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
....ax Act 1961 from income chargeable under the head "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....
X X X X Extracts X X X X
X X X X Extracts X X X X
....y be, depending upon the age of the employee. (Some typical examples of computation of tax are given at Annexure-I). 3.2 Payment of Tax on Non-monetary Perquisites 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 o....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... shall be granted in respect of any amount received or receivable by an assessee on his voluntary retirement or termination of his service, in accordance with any scheme or schemes of voluntary retirement or 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....
X X X X Extracts X X X X
X X X X Extracts X X X X
....(e) Address of the property (f) Amount of loan, if any; and (g) Name and address of the lender (loan provider) 3.7.1 Conditions for Claim of Deduction of Interest on Borrowed Capital for Computation of Income 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 ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....Act, subsequent to the application filed before him in Form No 13 by the Taxpayer; then the DDO should take into account such certificate and deduct tax on the salary payable at the rates mentioned therein. (See Rule 28AA). 4.4. Deposit of Tax Deducted: Rule 30 prescribes time and mode of payment 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 C....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ly remitted to the Reserve Bank of India or to the State Bank of India or to any authorized bank, if the amount is remitted by way of: (a) internet banking facility of the Reserve Bank of India or of the State Bank of India or of any authorized bank; or (b) debit card (Notification No.41/2010, dated 31st May, 2010) 4.5 Interest, Fee, Penalty & Prosecution for Failure to Deposit Tax Deducted: 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,....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... by section 203, he will be liable to pay, by way of penalty, under section 272A(2)(g), a sum which shall be Rs. 100/-for every day during which the failure continues. It is, however, clarified that there is no obligation to issue the TDS certificate in case tax at source is not deductible/deducted by virtue of claims of exemptions and deductions. 4.6.2 If an assessee is employed by more than one employer during the year, each of the employers 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 cer....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nce with law and rules of valuation framed there under. Any false information, fabricated documentation or suppression of requisite information will entail consequences thereof provided under the law. The certificates in Forms 16 and/or Rule 12BA specified above, shall be furnished to the employee by 31st May of the financial year immediately following the financial year in which the income was paid and tax deducted. If he fails to issue these certificates to the person concerned, 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 272....
X X X X Extracts X X X X
X X X X Extracts X X X X
....s 206AA of the Act. 4.9 Statement of deduction of tax under section 200(3) [Quarterly Statement of TDS]: 4.9.1. The person deducting the tax (employer in case of salary income), is required to file duly verified Quarterly Statements of TDS in Form 24Q for the periods [details in Table below] of each financial year, to the Director General of Income Tax (Systems), ARA centre, Jhandewalan Extn., New Delhi or TIN/facilitation Centres authorized by DGIT (System's) which is currently managed by M/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 Ja....
X X X X Extracts X X X X
X X X X Extracts X X X X
....fore the expiry of one year from the time prescribed for delivering the statement. 4.9.6 Penalty for furnishing incorrect information (section 271H) If a person furnishes incorrect information in the statement in respect of tax deducted at source on or after 1-7-2012, he shall be liable to pay penalty which shall not be less than Rs. 10,000/- but which may extend to Rs. 1,00,000/-. 4.9.7. At the time of preparing statements of tax deducted, the deductor is required to mandatorily quote: (i) his tax deduction and collection account number (TAN) 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 ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....riod or leave period which is both preceded or succeeded by service in India and forms part of the service contract of employment will also be regarded as income earned in India. 5. Computation of Income Under the Head "Salaries" 5.1 Income chargeable under the head "Salaries": (1) The following income shall be chargeable to income-tax under the head "Salaries" : (a) any salary due from an employer or a former employer to an assessee in the previous year, whether paid or not; (b) any salary paid or allowed to him in the previous year by or on behalf of an employer 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 receiv....
