Documentos de Académico
Documentos de Profesional
Documentos de Cultura
B 00/00/000
COMPUTATION SHEET OF INCOME TAX
for the Financial Yr 2012-13, Assessment yr 2013-14 ASSESSE MALE
NAME : PAN
ADDRESS : PHONE :
Email id-
1
2
3
4
5 .
6
7
8
I
II
III
IV
V
VI
VII
VIII
IX
X
XI
XII
XIII
XIV
9
a
b
c
d
e
f
g
h
i
j
k
l
m
n
10
6
(I)
(II)
(III)
(IV)
7
8.
I
II
III
MINI
READ
IV
Y
RECO
V(a)
NNER
- TA
X R
ULE
S &(b)
OTH
ERVI
USE
FUL
INF
O VII
RM
ATI
ON
VIII
IX
XI
XII
XIII
XIV
XV
9
a
k
Income Tax Calculator by B.P.Choudhary (Tax Consulta
Some Exempted Receipts / Special allowances & Perquisite which are not chargable to tax are
Exempted Receipts - 1. Medical Reimbursement (Max Rs15000/- Per annum) 2. L.T.A (as per Rule)
Special allowances Exempted u/s 10(14)
1. Uniform Allowance (granted to meet the expenditure incurred on purchase or maintenance of uniform t
Duty) 2 Helper Allowance ( granted to meet exependiture incurred on helper for performance of official duty)
3. Academic Allowance (granted for encouraging academic, research & training pursuits) includin
4. Children Education Allowance ( Rs100 P.M. per Child / (Rs300 for Hostel Expenditure) Max of
5. Convayance allowance ( granted to meet the expenditure incurred on convayance, whil
. ( Expenditure incured for covering journey between office and residence is
of official duty. )
permanent physical
Reimbursement of disability, the exemption
Medical bills 1,600/-
are exemptisfor per
self and month family, up to Rs.15,000/- per annum
dependent
u/s(5) LTA is exempt to the tune of economy class Train/ Air /Recognised public Transport fare for the family to any destination in India, by t
claimed twice in a block of 4 calendar years. The current block is from 01.01.2010 to 31.12.2013. For claim, it is must to provide originals tick
u/s 24 There is an Exemption for interest on housing loan.(for Self occupied Residence). If the loan was taken before Apr 1, 1999 exemp
loan was taken after Apr 1, 1999 exemption is limited toRs1,50,000/- per year if the house is self-occupied; There is no limit if the house is re
This exemption is available on accrual basis, which means if interest has accrued, you can claim exemption, irrespective of whether you've p
If you have rented out your house, enter the total income / loss from the house (after deducting property tax and standard maintenance ex
u/s 80CCE- Maximum Exemption up to Rs.100000/- Investments up to Rs.1 lac in PF, VPF, PPF, Employee contribution in NPS,Insuranc
repayment, NSC, ELSS, long term bank Fixed Deposit, Post Office Term Deposit, etc. are deductible from the taxable income. There is no lim
can be invested in NSC or PPF etc.
u/s 80CCD -The Finance Act, 2011 provides that contribution made by the Central Government or any other employer to NPS (up to 10 per
previous year)shall be excluded while computing the limit of Rs1,00,000.The contribution by the employee to the NPS will be subject to the li
u/s 80CCG - Rajiv Gandhi Equity Savings Scheme is a new exemption available for investment in stock markets (direct equity). Avaialble
lacs and only for first time investors in stock market. Exemption available at 50% of investment subject to maximum of Rs.50,000/- invested.
u/s 80D Medical Insurance Premium (such as Mediclaim & Critical illness Cover)& Health Check up Upto Rs5000,
premium is exempt up to Rs30,000/ per year (15,000/- for self,spouse and children ) (Rs15000/- for Parents. If the premium includes for a d
years of age, an extra Rs5,000//- can be claimed.
u/s 80DD Deduction in respect of medical treatment of handicapped dependents is limited to 75,000/- per year if the disability is less t
disability is more than 80%
u/s 80DDB Deduction in respect of medical treatment for specified ailments or diseases for the assesse or dependent can be claimed
being treated is a senior citizen, the exemption can go up toRs60,000/-. but any amount received under Medical Insurance Policy will be
allowed. The Diseases and ailments specified under rule 11DD are.
