The New Pension System has generated a lot of interest ever since Budget 2015 announced additional tax benefits for investments in the scheme.  For someone in the 30 percent tax bracket, this is a clear benefit of Rs 15,000 on investment of Rs 50,000 over and above the Rs 1.5 lakh allowed under Section 80 C. This article gives an overview of NPS, explains NPS tax benefits, answers frequently asked questions regarding NPS and tax.

On November 27, 2017 by www.taxexcel.net

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Download Automated Master of Form 16 for the Financial Year 2014-15 [ This Excel Utility can prepare at a time 100 employees Form 16 for the FY 2014-15]

How to Save Tax on Salary Income? This question is popping up in the mind of every salaried employee. Since March is fast approaching, HR department has started buzzing employees about the tax savings investment he has made.

Tax Savings investments have to be made before 31^st March to claim the tax benefit and maximize savings. But before rushing to invest, one needs to and plan out his investment keeping in mind the changes made in the Budget 2014 to maximize his tax savings.

Tax Savings does not necessarily means acknowledging various sections of Income Tax Act, few sections along with your salary slip can very well accomplish the peculiar task of tax planning for you. In this article we will discuss the additional tax benefit and marginal reliefs offered by budget 2014.

The Tax Slab has already Raised up to Rs. 2.5 Lakh by the Budget 2014 and the deduction limit of U/s 80C has also raised up to Rs.1.5 Lakh.

Enhanced limit of Section 80C

Budget 2014 has augmented the limit of section 80C from Rs.1 lakh to Rs.1.5 lakhs. This enhanced limit gives additional tax relief of Rs.15,450 for the person falling in the tax slab of 30%, similarly Rs.10,300 to person falling in the tax bracket of 20% and Rs.5,150 to the person falling in the lowest tax bracket of 10%.

Maximize tax savings from increased limit of section 80C:

Home Loan Benefit

Budget 2014 has also enhanced the limit of deduction for Home Loan Principal u/s 80C and Home Loan Interest u/s 24.

Tax Benefits on Home Loan – Principal Repayment

Principal Repayment of the Home Loan taken from Financial Institutions is eligible for deductions u/s 80C but restricted to the maximum of Rs.1.5 lakhs per annum. Remember this limit of Rs.1.5 lakhs includes all deduction u/s 80C i.e. PPF, Tax Savings Bank FD, NSC, EPF, LIC etc.

Reintroduce Kissan Vikas Patra ( K.V.P.) :-

Amount invested in Kissan Vikas Patra (KVP) doubles in 100 months at the present rates. The certificates can be purchased by an adult for himself or on behalf of a minor or to a minor. It can also be purchased jointly by two adults.

A certificate may be transferred from one person to another with consent in writing to an officer of the Post Office or Bank. Under the scheme the transferee has to be eligible to purchase the certificate. The certificate may be prematurely encashed any time after two years and a half from the date of purchase, in the event of death of holder or any holder in case of joint holder, on order of court of Law and forfeiture by a pledge. 

The Government has no proposal to separately tax benefit on KVP. However, income on KVP would be taxable as per existing provisions. Investor will have to undergo Know Your Customer (KYC) modalities at the time of application. In the case of transfer of KVP from one customer to another, a request has to be made in writing to an officer of the Post Office or Bank and the transferee has to be eligible to purchase KVP certification in the first instance. 

Kissan Vikas Patra (KYP) has been reintroduced and is available in Post Offices. In future, KVP will be available in banks which are/will be authorized for handling small savings schemes.

Download Automated Form 16 Part B for the Financial Year 2014-15 [ This Excel Utility can prepare at a time 100 employees Form 16 Part B]

Tax Benefits on Home Loan – Interest Component

Threshold limit of deduction of Interest on the home loan u/s 24 is also increased in budget 2014 by Rs.50,000. Now you can get maximum of Rs.2 lakhs deduction on the accrued interest on Home Loan per annum.

Remember section 24 is applicable for self-occupied house only i.e. capping limit of Rs.2 lakh applies when you hold a self-occupied house. In case the house is not self-occupied than you can claim the actual amount of interest paid which can even exceed Rs.2 lakhs.

Contribution towards Provident Funds

Section 80C comprises for various instruments but contributions towards Provident Fund i.e. Employees Provident Fund or Public Provident Fund are best amongst them. Being EEE scheme (Exempt, Exempt, Exempt) these provide best solution for accumulating corpus for retirement. Point to note is that provident fund is a long term investment scheme, so opt this scheme considering it for post-retirement life.