X X X X Extracts X X X X
X X X X Extracts X X X X
....g a company)to an employee, who is not covered by (i) or (ii) above and whose income under the head 'Salaries' (whether due from or paid or allowed by one or more employers), exclusive of the value of all benefits and amenities not provided by way of monetary payment, exceeds Rs.50,000/-. [What constitutes concession in the matter of rent have been prescribed in Explanation 1 to 4 below section 17(2)(ii) of the Income Tax Act, 1961] IV. Any sum paid by the employer in respect of any obligation which would have been paid by the assessee. V. Any sum payable by the employer, whether directly or through a fund, other than 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 ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ussed below: (a) Where the accommodation provided to the employee is owned by the employer: Sl No. Cities having population as per the 2001 census Perquisite 1 Exceeds 25 lakh 15% of salary 2 Exceeds 10 lakhs but does not exceed 25 lakhs 10% of salary 3 For other places 7.5 % of salary (b) Where the accommodation so provided is taken on lease/ rent by the employer: The prescribed rate is 15% of the salary or the actual amount of lease rental payable by the employer, whichever is lower, as reduced by any amount of rent paid by the employee. Meaning of 'Salary 'for the purpose of calculation of perquisite in respect of Residential Accommodation : 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 purpo....
X X X X Extracts X X X X
X X X X Extracts X X X X
....erquisite, any other services over and above that for which the employer makes payment or reimburses the employee shall be valued as a perquisite as per the residual clause. In other words, composite tariff for accommodation will be valued as per the Rules and any other charges for other facilities provided by the hotel will be separately valued under the residual clause. D. If on account of an employee's transfer from one place to another, the employee 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 as per the table prescribed in Rule 3 of the Rules, for a period 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....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... by the employee, and would cover cases where an employer is running, maintaining or directly or indirectly financing the educational institution. Any amount paid by the employee for such facilities or services shall be reduced from the above amount. However, where such educational institution itself is maintained and owned by the employer or where such free educational facilities are provided in any institution by reason of his being in employment of that employer, the value of the perquisite to the employee shall be determined with reference to the cost of such education in a similar institution in or near the locality if the cost of such education or such benefit per child exceeds Rs.1000/- p.m. V Interest free or concessional loans: It is common practice, particularly 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 Indi....
X X X X Extracts X X X X
X X X X Extracts X X X X
....out by reducing 20% of its actual cost by the reducing balance method for each completed year of use. VIII Membership fees and Annual Fees Credit Card: Any membership fees and annual fees incurred by the employee (or any member of his household), which is charged to credit card (including any add-on card) is taxable on the following 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 IX Club Expenditure: Any annual or periodical fees, on Club facility used by the employee (or any member of his household), which is paid or reimbursed by the employer is taxable on the following 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 t....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... is allowable to all employees other than those claiming Vehicle reimbursement to meet the expenditure for the purpose of commuting between place of residence and place of office. XII House Cleaning reimbursement: The value of benefit to the employee (or any member of the household), shall be the actual cost to the employer as reduced by the amount if any recovered from the employee. If a domestic servant is engaged by the employee, the perquisite is taxable in the hands of all employees (Whether specified or not). If a domestic servant is engaged by the employer, the perquisite is taxable in the hands of only specified employees. If Domestic Servant allowance is given to the employee, it is chargeable to tax as perquisite even if the allowance is used for engaging a domestic servant. XIII Book Grant reimbursement: If actual bills are provided it forms nature of reimbursement 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 reimburseme....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ion basis - The quantum of exemption will be subject to the following maximum limits for journeys performed on or after 1-10-1997: Sl.No Journey Performed by Exemption Limit 1 Air Air Economy fare of the national carrier (Air India) by the shortest route to the place of destination 2 Places connected by rail and journey performed by any mode other than by air. First Class Air conditioned rail fare by the shortest route to the place of destination 3 Place of origin and destination or part thereof not connected by rail. (a) Where public transport system exists, first class or deluxe class fare on such transport by the shortest route to the place of destination. (b) Where no public transport system exists, first class A/C rail fare, for the distance of the journey by the shortest route, as if the journey has been performed by rail ○ This exemption is limited to the actual expenses incurred 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....