel concession or assistance received by or due to an employee from his employer or former employer for himself and his family, in connection with his proceeding (a) on leave to any place in India or (b) on retirement from service, or, after termination of service to any place in India is exempt under Section 10(5) subject, however, to the conditions prescribed in Rule 2B of the Rules. For the pur....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ved by an employee of the Central Government or a State Government, as cash-equivalent of the leave salary in respect of the period of earned leave at his credit at the time of his retirement, whether on superannuation or otherwise, is exempt under Section 10(10AA)(i). In the case of other employees, this exemption will be determined with reference to the leave to their credit at the time of retirement on superannuation, or otherwise, subject to a maximum of ten months' leave. This exemption will be further limited to the maximum amount specified by the Government of India Notification No. S.O.588(E), dated 31-5-2002 at Rs. 3,00,000/- in relation to such employees who retire, whether on superannuation or otherwise, after 1-4-1998. (5) Under Section 10(10B), the retrenchment compensation received by a workman is exempt from income-tax subject to certain limits. The maximum amount of retrenchment compensation exempt is the sum calculated on the basis provided in section 25F(b) of the Industrial Disputes Act, 1947 or any amount not less than Rs. 50,000/- as the Central Government may by notification specify in the official gazette, whichever is less. These limits shall not apply in t....
X X X X Extracts X X X X
X X X X Extracts X X X X
..... However, any sum received under such policy on the death of a person would still be exempt. (8) Any payment from a Provident Fund [section 10(11)] to which the Provident Funds Act, 1925 ( 19 of 1925), applies or from any other provident fund set up by the Central Government and notified by it in this behalf in the Official Gazette. (9) Under Section 10(13A) of Act any special allowance specifically granted to an assessee by his employer to meet expenditure incurred on payment of rent (by whatever name called) in respect of residential accommodation occupied by the assessee is exempt from Income-tax to the extent as may be prescribed, having regard to the area or place in which such accommodation is situated and other relevant considerations. According to Rule 2A of the Rules, the quantum of exemption allowable on account of grant of special allowance to meet expenditure on payment of rent shall be: (a) The actual amount of such allowance received by the assessee in respect of the relevant period; or (b) The actual expenditure incurred in payment of rent in excess of 1/10 of the salary due for the relevant period; or (c) Where such accommodation is situated ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....place he ordinarily resides or to compensate him for the increased cost of living, which may be prescribed and to the extent as may be prescribed. However, the allowance referred to in (ii) above should not be in the nature of a personal allowance granted to the assessee to remunerate or compensate him for performing duties of a special nature relating to his office or employment unless such allowance is related to his place of posting or residence. The CBDT has prescribed guidelines for the purpose of Section 10(14) (i) / (ii) vide notification No. SO617(E), dated 7th July, 1995 (F. No. l42/9/95-TPL)which has been amended vide notification SO No. 403(E), dt. 24-4-2000 (F. No. l42/34/99-TPL). The transport allowance granted to an employee to meet his expenditure for the purpose of commuting between the place of his residence and the place of duty is exempt to the extent of Rs.800 per month vide notification S.O. No. 395(E), dated 13-5-1998. (11) Under Section 10(15)(iv)(i) of the Act, interest payable by the Government on deposits made by an employee of the Central Government or a State Government or a public sector company out of his retirement benefits, in accordance with such....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ly members (under any scheme approved by the Central Government or Insurance Regulatory and Development Authority); (d) reimbursement, by the employer, of the amount spent by an employee in obtaining medical treatment for himself or any member of his family from any doctor, not exceeding in the aggregate Rs. 15,000/- in an year. (e) As regards medical treatment abroad, the actual expenditure on stay and treatment abroad of the employee or any member of his family, or, on stay abroad of one attendant who accompanies the patient, in connection with such treatment, will be excluded from perquisites to the extent permitted by the Reserve Bank of India. It may be noted that the expenditure incurred on travel abroad by the patient/attendant, shall be excluded from perquisites only if the employee's gross total income, as computed before including the said expenditure, does not exceed Rs. 2 lakhs. For the purpose of availing exemption on expenditure incurred on medical treatment, "hospital" includes a dispensary or clinic or nursing home, and "family" in relation to an individual means the spouse and children of the individual. Family also includes parents, brothers and sis....
