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INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2022-23 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961. - Income Tax - 24/2022Extract ..... rson responsible for paying any income chargeable under the head "Salaries" shall, at the time of payment, deduct income-tax on the amount payable at the average rate of income-tax computed on the basis of the rates in force for the financial year in which the payment is made, on the estimated income of the assessee under the head of Salary income for that financial year. The section also provides that a person responsible for paying any income chargeable under the head "Salaries" shall furnish to the person to whom such payment is made a statement giving correct and complete particulars of perquisites or profits in lieu of salary provided to him and the value thereof. 1. Definition of “salary”, “perquisite” and “profit in lieu of salary” (section 17) 1.1 What is salary? As per section 15 of the Act, the following incomes are 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 ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... n 17(2) of the Act, perquisites include: i) The value of rent-free accommodation provided to the employee by his employer; ii) The value of any concession in the matter of rent in respect of any accommodation provided to the employee by his employer; iii) The value of any benefit or amenity granted or provided free of cost or at concessional rate in any of the following cases: a) By a company to an employee who is a director of such company; b) By a company to an employee who has a substantial interest in the company; c) By an employer (including a company) to an employee, who is not covered by (a) or (b) 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 or amenities not provided for by way of monetary payment, exceeds Rs.50,000/-. [What constitutes concession in the matter of rent have been prescribed in Explanations 1 to 4 below section 17(2)(ii) of the Act.] iv) Any sum paid by the employer in respect of any obligation which would otherwise have been payable by the assessee. v) Any sum payable by the employer, whether directly or through a fund, other than a recogni ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... the following are not included as perquisite,- (i) the value of any medical treatment provided to an employee or any member of his family in any hospital maintained by the employer; (ii) any sum paid by the employer in respect of any expenditure actually incurred by the employee on his medical treatment or treatment of any member of his family- (a) 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; (b) in respect of the prescribed diseases or ailments, in any hospital approved by the Principal Chief Commissioner or Chief Commissioner having regard to the prescribed guidelines; [(c) in respect of any illness relating to COVID-19 subject to such conditions as the Central Government may, by notification in the Official Gazette, specify in this behalf. This has been inserted as amendment through Finance Act 2022 with retrospective effect from 01.04.2020 and thus accordingly, applies in relation to the assessment year 2020-2021 and subsequent assessment years. The conditions have been notified vide CBDT Notification No. [S.O. 3703(E)] 90/2022 dated: 05.08.2022. 1.3 W ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... ds Rs. 3,00,000/-; 3 Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- Rs. 10,000/- 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. 1,10,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/- C. In case of every individual, being a resident in India, who is of the age of eighty years or more at any time during the financial year: Sl No Total Income Rate of tax 1 Where the total income does not exceed Rs. 5,00,000/- Nil; 2 Where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000/- 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. 1,00,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-. 2.2 Surcharge on Income-tax The amount of Income-tax computed in accordance with the provisions of section 111A or section 112 or section 112A or the provisions of section 115BAC of the Income-tax Act, shall be increased by a surcharge for the purposes of the Union, calculated, in the case of every individual or Hindu un ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees; (c) two crore rupees but does not exceed five crore rupees, the total amount payable as incometax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of two crore rupees by more than the amount of income that exceeds two crore rupees; (d) five crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of five crore rupees by more than the amount of income that exceeds five crore rupees. 2.3 Health and Education Cess The amount of Income tax as increased by the applicable surcharge shall be further increased by an additional surcharge, for the purposes of Union, to be called “Health and Education Cess on Income-tax”. Health and Education Cess on Income-tax shall be levied at the rate of four percent of income tax including surcharge wherever applicable. No marginal relief shall be available in respe ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... deduct income-tax on the estimated income of the assessee under the head "Salaries" for the financial year 2022-23. The income-tax is required to be calculated on the basis of the rates given in para 2 above, subject to the provisions related to requirement to furnish PAN or Aadhaar number, as the case may be, as per sec 206AA of the Act, and TDS u/s 192 shall be deducted at the time of each payment. The tax so paid by the employer shall be deemed to be TDS made from the salary of the employee. It may be