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... the Act and at Rule 3 of the Rules. The deductors may look into the above provisions carefully before they determine the perquisite value for deduction purposes. It is pertinent to mention that benefits specifically exempt u/s 10(13A), 10(5), 10(14), 17 etc. of the Act would continue to be exempt. These include benefits like travel on tour and transfer, leave travel, daily allowance to meet tour expenses as prescribed, medical facilities subject to conditions. 5.2.3 'Profits in lieu of salary' shall include I. the amount of any compensation due to or received by an assessee from his employer or former employer at or in connection with the termination of his employment or the modification of the terms and conditions relating thereto; II. any payment (other than any payment referred to in Section 10 of (10), (10A), (10B), (11), (12) (13) (13A) due to or received by an assessee from an employer or a former employer or from a provident or other fund, to the 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 o....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... up to the limit as prescribed by the Board. Presently the limit is Rs. 10 lakhs w.e.f. 24-5-2010 [Notification no. 43/2010 S.O. 1414(E) F.No. 200/33/2009-ITA-l, dated 11th, June 2010]. (3) Any payment in commutation of pension received under the Civil Pension(Commutation) Rules of the Central Government or under any similar scheme applicable to the members of the civil services of the Union, or holders of civil posts/posts connected with defence, under the Union,or civil posts under a State, or to the members of the All India Services/Defence Services, or, to the employees of a local authority or a corporation established by a Central, State or Provincial Act, is exempt under Section 10(10A)(i). As regards payments in commutation of pension received under any scheme of any other employer, exemption will be governed by the provisions of section 10(10A)(ii). Also, any payment in commutation of pension from a fund referred to in Section 10(23AAB) is exempt under Section 10(10A)(iii). (4) Any payment received 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....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ch Institute of Management as the Central Government may by notification in the Official Gazette, specify in this behalf. The exemption of amount received under VRS has been extended to employees of the Central Government and State Government and employees of notified institutions having importance throughout India or any State or States. It may also be noted that where this exemption has been allowed to any employee for any assessment year, it shall not be allowed to him for any other assessment year. (7) Any sum received under a Life Insurance Policy (Section 10(10D), including the sum allocated by way of bonus on such policy other than: (i) any sum received under section 80DD(3) or section 80DDA(3) or, (ii) any sum received under Keyman insurance policy or, (iii) any sum received under an insurance policy issued on or after 1-4-2003, but on or before 31-3-2012, in respect of which the premium payable for any of the years during the term of the policy exceeds 20 per cent of the actual capital sum assured. 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....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... that this concession is only for the purpose of tax-deduction at source, and, in the regular assessment of the employee, the Assessing Officer will be free to make such enquiry as he deems fit for the purpose of satisfying himself that the employee has incurred actual expenditure on payment of rent. Further if annual rent paid by the employee exceeds Rs. 2,00,000 per annum, it is mandatory for the employee to report PAN of the landlord to the employer. In case the landlord does not have a PAN, a declaration to this effect from the landlord along with the name and address of the landlord should be filed by the employee. (10) Section 10(14) provides for exemption of the following allowances :- (i) Any special allowance or benefit granted to an employee to meet the expenses incurred in the performance of his duties as prescribed under Rule 2BB subject to the extent to which such expenses are actually incurred for that purpose. (ii) Any allowance granted to an employee either to meet his personal expenses at the place of his posting or at the place he ordinarily resides or to compensate him for the increased cost of living, which may be prescribed and to the ex....
X X X X Extracts X X X X
X X X X Extracts X X X X
....emption from tax will also be available in respect of:- (a) the value of any medical treatment provided to an employee or any member of his family, in any hospital maintained by the employer; (b) any sum paid by the employer in respect of any expenditure actually incurred by the employee on his medical treatment or of any member of his family: (i) in any hospital maintained by the Government or any local authority or any other hospital approved by the Government for the purposes of medical treatment of its employees; (ii) in respect of the prescribed diseases or ailments as provided in Rule 3A(2) of the Rules in any hospital approved by the Chief Commissioner having regard to the prescribed guidelines as provided in Rule 3(A)(l)of the Rules. (c) premium paid by the employer in respect of medical insurance taken for his employees (under any scheme approved by the Central Government or Insurance Regulatory and Development Authority) or reimbursement of insurance premium to the employees who take medical insurance for themselves or for their family members (under any scheme approved by the Central Government or Insurance Regulatory and Deve....