X X X X Extracts X X X X
X X X X Extracts X X X X
....for the purpose of securing to him a deferred annuity or making provision for his spouse or children, in so far as the sum deducted does not exceed 1/5th of the salary; (4) Any contribution made : (a) by an individual to any Provident Fund to which the Provident Fund Act, 1925 applies; (b) to any provident fund set up by the Central Government, and notified by it in this behalf in the Official Gazette, where such contribution is to an account standing in the name of an individual, or spouse or children; [The Central Government has since notified Public Provident Fund vide Notification S.O. No. 1559(E), dated 3-11-2005] (c) by an employee to a Recognized Provident Fund; (d) by an employee to an approved superannuation fund; It may be noted that "contribution" to any Fund shall not include any sums in repayment of loan; (5) Any subscription :- (a) to any such security of the Central Government or any such deposit scheme as the Central Government may, by notification in the Official Gazette, specify in this behalf; (b) to any such saving certificates as defined under section 2(c) of the Government Saving Certificate Act, 1959 as the ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....al Gazette, specify in this behalf; [The Central Government has since notified UTI-Retirement Benefit Pension Fund vide Notification S.O. No. 1564(E) dated 3-11-2005.] (10) Any subscription made to any such deposit scheme of, or, any contribution made to any such pension fund set up by, the National Housing Bank, as the Central Government may, by notification in the Official Gazette, specify in this behalf; (11) Any subscription made to any such deposit scheme, as the Central Government may, by notification in the Official Gazette, specify for the purpose of being floated by (a) public sector companies engaged in providing long-term finance for construction or purchase of houses in India for residential purposes, or, (b) any authority constituted in India by, or, under any law, enacted either for the purpose of dealing with and satisfying the need for housing accommodation or for the purpose of planning, development or improvement of cities, towns and villages, or for both. [The Central Government has since notified the Public Deposit Scheme of HUDCO vide Notification S.O. No. 37(E), dated 11-1-2007, for the purposes of Section 80C(2)(xvi)(a)]. (12) Any sums paid by an assesse....
X X X X Extracts X X X X
X X X X Extracts X X X X
....er is made and the aggregate amount of deductions of income so allowed in the earlier years shall be added to the total income of the assessee of such previous year and shall be liable to tax accordingly. (13) Tuition fees, whether at the time of admission or thereafter, paid to any university, college, school or other educational institution situated in India, for the purpose of full-time education of any two children of the employee. Full-time education includes any educational course offered by any university, college, school or other educational institution to a student who is enrolled full-time for the said course. It is also clarified that full-time education includes play-school activities, pre-nursery and nursery classes. It is clarified that the amount allowable as tuition fees shall include any payment of fee to any university, college, school or other educational institution in India except the amount representing payment in the nature of development fees or donation or capitation fees or payment of similar nature. (14) Subscription to equity shares or debentures forming part of any eligible issue of capital made by a public company, which is approved by the Board or....