National Savings Certificate (NSC) and Tax Savings Bank FD

Both National Savings Certificate (NSC) and Tax Savings Bank FD offers same rate of interest and same tax treatment. The only things that makes NSC more lucrative than tax savings bank FD is the method of interest calculation. The interest is compounded annually in case of tax savings bank FD while the interest is compounded half-yearly in case of NSC.

Equity Linked Savings Scheme

ELSS is also enjoys EEE tax treatment as EPF and PPF but it comes with a high degree of risk. Since ELSS is exposed to market the risk involved is similar to any other mutual fund but the quantum is increased due to lock-in period of 3 years.

You can choose any of the four for maximize your tax savings. No need to see any other investment scheme u/s 80C.

Continuation of Section 87A

Last year budget has introduced tax credit system under which person having gross salary up to Rs.5,00,000 can get additional tax rebate of Rs.2,000 from the income tax payable. This year budget did not drop this section and thus letting taxpayer to get benefitted this year also.

Click to download All in One TDS on Salary for Govt and Non-Govt employees for the Financial Year 2014-15

On March 18, 2015 by www.taxexcel.net

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Download Automated Master of Form 16 Part A&B for the Financial Year 2014-15     [ This Excel Utility can prepare at a time 100 employees Form 16 Part A&B with all up dated Tax Section and Tax Slab]

Deductions on Section 80C, 80CCC & 80CCD

Section 80C

The deduction under section 80C is allowed from your Gross Total Income. These are available to an Individual or a HUF.

Broadly speaking, this section provides deduction from total income in respect of various investments / expenditures / payments. Total Deduction under section 80C, 80CCC and 80CCD(1) together cannot exceed Rs 1,50,000 for the financial year 2014-15.

Section 80CCC: Deduction in respect of Premium Paid for Annuity Plan of LIC or Other Insurer

This section provides deduction to an Individual for any amount paid or deposited in any annuity plan of LIC any other insurer for receiving pension from a fund referred to in Section 10(23AAB).

In case the annuity is surrendered before the date of its maturity, the surrender value is taxable in the year of receipt.

Section 80CCD: Deduction in respect of Contribution to Pension Account

Total Deduction under Section 80C, 80CCC and 80CCD(1) cannot exceed Rs 1,50,000. From assessment year 2012-13, employer’s contribution under section 80CCD(2) towards NPS is outside the monetary ceiling mentioned above.

Deductions on Savings Bank Account

Section 80 TTA: Deduction from gross total income in respect of any Income by way of Interest on Savings account

Deduction from gross total income of an individual or HUF, upto a maximum of Rs. 10,000/-, in respect of interest on deposits in savings account ( not time deposits ) with a bank, co-operative society or post office, is allowable w.e.f. 1st April 2012 (Assessment Year 2013-14).

Deductions on House Rent

Section 80GG: Deduction in respect of House Rent Paid

Deduction available is the least of

1. Rent paid minus 10% of total income
2. Rs. 2000/- per month
3. 25% of total income, provided
• Assessee or his spouse or minor child should not own residential accommodation at the place of employment.
• He should not be in receipt of house rent allowance.
• He should not have self occupied residential premises in any other place.

Deductions on Loan for Higher Studies

Section 80E: Deduction in respect of Interest on Loan for Higher Studies

Deduction in respect of interest on loan taken for pursuing higher education. The deduction is also available for the purpose of higher education of a relative w.e.f. A.Y. 2008-09.

Deductions on Rajiv Gandhi Equity Saving Scheme (RGESS)

Section 80CCG: Rajiv Gandhi Equity Saving Scheme (RGESS)

The Rajiv Gandhi Equity Saving Scheme (RGESS) was launched after the 2012 Budget. Investors whose annual income is less than Rs. 10 lakhs can invest in this scheme (up to Rs. 50,000) and get a deduction of 50% of the investment.

So, if you invest Rs. 50,000 (maximum amount eligible for income tax rebate is Rs. 50,000), you can claim a tax deduction of Rs. 25,000 (50% of Rs. 50,000).