X X X X Extracts X X X X
X X X X Extracts X X X X
....om his gross total income: 5.5.1 Deduction in respect of Life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc. (section 80C) Section 80C, entitles an employee to deductions for the whole of amounts paid or deposited in the current financial year in the following schemes, subject to a limit of Rs. 1,00,000/: (1) Payment of insurance premium to effect or to keep in force an insurance on the life of the individual, the spouse or any child of the individual. (2) Any payment made to effect or to keep in force a contract for a deferred annuity, not being an annuity plan as is referred to in item (7) herein below on the life of the individual, the spouse or any child of the individual, provided that such contract does not contain a provision for the exercise by the insured of an option to receive a cash payment in lieu of the payment of the annuity; (3) Any sum deducted from the salary payable by, or, on behalf of the Government to any individual, being a sum deducted in accordance with the conditions of his service for the purpose of securing to him a deferred annuity or making ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....Jeevan Akshay-II vide Notification S.O. No. 1562(E), dated 3-11-2005 and Jeevan Akshay-III vide Notification S.O. No. 847(E), dated 1-6-2006] (8) Any subscription made to any units of any Mutual Fund, of section 10(23D), or from the Administrator or the specified company referred to in Unit Trust of India (Transfer of Undertaking & Repeal) Act, 2002 under any plan formulated in accordance with any scheme as the Central Government, may, by notification in the Official Gazette, specify in this behalf; [The Central Government has since notified the Equity Linked Saving Scheme, 2005 for this purpose vide Notification S.O. No. 1563(E), dated 3-11-2005] The investments made after 1-4-2006 in plans formulated in accordance with Equity Linked Saving Scheme, 1992 or Equity Linked Saving Scheme, 1998 shall also qualify for deduction under section 80C. (9) Any contribution made by an individual to any pension fund set up by any Mutual Fund referred to in section 10(23D), or, by the Administrator or the specified company referred to in Unit Trust of India (Transfer of Undertaking & Repeal) Act, 2002, as the Central Government may, by notification in the Official Gazette, specify in....
X X X X Extracts X X X X
X X X X Extracts X X X X
....stration fee and other expenses incurred for the purpose of transfer shall also be covered. Payment towards the cost of house property, however, will not include, admission fee or cost of share or initial deposit or the cost of any addition or alteration to, or, renovation or repair of the house property which is carried out after the issue of the completion certificate by competent authority, or after the occupation of the house by the assessee or after it has been let out. Payments towards any expenditure in respect of which the deduction is allowable under the provisions of section 24 of the Act will also not be included in payments towards the cost of purchase or construction of a house property. Where the house property in respect of which deduction has been allowed under these provisions is transferred by the tax-payer at any time before the expiry of five years from the end of the financial year in which possession of such property is obtained by him or he receives back, by way of refund or otherwise, any sum specified in section 80C(2)(xviii), no deduction under these provisions shall be allowed in respect of such sums paid in such previous year in which the transfer is ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....her payment made is restricted to: Policy issued before 1st April 2012 20% of the actual capital sum assured Policy issued on or after 1st April 2012 10% of the actual capital sum assured From 1-4-2013 actual capital sum assured in relation to a life insurance policy means the minimum amount assured under the policy on happening of the insured event at any time during the term of the policy, not taking into account - i. the value of any premiums agreed to be returned, or ii. any benefit by way of bonus or otherwise over and above the sum actually assured which may be received under the policy by any person. 5.5.2 Deduction in respect of contribution to certain pension funds (Section 80CCC) Section 80CCC allows an employee deduction of an amount paid or deposited out of his income chargeable to tax to effect or keep in force a contract for any annuity plan of Life Insurance Corporation of India or any other insurer for receiving pension from the Fund referred to in section 10(23AAB). However, the deduction shall exclude interest or bonus accrued or credited to the employee's account, if any and shall not exceed Rs. 1 lakh. However, if any amou....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... into account for the purposes of this section, a deduction with reference to such amount shall not be allowed under section 80C. Further it has been specified that w.r.e.f 1-4-2009 any amount received by the employee from the new pension scheme shall be deemed not to have received in the previous year if such amount is used for purchasing an annuity plan in the previous year. It is emphasized that as per the section 80CCE the aggregate amount of deduction under sections 80C, 80CCC and Section 80CCD(1) shall not exceed Rs. 1,00,000/-. However the contribution made by the Central Government or any other employee to a pension scheme u/s 80CCD(2) shall be excluded from the limit of Rs.1,00,000/- provided under this Section. 