X X X X Extracts X X X X
X X X X Extracts X X X X
....employee in the fund referred above and deduction has been allowed as stated above and the employee or his nominee receives this amount together with the interest or bonus accrued or credited to this account due to the reason of: (i) Due to surrender annuity plan whether in whole or part (ii) Pension received from the annuity plan then the amount so received during the Financial Years shall be the income to the employee or his nominee for that Financial Year and accordingly will be charged to tax. Where any amount paid or deposited by the employee has been taken into account for the purposes of this section, a deduction with reference to such amount shall not be allowed under section 80C. 5.5.3 Deduction in respect of contribution to pension scheme of Central Government (Section 80CCD): Section 80CCD allows an employee, being an individual employed by the Central Government or any other employer, on or after the 1-1-2004, a deduction of an amount paid or deposited out of his income chargeable to tax under a pension scheme as notified or as may be notifed by the Central Government, vide Notification F. N. 5/7/2003- ECB&PR, dated 22-12-2003. However, the deduction sh....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e satisfied: (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 investment is locked-in for a period of 3 years from the date of acquisition in accordance with the above scheme; (f) The assessee satisfies any other condition as may be prescribed. 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 any deduction is claimed by a taxpayer under this section in any year, he shall not be entitled to any deduction under this section for any subsequent year. Withdrawal of deduction - If the assessee, after claiming the aforesaid deduction, fails to satisfy the above conditions, the deduction originally allowed shall be deemed to be the income of the assessee of the year in which default is committed. A scheme named "Rajiv Gandhi Equity Savings Scheme (RGESS)" ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....employee, who is a resident in India, has, during the previous year- (a) incurred any expenditure for the medical treatment (including nursing), training and rehabilitation of a dependant, being a person with disability; or (b) paid or deposited any amount under a scheme framed in this behalf by the Life Insurance Corporation or any other insurer or the Administrator or the specified company subject to the conditions specified in this regard and approved by the Board in this behalf for the maintenance of a dependant, being a person with disability, the employee shall be allowed a deduction of a sum of fifty thousand rupees from his gross total income of that year. However, where such dependant is a person with severe disability, an amount of one hundred thousand rupees shall be allowed as deduction subject to the specified conditions. The deduction under (b) above shall be allowed only if the following conditions are fulfilled:- (i) the scheme referred to in (b) above provides for payment of annuity or lump sum amount for the benefit of a dependant, being a person with disability, in the event of the death of the individual in whose name subscription to the scheme has been mad....
X X X X Extracts X X X X
X X X X Extracts X X X X
....undivided family, a member of the Hindu undivided family, dependant wholly or mainly on such individual or Hindu undivided family for his support and maintenance, and who has not claimed any deduction under section 80U in computing his total income for the assessment year relating to the previous year; (c) "disability" shall have the meaning assigned to it in clause (i) of section 2 of the Persons with Disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995 (1 of 1996) and includes "autism", "cerebral palsy" and "multiple disability" referred to in clauses (a), (c) and (h) of section 2 of the National Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disabilities Act, 1999 (44 of 1999); (d) "Life Insurance Corporation" shall have the same meaning as in clause (iii) of sub-section (8) of section 88; (e) "medical authority" means the medical authority as referred to in clause (p) of section 2 of the Persons with Disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995 (1 of 1996) or such other medical authority as may, by notification, be specified by the Central Government f....
X X X X Extracts X X X X
X X X X Extracts X X X X
....le 11(2) of the Rules. For the purpose of this section in the case of an employee "dependant" means individual, the spouse, children, parents, brothers and sisters of the individual or any of them, 5.5.9 Deduction in respect of interest on loan taken for higher education (Section 80E): Section 80E allows deduction in respect of repayment of interest on loan taken from any financial institution or any approved charitable institution for higher education for the purpose of pursuing his higher education or for the purpose of higher education of his spouse or his children or the student for whom he is the legal guardian. The deduction shall be allowed in computing the total income for the Financial year in which the employee starts repaying the interest on the loan was taken and immediately succeeding seven Financial years or until the Financial year the interest is paid in full by the taxpayer, whichever is earlier. For the purpose of this section - (a) "approved charitable institution" means an institution established for charitable purposes and approved by the prescribed authority section 10(23C), or an institution referred to in Section 80G(2)(a); (b) "financial ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....of 10% of his total income, subject to a ceiling of 25% thereof or Rs. 2,000/- per month, whichever is less. The total income for working out these percentages will be computed before making any deduction under section 80GG. (d) The employee does not own: (i) any residential accommodation himself or by his spouse or minor child or where such employee is a member of a Hindu Undivided Family, by such family, at the place where he ordinarily resides or performs duties of his office or carries on his business or profession; or (ii) at any other place, any residential accommodation being accommodation in the occupation of the employee, the value of which is to be determined under Section 23(2)(a) or Section 23(4)(a) as the case may be. The Drawing and Disbursing Authorities should satisfy themselves that all the conditions mentioned above are satisfied before such deduction is allowed by them to the employee. They should also satisfy themselves in this regard by insisting on production of evidence of actual payment of rent. 5.5.12 Deductions in respect of certain donations for scientific research or rural development (Section 80 GGA): Section 80GGA allows d....