noted that tax liability may not be the same in case the employee opts for concessional tax regime under section 115BAC of the Act. As per section 192(1C) of the Act, a person, being an eligible start-up referred to in section 80IAC, responsible for paying any income to the assessee being perquisite of the nature specified in sub-clause (vi) of clause (2) of Section 17 in any previous year relevant to Assessment year 2021-22 and thereafter, shall deduct or pay, as the case may be, tax on such income within 14 days- a) after the expiry of 48 months from end of the relevant assessment year; or b) from the date of sale of such specified security or sweat equity share by the ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... any TDS from the salary of the employee. As per Section 10(10CC) of the Act, the tax paid on such non-monetary perquisites by the employer is exempt from tax in the hands 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. 3.3 Computation of Average Income Tax For the purpose of making the payment of tax on the payment of any income in the nature of non-monetary perquisites, mentioned in para 3.2 above, tax payable is to be determined by calculating the average rate of tax on the income chargeable under the head “salaries", including the value of perquisites for which tax has been paid by the employer himself. Illustration: The income chargeable under the head “salaries” of an employee below sixty years of age during the Financial Year 2021-22, is Rs. 6,00,000/- (inclusive of all perquisites), 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 un ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... orm 10E electronically in the e-Filing portal along with the return of income. 3.5.3 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 purpose of that Act. 3.5.4 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. 3.6 Information regarding Income under any other head Section 192(2B) enables a taxpayer to furnish particulars of income under any head other than "Salaries" (not being a loss under ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... rrowed capital as under : i. the deduction is allowed only in case of house property which is owned and is in the occupation of the employee for his own residence. In case the house property is not occupied by the employee in view of his place of the employment being at other place, then 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/- (upto AY 2014-15) Rs. 2,00,000/- (w. e. f. AY 2015-16) 444 Aggregate deduction of Sl. 1 and Sl. 3 of the table above shall not exceed Rs.2,00,000/- from the Financial Year 2019-20. In case of Serial No. 3 above: (a) The acquisition or construction of the house should be completed within 5 years from the end of the FY in which the capital was borrowed. Hence, it is necessary for the DDO to have the completion certificate of the house property against whi ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... as the case may be, the payment of any sum chargeable under the Act, is made by or on behalf of Central Government or State Government, the Drawing and Disbursing Officer or any other person by whatever name called, responsible for crediting, or as the case may be, paying such sum is the "person responsible for paying" for the purpose of Section 192. As per Clause (v) of section 204, in case of a person not resident in India, the "person responsible for paying” means the person himself or any person authorised by such person or the agent of such person in India including any person treated as an agent under section 163. 4.1 Tax Deduction at Source The concept of Tax deduction at Source (TDS) was introduced with an aim to collect tax from the source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. The deductee, from whose income, tax has been deducted at source, would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor. 4.1. ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... al year on the dates specified in Table below: Sl. No. Quarter of the financial year ended on Date for quarterly payment 1 30th June 7th July 2 30th September 7th October 3 31st December 7th January 4 31st March 30th April of the next Financial Year 4.4 Mode Of Payment Of TDS 4.4.1 Compulsory filing of Statement by PAO, Treasury Officer, etc in case of payment of TDS by Book Entry u/ s 200 (2A) In case of an office of the Government, where tax has been paid to the credit of the Central Government without the production of a challan [Book Entry], the Pay and Accounts Officer or the Treasury Officer or the Cheque Drawing and Disbursing Officer or any other person, by whatever name called, to whom the deductor reports about the tax deducted and who is responsible for crediting such sum to the credit of the Central Government, shall‐ (a) submit a statement in Form No. 24G under section 200 (2A) on or before the 30th day of April where statement relates to the month of March; and in any other case, on or before 15 days from the end of relevant month to the agency authorized by the Principal Director General of Income‐tax (Systems) [TIN Facilitation Centres currently managed ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... authorized bank; or (b) debit card. {Rule 30(7)} 4.5 Interest, Penalty & Prosecution for Failure to Deposit Tax Deducted 4.5.1 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, he/she shall be deemed to be an assessee-in-default in respect of such tax in accordance with the provisions of section 201, and shall also be liable to penal action u/s 221 of the Act. Further Section 201(1A) provides that such person shall be liable to pay simple interest at the rate of one per cent 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 at the rate of one and one-half percent 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 shall be paid before furnishing the statement in accordance with the provisions of subsection (3) of section 200. 