5.5.4 Deduction in respect of subscription to Long Term Infrastructure Bonds: Section 80CCF has been withdrawn from FY 2012-13. Hence no deduction is allowable under this section for the current FY onwards. 5.5.5 Deduction in respect of investment made under an equity savings savings (Section 80 CCG): Newly inserted Section 80CCG provides deduction w.e.f. assessment year 2013-14 in respect of investment made under notified equity saving scheme. Th....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... account of preventive health check-up of the parent or parents of the employee [restricted to Rs. 5000/-; cash payment allowed here] any mode other than cash Aggregate allowable is Rs. 15,000/ than {For Senior cash Citizens it is Rs. 20000/-} Here (i) "family" means the spouse and dependent children of the employee. (ii) Senior citizen" means an individual resident in India who is of the age of sixty years {For AY 2013-14 onwards] or more at any time during the relevant previous year. The DDO must ensure that the medical insurance referred to above shall be in accordance with a scheme made in this behalf by- (a) the General Insurance Corporation of India formed under section 9 of the General Insurance Business (Nationalization) Act, 1972 (57 of 1972) and approved by the Central Government in this behalf; or (b) any other insurer and approved by the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999(41 of 1999). 5.5.7 Deductions in respect of expenditure on persons or dependants with disability 5.5.7.1 Deductions in ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....allowable. DDOs should note that section 80DD deduction is in case of the dependent of the employee whereas section 80U deduction is in case of the employee himself. However under both the Sections the employee shall furnish to the DDO following: 1. A copy of the certificate issued by the medical authority as defined in Rule 11A(1) in the prescribed form as per Rule 11A(2) of the Rules. The DDO has to allow deduction only after seeing that the Certificate furnished is from the Medical Authority defined in this Rule and the same is in the form as mentioned therein. 2. Further In cases where the condition of disability is temporary and requires reassessment of its extent after a period stipulated in the aforesaid certificate, no deduction under this section shall be allowed for any subsequent period unless a new certificate is obtained from the medical authority as in 1 above and furnished before the DDO. 3. For the purposes of section 80DD and 80 U some of the terms defined are as under:- (a) "Administrator" means the Administrator as referred to in clause (a) of section 2 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002) ; ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....(ii) a person with severe disability referred to in clause (o) 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); (h) "specified company" means a company as referred to in clause (h) of section 2 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002). 5.5.8. Deduction in respect of medical treatment, etc. (Section 80DDB): Section 80DDB allows a deduction in case of employee, who is resident in India, during the previous year, actually paid any amount for the medical treatment of such disease or ailment as may be specified in the rules HDD (1) (see Annexure) for himself or a dependant. The deduction allowed is equal to the amount actually paid or Rs. 40,000 whichever is less. Further the amount paid should also be reduced by the amount received if any under insurance from an insurerer or reimbursed by an employer. In case of a senior citizen (an individual resident in India who is of the age of sixty years or more at any time during the relevant previous year) the amount of deduction allowed is Rs. 60,000/-. DDO must ensure ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e Chief Minister's Relief Fund or the Lieutenant Governor's Relief Fund through their respective employers, it is not possible for such funds to issue separate certificate to every such employee in respect of donations made to such funds as contributions made to these funds are in the form of a consolidated cheque. An employee who makes donations towards these funds is eligible to claim deduction under section 80G. It is, hereby, clarified that the claim in respect of such donations as indicated above will be admissible under section 80G on the basis of the certificate issued by the Drawing and Disbursing Officer (DDO)/Employer in this behalf- Circular No. 2/2005, dated 12-1-2005. No deduction under this section is allowable in case of amount of donation if exceeds Rs. 10000/- unless the amount is paid by any mode other than cash. 5.5.11 Deductions is respect of rents paid (Section 80GG): Section 80GG allows the employee to a deduction in respect of house rent paid by him for his own residence. Such deduction is permissible subject to the following conditions:- (a) the employee has not been in receipt of any House Rent Allowance specifically granted to him which q....