X X X X Extracts X X X X
X X X X Extracts X X X X
....on has been issued by the right authority. DDO must ensure a self-declaration from the employee that he has no income from "Profits and gains of business or profession". 5.5.13 Deduction in respect of interest on deposits in savings account (Section 80TTA): Section 80TTA has been introduced from this Financial Year [2012-13] and it allows to an employee from his gross total income if it includes any income by way of interest on deposits (not being time deposits) in a savings account a deduction amounting to : (i) in a case where the amount of such income does not exceed in the aggregate ten thousand rupees, the whole of such amount; and (ii) in any other case, ten thousand rupees. If such savings account is maintained in a (a) banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act); (b) co-operative society engaged in carrying on the business of banking (including a cooperative land mortgage bank or a co-operative land development bank); or (c) Post Office as defined in clause (k) of section 2 of the Indian Post Office Act, 1898 (6 of 1898)....
X X X X Extracts X X X X
X X X X Extracts X X X X
....he income mentioned in para 5.3. (b) Allow deductions mentioned in para 5.4 from the figure arrived at (a) above and compute the amount to arrive at Net salary of the employee (c) Add income from all other heads- House property, Profits & gains of Business or Profession, capital gains and Income from other Sources to arrive at the Gross Total Income as shown in the form of simple statement mentioned para3.6. However it may be remembered that no loss under any such head is allowable by DDO other than loss under the Head "Income from House property". (d) Allow deductions mentioned in para 5.5 from the figure arrived at (c) above ensuring that the relevant conditions are satisfied. The aggregate of the deductions subject to the threshold limits mentioned in para 5.5 shall not exceed the amount at (b) above and if it exceeds, it should be restricted to that amount. This will be the amount of Total income of the employee on which income tax would be required to be deducted. This income should be rounded off to the nearest multiple of ten rupees. 8.2 Income-tax on such income shall be calculated at the rates given in para 2 of this Circular keeping in view the age ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....00 Less: Deduction U/s 80C 10,000 45,000 50,000 1,00,000 1,00,000 Taxable Income 1,40,000 1,55,000 4,50,000 9,00,000 19,00,000 (A) Tax thereon Nil Nil 25,000 1,10,000 4,00,000 Add: (i) Education Cess @ 2%. (ii) Secondary and Higher Education Cess @1% Nil Nil Nil Nil 500 2200 250 1100 8000 4000 Total tax payable Nil Nil 25,750 1,13,300 4,12,000 (B) TDS under sec. 206AA in case where PAN is not furnished by the employee Nil Nil 90,000 1,80,000 4,12,000 Example 2 For Assessment Year 2013-14 Calculation of Income Tax in the case of an employee below the age of sixty years having a handicapped dependent ( With valid PAN furnished to employer). S.No. Particulars Rupees 1 Gross Salary 3,20,000 2 Amount spent on treatment of a dependant, being person with disability (but not severe disability) 7000 3 Amount paid to LIC with regard to annuity for the maintenance of a dependant, being person with disability( but not severe disability) 50,000 4 GPF Contribution 25,000 5 LIP Paid 10,000 Computation of Tax S.No. Particulars Rupees 1 Gross Salary 3,20,000 ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....Plan 50,000 Computation of total income and tax payable thereon S.No. Particulars Rupees 1 Salary + Dearness Allowance + House Rent Allowance 2,50,000+1,00,000+1,40,000 = 4,90,000 4,90,000 2 Total Salary Income 4,90,000 3 Less: House Rent allowance exempt U/s 10(13A): Least of: (a) Actual amount of HRA received= 1,40,000 (b) Expenditure of rent in excess of 10% of salary (including D.A. presuming that D.A. is taken for retirement benefit) (1,44,000-35,000) = 1,09,000 (c) 50% of Salary(Basic+ DA) = 1,75,000 1,09,000 Gross Total Income 3,81,000 Less: Deduction U/s 80C (i) GPF Rs. 36,000/- (ii) LIC Rs. 4,000/- (iii) Investment in Unit-Linked Insurance Plan Rs. 50,000/- Total =Rs.90,000/- 90,000 3 Total Income 2,91,000 Tax payable on total income 9,100 Add: (i). Education Cess @2% (ii). Secondary and Higher Education Cess @1% 182 91 Total Income Tax payable 9,373 Rounded off to 9370 Example 5 For Assessment Year 2013-14 Illustrating valuation of perquisite and calculation of tax in the case of an employee below age of sixty years of a private company in Mumbai who was provided a....