(1)neurological diseases being demetia, dystonia musculorum deformans, motor neuron disease, ataxia, chorea, hemiballismus, a
cancer, (3) AIDS, (4)Chronic renal failure, (5) hemophilia, and (6) thalassaemia.
u/s 80E Interest repayment on education loan (taken for higher education from a university of self & dependents) is completely tax exemp
u/s 80G Donations given for certain charities are tax exempt. Some(NGO,Trust etc.) are exempt to the tune of 50%, whereas Govt funds
u/s 80GG If you are not getting HRA, but living in rented house, an exemption is available. This will be calculated as minimum of (25% of tot
or Rs24,000/- per year)
u/s 80U If you have a permanent physical disability (including blindness), you can take an exemption (subject to maximum of Rs75,000/-
National Savings Certificate (NSC): National Savings Certificate (NSC) is a 5-Yr small savings instrument eligible for section
8.58% compounded half-yearly, i.e. If you invest Rs.100, it becomes Rs.150.90 after five years. The interest accrued every yea
your taxable income) but the interest is also deemed to be reinvested and thus eligible for section 80C deduction.
Home Loan Principal Repayment & Stamp Duty and Registration Charges for a home Loan The Equated Monthly Install
repay your home loan consists of two components Principal and Interest.The principal component of the EMI qualifies for d
interest component can save you significant income tax but that would be under Section 24 of the Income Tax Act. The amou
a house, and the amount you pay for the registration of the documents of the house can be claimed as deduction under sectio
house.
Tuition fees for 2 children Apart form the above major investments expenses for childrens education (Only Tution Fee (for
claimed as deductions under Sec 80C.
Equity Linked Savings Scheme (ELSS): There are some mutual fund (MF) schemes specially created for offering you tax sa
Linked Savings Scheme, or ELSS. The investments that you make in ELSS are eligible for deduction under Sec 80C.
5-Yr bank fixed deposits (FDs): Tax-saving fixed deposits (FDs) of scheduled banks with tenure of 5 years are also entitled f
post office time deposit (POTD) scheme: POTDs are similar to bank fixed deposits. Although available for varying time durat
and five year, only 5-Yr post-office time deposit (POTD) which currently offers 7.5 per cent rate of interest qualifies for tax s
works out to be 7.71% per annum (p.a.) as the rate of interest is compounded quarterly but paid annually. The Interest is entire
Pension Funds or Pension Policies Section 80CCC: This section Sec 80CCC stipulates that an investment in pension
income. Section 80CCC investment limit is clubbed with the limit of Section 80C it means that the total deduction available fo
Lakh.This also means that your investment in pension funds upto Rs.1 Lakh can be claimed as deduction u/s 80CCC. Howeve
deduction u/s 80C and 80CCC can not exceed Rs.1 Lakh.
Infrastructure Bonds: These are also popularly called Infra Bonds. These are issued by infrastructure companies, and not the
invest in these bonds can also be included in Sec 80C deductions.
NABARD rural bonds: There are two types of Bonds issued by NABARD (National Bank for Agriculture and Rural Developme
Bhavishya Nirman Bonds (BNB). Out of these two, only NABARD Rural Bonds qualify under section 80C.
Senior Citizen Savings Scheme 2004 (SCSS): A recent addition to section 80C list, Senior Citizen Savings Scheme (SCSS)
the small savings schemes but is meant only for senior citizens. Current rate of interest is 9% per annum payable quarterly. Ple
quarterly instead of compounded quarterly. Thus, unclaimed interest on these deposits wont earn any further interest. Interest
I M P O R T A N T - A D V I S ES
Mostly people gives estimated declaration at year starting to minimise their Tax Liabilities but could not save up to la
months. Many of us start looking for investment avenues only in February or March, just before the Financial Year is g
One, you would end up investing your money without putting proper thought to it. And secondly, you would end up lo
whole year. Instead, decide where you want to make the investments, and start investing right from the beginning of t
advisable to save from start on monthly basis through Bank ECS as a SAP . This way, you would not only make infor
the interest for the full year from April to March.