X X X X Extracts X X X X
X X X X Extracts X X X X
....A furnishes the certificate u/s 35CCA (2) Prescribed Authority under Rule 6AAA 4 an association or institution which has as its object the training of persons for implementing programmes of rural development. furnishes the certificate u/s 35CCA (2) Prescribed Authority under Rule 6AAA 5 To a public sector company or a local authority or to an association or institution approved by the National Committee, for carrying out any eligible project or scheme. furnishes the certificate u/s 35AC(2)(a) National Committee for Promotion of Social & Economic Welfare 7 To a rural development fund notified u/s 35CCA (1)(c) set up and notified by the Central Government 8 To National Urban Poverty Eradication Fund notified u/s 35CCA(l)(d) set up and notified by the Central Government No deduction under this section is allowable in case: (i) The employee has gross total income which includes income which is chargeable under the head "Profits and gains of business or profession". (ii) The amount of donation exceeds Rs. 10000 and is paid in cash. The Drawing and Disbursing Authorities should satisfy themselves that all the c....
X X X X Extracts X X X X
X X X X Extracts X X X X
....Fund is paid to the employee, tax on the amount so paid shall be deducted by the trustees of the Fund to the extent provided in Rule 6 of Part B of the Fourth Schedule to the Act. TDS should be at the average rate of tax, the employee was liable to be taxed during the preceding three years or during the period, if that period is less than three years, when he was member of the fund. The deductor shall remain liable to deduct tax on any sum paid on account of returned contributions (including interest, if any) even if a fund or part of a fund ceases to be an approved Superannuation fund. 7. DDOs to satisfy themselves about the genuineness of claim: The Drawing and Disbursing Officers should satisfy themselves about the actual deposits/ subscriptions / payments made by the employees, by calling for such particulars/ information as they deem necessary before allowing the aforesaid deductions. In case the DDO is not satisfied about the genuineness of the employee's claim regarding any deposit/ subscription/ payment made by the employee, he should not allow the same, and the employee would be free to claim the deduction/ rebate on such amount by filing his return of income and ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Act, 1961, the Income-tax Rules, 1962, the Finance Act, 2012 and the relevant circulars / notifications. 9.2 In case any assistance is required, the Assessing Officer/the Local Public Relation Officer of the Income-tax Department may be contacted. 9.3 These instructions may be brought to the notice of all Disbursing Officers and Undertakings including those under the control of the Central/ State Governments. 9.4 Copies of this Circular are available with the Director of Income-tax(Research, Statistics & Publications and Public Relations), 6th Floor, Mayur Bhavan, Connaught Place, New Delhi-110 001 and at the following websites: www.finmin.nic.in & www.incometaxindia.gov.in ANNEXURE-I SOME ILLUSTRATIONS Example 1 For Assessment Year 2013-14 (A) Calculation of Income tax in the case of an employee below the age of sixty years and having gross salary income of: (i) Rs. 1,50,000/-, (ii) Rs.2,00,000/-, (iii) Rs.5,00,000/-, (iv) Rs. 10,00,000/-and (v) Rs.20,00,000/-. (B) What will be the amount of TDS in case of above employees, if PAN is not submitted by them to their DDOs/Offices: Particulars Rupees (i) ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....loyee below age of sixty years where medical treatment expenditure was borne by the employer ( With valid PAN furnished to employer). S.No. Articulars Rupees 1 Gross Salary 3,00,000 2 Medical Reimbursement by employer on the treatment of self and dependent family member 30,000 3 Contribution of GPF 20,000 4 LIC Premium 20,000 5 Repayment of House Building Advance 25,000 6 Tuition fees for two children 60,000 7 Investment in Unit-Linked Insurance Plan 20,000 Computation of Tax S.No. Particulars Rupees 1 Gross Salary 3,00,000 Add: Perquisite in respect of reimbursement of Medical Expenses In excess of Rs. 15,000/- in view of Section 17(2)(v) 15,000 2 Taxable income 3,15,000 Less: Deduction U/s 80C (i) GPF Rs. 20,000/- (ii) LIC Rs. 20,000/- (iii) Repayment of House Building Advance Rs.25,000/- (iv) Tuition fees for two children Rs. 60,000/- (v) Investment in Unit-Linked Insurance Plan Rs. 20,000/- To....