X X X X Extracts X X X X
X X X X Extracts X X X X
....2 Dearness Allowance 1,00,000 3 House Rent Allowance 1,80,000 4 Special Duties Allowance 12,000 5 Provident Fund 60,000 6 LIP 10,000 7 Deposit in NSC VIII issue 30,000 8 Rent Paid by the employee for house hired by her 1,20,000 9 Repayment of House Building Loan (Principal) 60,000 10 Tuition Fees for three children (Rs. 10,000 per child) 30,000 Computation of total income and tax payable thereon S.No. Particulars Rupees 1 Gross Salary (Basic+DA+HRA+SDA) 5,92,000 Less: House rent allowance exempt U/s 10 (13A) Least of: (a). Actual amount of HRA received. :Rs. 1,80,000 (b). Expenditure on rent in excess of 10% of salary (Including D.A.)assuming D.A. is including for retirement benefits (1,20,000- 40,000) :Rs. 80,000 (c). 50% of salary (including D.A) : Rs. 2,00,000 80,000 2 Gross Total Taxable Income 5,12,000 Less: Deduction U/s 80C (i). Provident Fund : 60,000 (ii). LIP : 10,000 (iii). NSC VIII Issue : 30,000 (iv). Repayment of HBA : 60,000 (v). Tuition Fees (Restricted to two children) : 20,000 Total : 1,80,000 Restricted to 1,00,000 1,00,000 Total Income 4,12,000 Income Tax thereon/payable....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e employer: (4) Name, designation and PAN of employee : (5) Is the employee a director or a person with : substantial interest in the company (where the employer is a company) (6) Income under the head "Salaries" of the employee : (other than from perquisites) (7) Financial Year : (8) Valuation of Perquisites S.No Nature of perquisite (see rule 3) Value of perquisite as per rules (Rs.) Amount, if any recovered from the employee (Rs.) Amount of perquisite chargeable to tax Col(3) - Col(4) (Rs.) (1) (2) (3) (4) (5) 1. Accommodation 2. Cars/Other automotive 3. Sweeper, gardener, watchman or personal attendant 4. Gas, electricity, water 5. Interest free or concessional loans 6. Holiday expenses 7. Free or concessional travel 8. Free meals 9. Free Education 10. Gifts, vouchers etc. 11. Credit card expenses 12. Club expenses 13. Use of movable assets by employees....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ssed, if required, only by using licensed version of Winzip 8.1 or ZipItFast 3.0 (or higher version) compression utility to ensure quick and smooth acceptance of the file. 1.1.6 There is no overwriting/striking on Form 27A. If there is any, then the same should be ratified by an authorized signatory. 1.1.7 No bank challan or copy of TDS/TCS certificate or physical copies of certificates or no/low deduction of TDS is required to be furnished along with the statements. 1.1.8 TAN of deductor is mandatory to be mentioned in the statement. Statement shall not be accepted if TAN is not quoted. 1.1.9 TAN details (name, address, etc.,) of the deductor as provided in the quarterly e-TDS/TCS statement should be same as in the TAN database maintained by ITD (these details can be verified with the TIN-FC or the ITD web-site www.incometaxindia.gov.in). If they are different the deductor shall submit a TAN change request application to update the ITD TAN database or a copy of the acknowledgement of TAN change request already submitted. 1.1.10 Each branch or Drawing and Disbursement Officer (DDO) of a deductor/collector furnishing separate quarterly e-TDS/TCS statement should furnish the qua....