4.5.2 In case any person, including the principal officer of a company fails to ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... nk.) (d) Receipt numbers of all the relevant quarterly statements of TDS (24Q). The receipt number of the quarterly statement is of 8 digit. 4.6.3 Further as per Circular 04/2013 dated 17-04-2013 all deductors (including Government deductors who deposit TDS in the Central Government Account through book entry) shall issue the Part A of Form No. 16, by generating and subsequently downloading it through TRACES Portal and after duly authenticating and verifying it, in respect of all sums deducted on or after the 1st day of April, 2012 under the provisions of section 192 of Chapter XVII-B. Part A of Form No 16 shall have a unique TDS certificate number. The deductor shall generate 'Part B (Annexure)' of Form No. 16 from the Traces website and issue to the deductee after due authentication and verification along with the Part A of the Form No. 16. 4.6.4 It may be noted that under the new TDS procedure, TAN of deductor/ PAN or Aadhaar number of the deductee and receipt number of TDS statement filed by the deductor act as unique identifier for granting online credit of TDS to the deductee. Hence due care should be taken in filling these particulars. Due care should also be taken i ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... sh total amount of tax, surcharge and health and education cess. 7. Deductor shall duly fill details, where available, in item numbers 2(f) and 10(k) before furnishing of Part B (Annexure) to the employee. 8. 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. 9. TDS certificate (Form16) would be generated for the deductee only if Valid PAN or Aadhaar number as the case may be, is correctly mentioned in the Annexure II of Form 24Q in Quarter 4 filed by the deductor. Moreover, employers are advised to ensure in Form 16 that the status of “matching” with respect to “Form 24G/OLTAS” is ‘F’. If the status of matching is other than ‘F’, kindly take necessary action promptly to rectify the same. It is pertinent to mention here that certain facilities have been provided to the deductors at website www.tdscpc.gov.in/including online correction of statements (Form ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... umn 313, mention minor head as marked on the challan. l. Where an employer deducts from the emoluments paid to an employee or pays on his behalf any contributions of that employee to any approved superannuation fund, all such deductions or payments should be included in the statement. m. Permanent Account Number of landlord shall be mandatorily furnished where the aggregate rent paid during the previous year exceeds one lakh rupees. n. Permanent Account Number of lender shall be mandatorily furnished where the housing loan, on which interest is paid, is taken from a person other than a Financial Institution or the Employer. 4.6.9 Authentication by Digital Signatures: (i) Where a certificate is to be furnished in Form No. 16, the deductor may, at his option, use digital signatures to authenticate such certificates. (ii) In case of certificates issued under clause (i), the deductor shall ensure that a) the conditions prescribed in para 4.6.1 above are complied with; b) once the certificate is digitally signed, the contents of the certificates are not amenable to change; and c) the certificates have a control number and a log of such certificates is maintained by the deductor. The dig ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... s required by section 192(2C), he/she will be liable to pay, by way of penalty, under section 272A(2)(i), a sum which shall be Rs.500 /- for every day during which the failure continues. 4.7.4 DDOs empowered to obtain evidence of proof or particulars of the prescribed claim (including claim for set-off of loss) under the section 192(2D) DDOs have been authorized u/s 192 to allow certain deductions, exemptions or allowances or set-off of certain loss as per the provisions of the Act for the purpose of estimating the income of the assessee or computing the amount of tax deductible under the said section. The evidence /proof /particulars for some of the deductions/exemptions/allowances/set-off of loss claimed by the employee such as rent receipt for claiming deduction in HRA, evidence of interest payments for claiming loss from self-occupied house property, etc. is not available to the DDO. To bring certainty and uniformity in this matter, section 192(2D) provides that person responsible for paying (DDOs) shall obtain from the assessee evidence or proof or particular of claims such as House rent Allowance (where aggregate annual rent exceeds one lakh rupees); Leave Travel Concession o ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... as the case may be, to the deductor, the deductor has been made responsible to make TDS at higher of the following rates: i) at the rate specified in the relevant provision of this Act; or ii) at the rate or rates in force; or iii) at the rate of twenty per cent 4.9.2 The deductor has to determine the tax amount in all the three conditions and apply the higher rate of TDS. However, where the income of the employee computed for TDS u/s 192 is below taxable limit, no tax will be deducted. But where the income of the employee computed for TDS u/s 192 is above taxable limit, the deductor will calculate the average rate of income- tax based on rates in force as provided in sec 192. If the tax so calculated is below 20%, deduction of tax will be made at the rate of 20% and in case the average rate exceeds 20%, tax is to be deducted at the average rate. 4.10 Statement of deduction of tax under section 200(3) [Quarterly Statement of TDS] 4.10.1 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 TIN Facilitation Centres authorized ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... shall not exceed the amount of tax which was deductible at source. This fee is mandatory in nature and to be paid before furnishing of such statement. 