Clarification regarding deduction in respect of co
Pension Scheme under Section 80 CCD
F.No. 275/192/2009-IT (B) , New Delhi Dated the 9th February, 2010.
Sub: Clarification regarding deduction in respect of contribution to pension scheme under Section 80 CCD mat
A number of representations have been received regarding deduction under Section 80 CCD for contribution made
Circular No-1 /2010 dated 11th Jan2010 issued on the subject of Deduction of Tax at Source etc.
It is clarified that in accordance with the provisions of Section 80 CCD, deduction in respect of contribution made b
account under a pension scheme notified, is allowed in computation of his total income
(a) in the case of an employee, ten per cent of his salary in the previous year; and
(b) in any other case, ten per cent of his gross total income in the previous year.
2. It is further clarified that where the Central Government or any other employer makes any contribution to
scheme, the assessee shall also be allowed a deduction in the computation of his total income of the whole of the a
any other employer as does not exceed 10% of his salary in the previous year.
3. Salary for the purpose of above section (80 CCD) includes dearness allowance if the terms of employment so p
and perquisites.
4. It is further clarified that aggregate limit of deduction under this section (80 CCD) along with Sections 80 C, 80 C
lakh.
Yours faithfully,
(Ansuman Pattnaik) Director (Budget)
To,
All DDOs of Central Government, State Governments, CAG & other persons as per standard list
The Finance Act, 2011 has inserted a new Section 36 (1)(iva) with effect from assessment year 2012-13 to provid
respect of contribution towards a pension scheme referred in Section 80CCD of the Act on account of an employ
employee in the previous year. For this purpose, 'Salary' means Basic+DA,
Imp -The term employee' will include all employees including Director-employees.
Sec- 80CCD -The Finance Act, 2011 provides that contribution made by Employer "the Central Government or any
cent of the salary of the employee )shall be excluded while computing the limit of Rs1,00,000. But the contribution b
subject to the limit of Rs1,00,000.
Rajiv Gandhi Equity Savings scheme
Deduction under Section 80CCG
Finance Bill, 2012
A new scheme called Rajiv Gandhi Equity Savings scheme is proposed in the Union Budget 2012-13 to en
instruments The scheme allows for income tax deduction of 50 per cent to new retail investors, who invest
and whose annual income is below Rs 10 lakhs. The scheme will have lock-in period of three years.
Newly inserted Section 80CCG provides deduction wef assessment year 2013-14 in respect of investment
scheme. The deduction under this section is available if following conditions are 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 investor is locked-in for a period of 3 years from the date of acquisition in accordance with the abo
(f) Amount of deduction - The amount of deduction is at 50% of amount invested in equity shares. Howeve
this provision cannot exceed Rs. 25,000. If any
Deduction u/s 80D for Mediclaim Premium available to Individual, a
Deduction in respect of Medical Insurance Premium (Mediclaim / Critical illness) paid to keep in force insurance by ind
health of spouse, dependent parents and children.
A Mediclaim policy is a must because you or your family Member should fall sick or meet with an accident, your medical bills co
tool to protect. against heavy financial burden for treatment in hospitals
For Inquire about MEDICLAIM POLICY from National Insurance - mail at - bpchoudhary@gmail.com
Informations about Mediclaim policy
1. Premium based on Age:
2. Who can take the Policy
3. Cover Age
4. How much Sum Insured can be taken ?
5. Deduction from Total Taxable Income
6. Partly contribution can be benefitted
7. Which Policies Premium is allowed?
8. What is the eligible amount of the deduction u/s 80 D ?
9. INDIVIDUAL MEDICLAIM POLICY from National Insurance Company Limited
10. what are the SALIENT FEATURES of Individual Mediclaim policy?