X X X X Extracts X X X X
X X X X Extracts X X X X
....rly e-TDS/TCS statement furnished for each striking and overwriting, if any, on Form 27A are not duly ratified by the person who has signed Form 27A; 2.1.2.3 more than one quarterly e-TDS/TCS statement is furnished in one computer media; 2.1.2.4 more than one computer media is used for furnishing one quarterly e- TDS/TCS statement; 2.1.2.5 quarterly e-TDS/TCS statement is compressed using a compression utility other than winzip 8.1 or ZipItFast 3.0 (or higher version) compression utility; 2.1.2.6 quarterly e-TDS/TCS statement is not in conformity with the file formats prescribed by ITD; 2.1.2.7 TAN stated in quarterly e-TDS/TCS statement is not present in TAN Master database and deductor/collector does not submit any proof of TAN stated in the statement; 2.1.2.8 deductor/collector does not have a TAN; 2.1.2.9 name/address of deductor/collector displayed on TAN Master database does not match with name/address stated on Form 27A and deductor/collector does not provide TAN change request; 2.1.2.10 mismatch of control totals as per with Form 27A and as per e-file; 2.1.2.11 the quarterly statement has not been successfully passed through the latest version of FVU; 2.1.2.12 Qua....
X X X X Extracts X X X X
X X X X Extracts X X X X
....hly basis. There are also cases of Cheque Drawing and Disbursing Officers (CDDOs) who report TDS through book entry directly to State AG. For example, PWD, Forest Department etc. Such CDDOs are also required to file Form 24G on monthly basis. Schematic Diagram at Annexure-IV clarifies the person responsible for filing Form 24G in different scenarios. 3. Can the same office/officer also act as DDO and AO? Ordinarily, the PAO office is the one to whom the DDO reports the TDS and therefore, both should be from different offices. However, where the DDO and AO are the same, as in the case of CDDOs, the statistics report of Form 24G should be counter signed by his superior officer. 4. What is AIN and who should apply? Accounts Office Identification Number (AIN) is a unique seven digit which is allotted by the Directorate of Income Tax (Systems), Delhi, to every AO. Each AO is uniquely identified in the system by this number. AOs are required to apply for AIN with jurisdictional TDS office. The AIN application can be downloaded from TIN site. Every AIN holder is required to file Form 24G. Each DDO is identified in the system by a Tax Deduction and Collection Account Number (TAN). Th....
X X X X Extracts X X X X
X X X X Extracts X X X X
....tructure prescribed by the Income Tax Department (ITD). Form 24G contains- * Details of the AO filing Form 24G (AIN, name, demographic information, contact details). * Category of AO (Central / State Government) along with details of ministry / state. * Statement details (month and year for which Form 24G is being filed). * Payment summary; nature of deduction wise (TDS - Salary /TDS Non-salary / TDS -Non-salary Non-resident / TCS). * DDO wise payment details (TAN of DDO, name, demographic details, total tax deducted and remitted to the Government account (A.G. / Pr.CCA). * DDOs which are associated with the AO. If the DDO wants to add/delete or update details of DDO, same should be mentioned in the statement. 13. What is the procedure to prepare the Form 24G statement? The AO can prepare the statement using the Form 24G Preparation Utility developed by National Securities Depository Limited (NSDL) and freely available at Tax Information Network (TIN) website (www.tin-nsdl.com) or ITD website (www.incometaxindia.gov.in). Once the statement is prepared, the AO shall validate the same by using File Valid....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e. After rectifying the errors, user should pass the rectified Form 24G through the FVU. This process should be continued till an error-free Form 24G is generated. Form 24G (regular/correction) prepared from F.Y. 2005-06 onwards can be validated using this utility. The Form 24G FVU is a Java based utility. JRE (Java Run-time Environment) [versions: SUN JRE: 1.4.2_02 or 1.4.2_03 or 1.4.2_04 or IBM JRE: 1.4.1.0] should be installed on the computer where the Form 24G FVU is being installed. JRE is freely downloadable from http://java.sun.com and http:// www. ibm. com/ developerworks/ iava/ idk or you can request your computer vendor (hardware) to install the same for you. The Form 24G FVU setup comprises of two files, namely- * Form 24G FVU.bat: This is a setup program for installation of FVU. * Form 24G_FVU_STANDALONE.jar: This is the FVU program file. These files are in an executable zip file (Form24GFVU.exe) (version 1.2). These files are required for installing the Form 24G FVU. Instructions for extracting and setup are given in: * Form 24G FVU Extract and Setup 17. After preparation of Form No. 24G statement through RPU, three files are....