Deductions on Medical Insurance

Section 80D: Deduction in respect of Medical Insurance

Deduction is available up to Rs. 20,000/- for senior citizens and upto Rs. 15,000/ in other cases for insurance of self, spouse and dependent children. Additionally, a deduction for insurance of parents (father or mother or both) is available to the extent of Rs. 20,000/- if parents are senior Citizen and Rs. 15,000/- in other cases. Therefore, the maximum deduction available under this section is to the extent of Rs. 40,000/-. From AY 2013-14, within the existing limit a deduction of upto Rs. 5,000 for preventive health check-up is available.

Deductions on Medical Expenditure on Self or Dependent Relative

Section 80DDB: Deduction in respect of Medical Expenditure on Self or Dependent Relative

A deduction to the extent of Rs. 40,000/- or the amount actually paid, whichever is less is available for expenditure actually incurred by resident assessee on himself or dependent relative for medical treatment of specified disease or ailment. The diseases have been specified in Rule 11DD. A certificate in form 10 I is to be furnished by the assessee from any Registered Doctor.

Deductions on Medical Expenditure for a Handicapped Relative

Section 80DD: Deduction in respect of Rehabilitation of Handicapped Dependent Relative

Deduction of Rs. 50,000/- is available on:

1. expenditure incurred on medical treatment, (including nursing), training and rehabilitation of handicapped dependent relative.
2. Payment or deposit to specified scheme for maintenance of dependent handicapped relative.

Further, if the dependant is a person with severe disability, a deduction of Rs. 100,000/- is also available under this section. The handicapped dependent should be a dependent relative suffering from a permanent disability (including blindness) or mentally retarded, as certified by a specified physician or psychiatrist.

Note: A person with 'severe disability' means a person with 80% or more of one or more disabilities as outlined in section 56(4) of the 'Persons with disabilities (Equal opportunities, protection of rights and full participation)' Act.

Deductions on Person suffering from Physical Disability

Section 80U: Deduction in respect of Person suffering from Physical Disability

Deduction of Rs. 50,000/- to an individual who suffers from a physical disability (including blindness) or mental retardation. Further, if the individual is a person with severe disability, deduction of Rs. 100,000/- shall be available u/s 80U. Certificate should be obtained from a Govt. Doctor. The relevant rule is Rule 11D.

Deduction for donations towards Social Causes

Section 80G: Deduction for donations towards Social Causes

The various donations specified in Sec. 80G are eligible for deduction upto either 100% or 50% with or without restriction as provided in Sec. 80G. 80G deduction not applicable in case donation is done in form of cash for amount over Rs 10,000.

Donations with 100% deduction without any qualifying limit:

• National Defence Fund set up by the Central Government
• Prime Minister’s National Relief Fund
• National Foundation for Communal Harmony
• An approved university/educational institution of National eminence
• Zila Saksharta Samiti constituted in any district under the chairmanship of the Collector of that district
• Fund set up by a State Government for the medical relief to the poor
• National Illness Assistance Fund
• National Blood Transfusion Council or to any State Blood Transfusion Council
• National Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disabilities
• National Sports Fund
• National Cultural Fund
• Fund for Technology Development and Application
• Chief Minister’s Relief Fund or Lieutenant Governor’s Relief Fund in respect of any State or Union Territory
• the Army Central Welfare Fund or the Indian Naval Benevolent Fund or the Air Force Central Welfare Fund, Andhra Pradesh Chief Minister’s Cyclone Relief Fund, 1996
• The Maharashtra Chief Minister’s Relief Fund during October 1, 1993 and October 6,1993
• Chief Minister’s Earthquake Relief Fund, Maharashtra
• Any fund set up by the State Government of Gujarat exclusively for providing relief to the victims of earthquake in Gujarat
• Any trust, institution or fund to which Section 80G(5C) applies for providing relief to the victims of earthquake in Gujarat (contribution made during January 26, 2001 and September 30, 2001) or
• Prime Minister’s Armenia Earthquake Relief Fund
• Africa (Public Contributions — India) Fund

Donations with 50% deduction without any qualifying limit.

• Jawaharlal Nehru Memorial Fund
• Prime Minister’s Drought Relief Fund
• National Children’s Fund
• Indira Gandhi Memorial Trust
• The Rajiv Gandhi Foundation

Donations to the following are eligible for 100% deduction subject to 10% of adjusted gross total income

• Government or any approved local authority, institution or association to be utilised for the purpose of promoting family planning
• Donation by a Company to the Indian Olympic Association or to any other notified association or institution established in India for the development of infrastructure for sports and games in India or the sponsorship of sports and games in India.