11. what are the PREMIUMS (as per sum insured & age group)?
12. Floater mediclaim Policy (PARIVAR) from National Insurance Company Limited
13. SALIENT FEATURES of PARIVAR (floater) Mediclaim policy?
14. PARIVAR Mediclaim policy Premium up to Age 35 Years
15 PARIVAR Mediclaim policy Premium for 36 to 45 years
16 PARIVAR Mediclaim policy Premium for 46 to 50 years
17.Premium
1. PARIVARbased
Mediclaim policy
on Age: Premium
- The for 51
premium to 55
rates willyears
vary among the insurers and will also depend on your age. The older you
Mediclaim
18. PARIVAR policy from General
Mediclaim policy Insurance Corporation
Premium for has a fixed premium till 35 years and then it changes in 10-year slabs.
56 to 60 years
2. Who can take the Policy: - Individual (resident or non resident, Indian Citizen or foreign citizen):- In case an individual is tak
policy can be taken in the name of any of the following: the taxpayer or the spouse, parents or dependent children* of the taxpa
not be dependent on the Assessee,.parents of Individual or Spouse both are covered.
3. Cover Age: This insurance is available to a person between the age of 18 to 59 years. However, the Policy can be renewed
the age of 3 months can be covered with the parents. male child can be covered up to the age of 25 years. Female child can be
4. Sum Insured: Minimum sum insured shall be Rs 50,000/- and can be increased in multiples of Rs 25,000/-up to Rs 5 lacs.
5. Deduction from Total Income: - In addition to deduction u/s, 80C, This is an additional deduction available over 1,20,000.
6. Partly contribution: If part payment is done by you and part payment by the Spouse / parent, both can claim deduction to th
maximum allowed but amount should be paid directly to insurance company and paid through mode other than by cash.
7. Which Policies Premium is allowed? : - Mediclaim premium paid under Medical insurance scheme of General Insurance's
Government, or any other insurer approved by the Insurance Regulatory & Development Authority (IRDA). Or Critical illness Co
Companies.
The Policy covers reimbursement of Hospitalisation expenses for illness/diseases contracted or injury. In the event
the policy, the Company either pays to the Hospital/Nursing Home through TPA or directly to the insured if TPA service
1. SALIENT FEATURES
The policy cover reimbursement of Hospitalisation expenses for illness/diseases or injury
Pre & Post hospitalization Medical expenses incurred 15 days before & 30 days after hospitalisation are also reimb
Photo identification card for cashless medical benefits over networked hospitals across the country or reimburs
Age- Persons between the ages of 3 months to 60 years are eligible.
NO Medical Tests required up to 60years.
Pre-Existing Diseases will be covered after 4 continuous Claim free year.
Hospitalisation expenses of person donating organ during the course of Organ Transplant are also cove
Tax Benefits - Under Sec 80D. Premium given by you will be fully deducted from Taxable Income.
Sum Insured Rs 2Lacs to Rs 5 Lacs.
In case any member of the family is suffering from hypertension or diabetes, will be covered after paying10% extra p
In case any member of the family is suffering from hypertension and diabetes, will be covered after paying 25% extra
Premium Chart
Up to 35 years
36 to 45 years
46 to 50 years
51 to 55 years
56 to 60 years
For Inquire about MEDICLAIM POLICY from National Insurance - contact me at - bpchoudhary@gmail.com ph: 9811
by B.P.Choudhary (Tax Consultant)
Calculate your Tax in less than 5 Minutes
Latest Version 7.1 for Financial year 2012- 13 , Assessment year 2013-14
This calculator is a Trial Version for your Experiance. Original Version is Modified and
with Form-16, also explanation of every rule. For Original Version. Kindly
subscribe with a nominal subscription of Rs. 500/- only
also receive Updates version(if any) & Explained informations of every new rule.
Send your subscription through cheque at following address
1577 SECTOR -5, R.K.PURAM, NEW DELHI-110022, Ph: 9811302497, 9211125587
or deposit in any of the following account through cheque /Cash