X X X X Extracts X X X X
X X X X Extracts X X X X
....he field "Receipt number of Previous Statement ". In case a correction statement has already been filed earlier, PRN of original statement should be provided in field "Receipt number of Original Statement" and PRN of last correction to be mentioned in field "Receipt number of Previous Statement". 20. What is M -Type of Correction Statement? This type of correction statement is to be furnished by AO, if it wishes to update any of its details like its name, address, Responsible person details, category, Ministry, State or deletion and addition of DDO (Drawing & Disbursing Officer) etc. Modifications in AIN (Account office Identification Number), Financial Year and Month are not allowed. There are three modes by which changes can be made in the DDO details provided in original Form 24G statement: * Add: DDO records can be added to the original Form 24G statement * Update: details of DDO (i.e. TAN, TAN Name, demographic and contact details, amount of tax deducted and remitted, nature of deduction) can be updated for the DDO records provided in original or subsequent correction statement * Delete: DDO records provided in original Form 24G or su....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ite www.tin-nsdl.com through the TAN account. Detailed procedure for registration of TAN on the TIN website and download of BIN is available on the TIN website as referred to above. 25. Under what circumstances will BIN be generated? * BIN will be generated for valid TAN-DDO records added in Form 24G correction statement * BIN will be generated for DDO records where invalid TANs/TAN not present in Income Tax Department database is updated with a valid TAN. * New BIN will not be generated for any update made in TAN name, demographic and contact details, amount of Tax deducted and remitted or nature of deduction. * BIN details will not be generated for deleted DDO records. 26. What is the utility of BIN? The BIN details and amount of TDS reported in the quarterly TDS/TCS Statement filed by the DDO will be matched with the respective details filed in Form No.24G filed by the PAO at TIN Central System for accepting TDS/TCS Statement and for verification purpose. 27. Are there instances where BIN details and amount of TDS reported in TDS/TCS statements do not match with that reported in Form 24G? What are the consequences of su....
X X X X Extracts X X X X
X X X X Extracts X X X X
....TCS Statement may lead to mismatch in the TIN Central System due to which credit to the respective deductee will not be "finally booked" in the deductee's Form 26AS. (c) Further details are available at TIN website vvwvv.tin-nsdl.com and ITD website www.incometaxindia.gov.in. ANNEXURE-V MINISTRY OF FINANCE (Department of Economic Affairs) (ECB & PR Division) NOTIFICATION New Delhi, the 22nd December, 2003 F. No. 5/7/2003-ECB &PR- The government approved on 23rd August, 2003 the proposal to implement the budget announcement of 2003-04 relating to introducing a new restructured defined contribution pension system for new entrants to Central Government service, except to Armed Forces, in the first stage, replacing the existing system of defined benefit pension system. i. The system would be mandatory for all new recruits to the Central Government service from 1st of January, 2004 (except the armed forces in the first stage). The monthly contribution would be 10 per cent of the salary and DA to be paid by the employee and matched by the Central Government. However, there will be no contribution form the Government in respect of individuals who are not Government emp....