Donations to the following are eligible for 50% deduction subject to 10% of adjusted gross total income

• Any other fund or any institution which satisfies conditions mentioned in Section 80G(5)
• Government or any local authority to be utilised for any charitable purpose other than the purpose of promoting family planning
• Any authority constituted in India 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, villages or both
• Any corporation referred in Section 10(26BB) for promoting interest of minority community
• For repairs or renovation of any notified temple, mosque, gurudwara, church or other place.

Download Automated Master of Form 16 Part A&B for the Financial Year 2014-15     [ This Excel Utility can prepare at a time 100 employees Form 16 Part A&B with all up dated Tax Section and Tax Slab]

On March 13, 2015 by www.taxexcel.net

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Click here to download Master of Form 16 Part A&B for the Financial Year 2014-15 ( This Excel Based Utility can prepare at a time 50 employees Form 16 Part A&B). 

Who are not able to download the Form 16 Part A from the TRACES Portal, they can use this Excel Utility. The details of deduction U/s 80 is given below as per the latest amended for the Financial Year 2014-15.

Chart for deduction u/s 80C to 80U  Rebate u/s 87A

Section	Details of deductions	Quantum	Remarks
80C (Individual & HUF)	A. ULIP of Spouse and Children and any member in case of HUF B. Deferred annuity, SPF, RPF, PPF, Superannuation Fund, NSC(8TH),5 years   PO Time deposit, Senior citizen Saving Scheme, Term deposit of 5 years, Deposit for 10 or 15 years in Post office saving bank. C. Bonds of NABARD, Deposit scheme of NHB, Notified deposit scheme,. D. MF referred u/s 10(23D), Pension fund of MF[10(23D)], Eligible issue of securities. E. Cost of purchase or construction of residential house including repayment of loan and expenses on transfer of property, tution fees to any educational institutions for full time eduction of 2 childrens.	Maximum Rs 1 ,50,000 is allowed Investment.	No Dedcution Allowed: Terminates the insurance policy within 2 years, Terminate ULIP within 5 years, transfer house within 5 years Limit of eligible premium in case of insurance policy on life of disable person has been increased to 15 % instead of 10 % from FY 13-14. Max. 10% of the minimum amt assured under Life policies
80CCC (Individual)	Deduction in case of contribution to pension fund. However, it should be noted that surrender value or employer contribution is considered income.	Maximum is Rs 1,00,000	Aggregate of 80C  80CCC  80CCD is Rs 1,00,000
80CCD (individual)	Deduction in respect to contribution to new pension scheme. Employees of central and others are eligible.	Maximum is sum of employer’s and employee’s contribution to the scheme limited upto 10 % of salary.	Aggregate of 80C  80CCC  80CCD is Rs 1,00,000
80CCE	It should be noted that employer contribution is allowable as extra u/s 80CCD(2) of the Income Tax Act from Asst Yr 2012-13 and only employee's contribution is within limit of Rs 1 Lakh as stated in 80CCE	It should be noted that as per section 80CCE , the maximum amount of deduction which can be claimed in aggregate of 80C ,80CCC  80CCD(1) is Rs 1,00,0000
80CCG	Individual having gross total income upto Rs 12 Lakh can claim this deduction for inveting in IPOs of share or mututal fund units.	50 % 0f the invested amount . Limit is Rs 25,000 max.	The deduction is allowed for three years only.
80D (Individual &HUF)	Medical insurance on self, spouse , children or parents. The deuction is also allowable for CGHS contribution to Cenral and State scheme. It is also for conducting health check up to Rs 6000.	Age Below 60 years: Rs 15,000 including Rs. 5000 on preventive checkup for self , spouse  children + Rs 15,000 for insurance on parents. Age above 60 years: Replace Rs 15,000 with 20,000.	Cash payment not allowed. But for Preventive Checkup it is allowed.
80DD (Individual &HUF)	For maintenance including treatment or insurancing the lives of physical disable dependent relatives	Rs 50,000 . In case disability is severe , the amount is Rs 1,00,000.	dependent relatives includes spouse, child, parents, brother sister
80DDB (Individual &HUF)	For medical treatment of self or relatives suffering from specified disease	Acutal amount paid to the extent of Rs 40,000. In case of patient being Sr Citizen , amount is Rs 60,000.	Deduction reduced by the amount received under insurance from an insurer or reimbursed by an employer.
80E (Individual)	For interest payment on loan taken for higher studies(after 12)  for self or education of spouse or children	Actual amount paid as interest and start from the financial year in which he /she starts paying interest and upto maximum of 8 years.	loan from any financial institution banking or approved charitable institution
80EE	interest on home loan sanctioned during Fy 2013-14. However, value of the property should be below Rs 50 Lakh and max loan sanctioned should be Rs 25 lakh. Further assessee should not have any other residential house.	RS 1 lakh
80G (All Assessee)	Donations to charitable institution (Max. 10,000 if paid in cash from A/Y 13-14)	100% of amount of donation made to 19 entities (National defense fund , Prime minister relief fund etc. ).  50%  (Gandhi/ Drouhgt/ charitable purpose/infrastructural development fund). For Asst Yr 2014-15, Natital Children Fund will also get 100% deduction.	Where the aggregate of sums exceed 10% of adjusted gross total income, then such excess amount is ignored for computing such aggregate.
80GG	For rent paid	This is only for people not getting any House Rent Allowance. Maximum is Rs 2000 per month. Rule 11B is method of computation.
80GGA	For donation to entities in scientific research or rural development (Max. 10,000 if paid in cash from A/Y 13-14)	Only those tax payers who have no business income can claim this deduction .Maximum is equivalent to 100 % of donation.	Cash payment not allowed
80GGB  80GGC	For contribution to political parties	100 % of donations	Cash payment not allowed
80QQB	Allowed only to resident authors for royalty income for books other than text book	Royalty income or Rs 3,00,000 whichever is less.
80RRB	For income receipt as royalty on patents of resident individuals	Actual royalty or Rs 3,00,000 whichever is less.
80U	Deduction in respect of permanent physical disability including blindness to taxpayer	RS 50,000 which goes to Rs 1,00,000 in case taxpayer is suffering from severe disability.
87A	Rebate to individual having low taxable income	Amount of tax or Rs 2,000 which ever is less	Only resident individual gets this rebate.