X X X X Extracts X X X X
X X X X Extracts X X X X
....Bonus 1,40,000 3 Free gas, electricity, water etc. (Actual bills paid by company) 40,000 4(a) Flat at concessional rate (for ten month). = Rs. 3,60,000 3,60, 000 4(b) Hotel rent paid by employer (for two month) 1,00,000 4(c) Rent recovered from employee 60,000 4(d) Cost of furniture. 2,00,000 5 Subscription to Unit Linked Insurance Plan 50,000 6 Life Insurance Premium 10,000 7 Contribution to recognized P.F. 42,000 8 Investment in long term infrastructure bonds (80CCF) 20,000 COMPUTATION OF TOTAL INCOME AND TAX PAID THEREON: S.No. Particulars Rupees 1 Salary 7,00,000 2 Bonus 1,40,000 3 Total Salary(l+2) for Valuation of Perquisites 8,40,000 Valuation of perquisites 4(a) Perq. for flat: Lower of (15% of salary for 10 mnths.=Rs. 1,05,000/-) and (actual rent paid= Rs 3,60,000) Rs. 1,05,000 1,38,600 Rs l,38,600 4(b) Perq for hotel : Lower of (24% of salary of 2 mths.=Rs 33,600) and (actual payment= Rs 1,00,000) Rs. 33,600 4(c) Perquisites for furniture(Rs.2,00,000) @ 10% of cost 20,000 4(c)(i) Total of [4(a)+(b)+(c)] (1,05,000+ 33,600+....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Total : 1,80,000 Restricted to 1,00,000 1,00,000 Total Income 4,12,000 Income Tax thereon/payable 21,200 Add: (i) Education Cess @ 2% (ii) Secondary and Higher Education Cess @ 1% 424 212 Total Income Tax payable 21836 Rounded off to 21840 Example 7 For Assessment Year 2013-14 A. Calculation of Income tax in the case of a retired employee above the age of sixty years but below the age of 80 years and having gross pension of: i. Rs. 4,50,000/-, ii. Rs. 8,00,000/-, B. What will be the amount of TDS in case of above employees, if PAN is not submitted by them to their DDOs/Offices: Particulars Rupees (i) Rupees (ii) Gross Pension 4,50,000 8,00,000 Contribution of P.P.F. 70,000 70,000 Computation of Total Income and tax payable thereon Particulars Rupees (i) Rupees (ii) Gross Pension 4,50,000 8,00,000 Less: Deduction u/s 80C 70,000 70,000 Taxable Income 3,80,000 7,30,000 Tax thereon 13,000 71,000 Add: (i) Education Cess @ 2%. (ii) Se....