X X X X Extracts X X X X
X X X X Extracts X X X X
....1961), the Central Government, hereby specifies the gallantry awards for the purposes of the said Section, mentioned in column 2 of the table below awarded in the circumstances as mentioned in corresponding column 3 thereof. - Table SI.No. Name of gallantry award Circumstances for eligibility (1) (2) (3) 1. Ashok Chakra When awarded to Civilians for gallantry 2. Kirti Chakra -do- 3. Shaurya Chakra -do- 4. Sarvottan Jeevan Raksha Padak When awarded to Civilians for bravery displayed by them in life saving acts. 5. UttamJeevanRaksha Medal -do- 6. JeevanRakshaPadak -do- 7. President's Police Medal for gallantry When awarded for acts of exceptional courage displayed by members of police forces, Central police or security forces and certified to this effect by the head of the department concerned 8. Police Medal for Gallantry -do- 9. Sena Medal When awarded for acts of courage or conspicuous gallantry and supported by certificate issued to this effect by relevant service headquarters. 10. NaoSena Medal -do- 11. VayuSena Medal -do- 12. Fire Services Medal for Gallantry When awarded for acts of courage or conspicuous gallantry and supported by ce....
X X X X Extracts X X X X
X X X X Extracts X X X X
....7G] Application by a person for a certificate under sections 197 and/or 206C(9) of the Income-tax Act, 1961, for no *deduction/collection of tax or *deduction/ collection of tax at a lower rate To The Assessing Officer, 1. I,_________________________________________________of__________________do, hereby, request that a certificate may be issued to the person responsible for paying to me the incomes/sum by way of salary/interest on securities/interest other than “interest on securitiesâ€/insurance commission/commission (not being insurance commission) or brokerage/commission, etc., on the sale of lottery tickets/fees for professional or technical services/any sum by way of payment to contractors and sub-contractors/dividends/rent/income in respect of units/sum by way of payment of compensation on acquisition of immovable property (strike out whichever is not applicable) authorising him not to deduct income-tax/to deduct income-tax at the rate of____________per cent at the time of payment to me of such income/sum. The particulars of my income and other details are as per para 2.and/or I,____________________________________________of_________________________________....
X X X X Extracts X X X X
X X X X Extracts X X X X
....he assessment year relevant to the current previous year till date. (xv) Details of income claimed to be exempt and not included in the total income in col. (xi) (Please append a note giving reason for claiming such exemption). (xvi) Please furnish the particulars in Annexure-I in respect of no deduction of tax or deduction of tax at a lower rate under section 197 and/or in Annexure-II for collection of tax at lower rate under section 206C(9) of the Income-tax Act, as the case may be. I,___________________________________the trustee/co-trustee of_______________________do hereby declare that the securities/sums/shares, particulars of which are given in the Annexure, are properly held under trust wholly for charitable or religious purposes and that the income therefrom qualifies for exemption under sections 11 and 13 of the Income-tax Act, 1961. I declare that the securities/sums/shares, particulars of which are given in the Schedules above, stand in my name and are beneficially owned by me, and the income therefrom is not includible in the total income of any other person under sections 60 to 64 of the Income-tax Act, 1961. I further declare that what is stated in this applicat....
X X X X Extracts X X X X
X X X X Extracts X X X X
....                     ______________________ Signature of the buyer Full Name______________ Designation_____________†************ Notes: 1. Substituted vide notification no. 16/2011 dated 29-3-2011 Section under which return/statement has become dueAssessment year/ quarterDue date for filingReason for not filing(1)(2)(3)(4)Section 139Section 200Section 206C Assessment yearTotal income as per return of incomeTotal income as per latest assessmentTotal tax including interest payable  on returned incomeTotal tax including interest payable on assessed income(1)(2)(3)(4)(5) Assessment yearTotal payment of tax including interestTax paid by way of Advance taxCredit claimed for tax deduction at source.Credit claimed for tax collection at source.Tax paid by way of self assessment taxTax paid in response to notice of demand under section 156(1)(2)(3)(4)(5)(6)(7) Previous yearGross sales, turnover receipt of business or professionGross profitNet profitIn rupeesIn percentage to amount stated in column (1)In rupeesIn percentage to amount stated in column (1)(1)(2)(3)(4)(5)(6) Assessment Year/ pe....