Download All in One TDS on Salary for Govt and Non-Govt Employees [This Excel Based Software can prepare at a time Tax Compute Sheet + Arrears Relief Calculation + HRA Calculation + Form 16 Part A&B and Part B]

On November 18, 2014 by www.taxexcel.net

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Click to Download the All in One Master of Form 16 Part B for the Financial Year 2014-15 with 50 employees Salary Structure + 50 employees Salary Sheet for Print 

The unique Excel Based Software which can prepare at a time 50 employees Form 16 Part B with Individual Salary Structure + Individual Salary Sheet for the Financial Year 2014-15 and Assessment Year 2015-16. You can easily calculate the Gross Salary Income of each employee by the Individual Salary Structure. The Salary Structure will be fit for any Govt and Non-Govt Salary Pattern.

This Excel Based Software can prepare at a time 50 employees Form 16 which can reduce your time for preparation of Form 16. You can prepare more than 1000 employees Form 16 by this One Software.

      Snapshot of Data Input Sheet  for Govt & Non-Govt Concerned

Snapshot of Individual Salary Structure for Govt & Non-Govt Concerned

                     Snapshot of Form Individual Salary Sheet

                             Snapshot of Form 16 Part B

Click to Download the All in One Master of Form 16 Part B for the Financial Year 2014-15 with 50 employees Salary Structure + 50 employees Salary Sheet for Print

On October 31, 2014 by www.taxexcel.net

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Download Income Tax Calculator with Form 16 for the Financial Year 2014-15 

Download Your desired Income Tax Excel Based Software for FY 14-15

Download All in One TDS on Salary for Govt & Non-Govt employees for FY 2014-15(This Excel Utility can Prepare at a time Tax Compute Sheet +Individual Salary Sheet+Individual Salary Structure+Arrears Relief Calculation+HRA Calculation+Form 16 Part B and Form 16 Part A&B for FY 2014-15)

Download All in One TDS on Salary for only Non-Govt Employees for Financial Year 2014-15 (This Excel Utility can Prepare at a time Tax Compute Sheet +Individual Salary Sheet+Individual Salary Structure+Arrears Relief Calculation+HRA Calculation+Form 16 Part B and Form 16 Part A&B for FY 2014-15)

Download All in One Master of Form 16 Part B for the Financial Year 2014-15 ( This Excel Based Utility can prepare at a time 50 employees Form 16 Part B with Individual Salary Structure + Individual Salary Sheet )