X X X X Extracts X X X X
X X X X Extracts X X X X
....p; 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 14. Transfer of assets to employees 15. Value of any other benefit/amenity/service/privil ege 16. Stock options (non-qualified options) 17. Other benefits or amenities 18. Total value of perquisites 19. Total value of Profits in lieu of salary as per 17(3) 9. Details of tax, - (a) Tax deducted from salary of the employee u/s 192(1) .......... (b) Tax paid by employer on behalf of the employee u/s 192(1A) .........
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 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 quarterly e-TDS/TCS statement quoting separate TAN issued to each branch/DDO respectively. 1.1.11 Quarterly e-TDS/TCS statement pertains to the period for which they are allowed to furnish. 1.1.12 The quarterly e-TDS/TCS statement has been successfully validated through the latest version of the FVU. 1.1.13 Control totals, TAN and name mentioned in the quarterly e-TDS/TCS statement match with those mentioned on Form 27A. 1.1.14 Computer media is virus free. Acceptance of Quarterly e-TDS/TCS Statements by e-TDS Intermediary (NSDL an....
X X X X Extracts X X X X
X X X X Extracts X X X X
....tility; 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 Quarterly e-TDS/TCS statements do not pertain to the period for which deductors/collectors are allowed to submit their statements. 2.1.2.13 Computer media is not virus free. In such cases, TIN-FC shall issue a pre-printed Non - Acceptance Memo citing reasons for non-acceptance to the deductor/collector to carry out necessary corrections. In case of non-acceptance, TIN-FC shall return the computer media as well as any other documents furnished and physical Form 27A ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....so 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). This number is allotted by Income Tax Department. 5. Where should the Accounts Office Identification Number (AIN) application be submitted ? The duly filled and signed application for AIN allotment is to be submitted in physical form by the PAO / CDDO / DTO to the jurisdictional CIT (TDS). Complete and correct AIN application forms will be forwarded by the jurisdictional CI....
X X X X Extracts X X X X
X X X X Extracts X X X X
....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 Validation Utility (FVU) developed by NSDL and freely available at the TIN or ITD website. The statement can be furnished in Compact Disk (CD) at any of the TIN-Facilitation Centers (TIN-FC) managed by NSDL along with Form 24G Statement Statistics Report (generated through File Validation Utility), duly signed by the AO. The list of ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....y. 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 generated when such statement passes through FVU. Is the AO required to take all three files in CD /PAN drive to TIN-FC? Whena valid file is passed through the FVU, the following three files are generated:- (a) The upload file (b) Form 24G statement Statistics Report an....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... "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 subsequent correction statement can be deleted M-type correction statement will always contain AO details and details of DDO which are added and/or deleted. 21. What is X-Type of Correction Statement? This type of correction statement is t....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 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 such mismatch? (i) Instances of wrong/incorrect reporting of BIN by the DDOs in the TDS/TCS Statement have been observed. Reporting of incorrect BINs and corresponding amount in TDS statement wil....
X X X X Extracts X X X X
X X X X Extracts X X X X
....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 employees. The contribution and investment returns would be deposited in a non-withdrawable pension tier-I account. The existing provisions of defined bene....
X X X X Extracts X X X X
X X X X Extracts X X X X
....mn 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 certificate issued to this effect by the....
X X X X Extracts X X X X
X X X X Extracts X X X X
....RM NO. 13 [See rules 28 and 37G] 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,_______________________________....
X X X X Extracts X X X X
X X X X Extracts X X X X
....d? (xiv) Details of payment of advance-tax and tax already deducted/collected for the 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....
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 due Assessment year/ quarter Due date for filing Reason for not filing (1) (2) (3) (4) Section 139 Section 200 Section 206C Assessment year Total income as per return of income Total income as per latest assessment Total tax including interest payable  on returned income Total tax including interest payable on assessed income (1) (2) (3) (4) (5) Assessment year Total payment of tax including interest Tax paid by way of Advance tax Credit claimed for tax deduction at source. Credit claimed for tax collection at source. Tax paid by way of self assessment tax Tax paid in response to notice of demand under section 156 (1) (2) (3) (4) (5) (6) (7) Previous year Gros....