SECTION 192 OF THE INCOME-TAX ACT, 1961: BROAD SCHEME OF TAX DEDUCTION AT SOURCE FROM “SALARIES”:

3.1  Method of Tax Calculation:

Every   person who is responsible for   paying   any income   chargeable   under the head “Salaries” shall  deduct income-tax  on  the estimated income of the assessee  under the head “Salaries” for the financial year 2014-15. The income-tax is required to be calculated on the basis of the rates  given above, subject to the  provisions related to requirement to furnish PAN as per sec 206AA of the Act, and shall be deducted at   the time of each payment. No tax, however, will be required to be deducted at source  in  any  case unless the  estimated salary income including   the value of perquisites, for the financial year exceeds Rs. 2,50,000/- as the case may 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 Perquisites by Employer:

An option has been given to  the employer to pay the tax  on non-monetary perquisites given toan employee.  The employer  may, at its option, make  payment of the tax on such perquisites himself  without making any TDS from the salary of the  employee. However, the employer will have to pay the 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.

3.2.1  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.

3.2.2    Illustration:

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 under the head “Salaries”inclusive of all perquisites	Rs.  4,50,000/-
Tax on Total Salary (including Cess)	Rs.    25,750/-
Average Rate of Tax [(25,750/4,50,000) X 100]	5.72%
Tax payable on Rs.50,000/= (5.72% of 50,000)	Rs.      2,861/-
Amount required to be deposited each month	Rs.      240 (Rs. 238.4) =2881/12)

The    tax  so   paid  by  the  employer shall be deemed to be TDS made from the salary of the employee.

3.3  Salary From More Than One Employer:

Section 192(2) deals with situations where an individual is working under more than one employer or has changed from one employer to another. It provides for deduction  of  tax at source by such employer (as the   tax payer may choose)   from the aggregate salary of   the employee,  who is or has been in receipt of salary from more than one employer. The employeeis now required to furnish to the present/chosen employer details of the income under the head “Salaries” due or received from   the former/other employer and also tax deducted at source there from, in writing and duly verified by him and by the former/other employer. The

present/chosen employer will be required to deduct tax at source on the aggregate amount of salary (including salary received from the former or other employer).

3.4 Relief When Salary Paid in Arrear or Advance:

3.4.1    Under  section  192(2A)  where  the  assessee,  being    a  Government  servant  or  an employee  in  a     company,  co-operative  society,  local  authority,  university,  institution, association or body is entitled to the relief under  Section 89(1)  he may furnish to the person responsible  for making the payment referred to  in Para (3.1), such particulars in  Form No.

10E duly verified by him,  and thereupon the person responsible, as aforesaid, shall  compute the relief on the basis of such  particulars and take the same into  account  in    making  the deduction  under Para(3.1) above.

Here “University means  a  University  established  or  incorporated  by  or  under  a Central, State  or  Provincial    Act,  and  includes    an institution  declared  under  section 3 of  the University Grants  Commission  Act, 1956, to be a University for the purposes of that Act.

3.4.2    With effect from 1/04/2010 (AY 2010-11), no such relief 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.

3.5  Information regarding 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 taxpayer for the same financial year and of any tax deducted at source thereon. 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 of the assessee), do declare that what is stated above is true to the best of my information and belief.

It is reiterated that the DDO can take into account any loss only under the head “Income from house  property”.  Loss under any other head cannot be considered by the DDO for calculating the  amount  of  tax  to be deducted.

Download Income Tax Calculator with Form 16 for the Financial Year 2014-15 

Download Your desired Income Tax Excel Based Software for FY 14-15

Download All in One TDS on Salary for Govt & Non-Govt employees for FY 2014-15 (This Excel Utility can Prepare at a time Tax Compute Sheet +Individual Salary Sheet+Individual Salary Structure+Arrears Relief Calculation+HRA Calculation+Form 16 Part B and Form 16 Part A&B for FY 2014-15)

Download All in One TDS on Salary for only Non-Govt Employees for Financial Year 2014-15  (This Excel Utility can Prepare at a time Tax Compute Sheet +Individual Salary Sheet+Individual Salary Structure+HRA Calculation+Form 16 Part B and Form 16 Part A&B for FY 2014-15)

Download All in One Master of Form 16 Part B for the Financial Year 2014-15 ( This Excel Based Utility can prepare at a time 50 employees Form 16 Part B with Individual Salary Structure + Individual Salary Sheet )

On October 14, 2014 by www.taxexcel.net

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