4.12 Rectification of mistake in filing TDS Statement A DDO can also file a correction statement for rectification of any mistake or to add, delete or update the information furnished in the statement delivered earlier. 4.13 Penalty for failure to furnishing statements or furnishing incorrect information (section 271H) Under section 271H of the Act, if a person fails to deliver or caused to be delivered a statement within the time prescribed in section 200(3) or furnishes an incorrect statement, in respect of tax deducted at source [on or after 1.07.2012], he/she shall be liable to pay, by way of penalty, a sum which shall not be less than Rs. 10,000/- but which may extend to Rs 1,00,000/-. However, the penalty shall not be levied if the person proves that after paying TDS with the fee and interest, if any, to the credit of Central Government, he/she had delivered such statement before the expiry of one year from the time prescribed for delivering the statement. At the time of preparing statements of tax deducted, the deductor is req ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... n 139 will not apply to specified senior citizen for the assessment year for which tax has been deducted. The specified senior citizen has been defined as an individual resident in India who has attained age of 75 years or more and who is having income of the nature of pension and no other income except the income of the nature of interest received or receivable from any account maintained by such individual in the same specified bank in which he is receiving his pension income. Further the specified senior citizen has to furnish declaration in Form 12BBA (Rule 26D). 4.14.3 The declaration in Form no. 12BBA is to be furnished in paper form duly verified. The specified bank shall, after giving effect to the deduction allowable under Chapter VI-A and rebate allowable under section 87A, compute the total income of such specified senior citizen for the relevant assessment year and deduct income-tax on such total income on the basis of the rates in force. The declaration and evidence for claiming deduction under Chapter VI-A shall be properly maintained by the Specified Bank and shall be made available to the Principal Chief Commissioner of Income-tax or Chief Commissioner of Income-tax ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... paid in advance is included in the total income of any person for any previous year it shall not be included again in the total income of the person when the salary becomes due. Any salary, bonus, commission or remuneration, by whatever name called, due to, or received by, a partner of a firm from the firm shall not be regarded as "Salary". 5.2 Value of Perquisites as per Rule 3 The value of perquisites provided directly or indirectly by the employer to the employee or to any member of household of employee, for the purpose of computing the income chargeable under the head “Salaries” for that employee shall be determined on the basis of Rule 3 of the Income-tax Rules 1962. The provisions of Rule 3 are as follows: - A. Residential Accommodation provided by the employer [Rule 3(1)] As per rule 3 of the Income-tax Rules 1962, “accommodation” includes a house, flat, farm house or part thereof, hotel accommodation, motel, service apartment, guest house, a caravan, mobile home, ship or other floating structure. The value of perquisites for unfurnished, furnished or hotel accommodation provided by different category of employers is detailed below: a) Rent ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... ile retaining the accommodation at the other place, the value of perquisite shall be determined with reference to only one such accommodation which has the lower value for a period not exceeding 90 days and thereafter the value of perquisite shall be charged for both such accommodation. b) Furnished accommodation: The accommodation is divided into two categories: (i) Accommodation provided by the Central Government or any State governments: The value of perquisite shall be as determined for unfurnished accommodation and increased by 10% per annum of the cost of furniture (including television sets, radio sets, refrigerators, other household appliances, air-conditioning plant or equipment) or if such furniture is hired from a third party, the actual hire charges payable for the same as reduced by any charges paid or payable for the same by the employee. (ii) Accommodation is provided by any other employer: The value of perquisite shall be as determined for unfurnished accommodation and increased by 10% per annum of the cost of furniture (including television sets, radio sets, refrigerators, other household appliances, air-conditioning plant or equipment or other similar appliances o ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... 0 kilometers away from a town having a population not exceeding 20,000 as per the latest published all-India census. B. Perquisite on Motor car provided by the employer [ Rule 3(2)] (I) If an employer provides motor car facility to his employee, the value of such perquisite shall be determined as follows: a) If the motor car is used by the employee wholly and exclusively in the performance of his official duties, the value of perquisite shall be taken as Nil. However, following compliances are necessary: The employer has maintained complete details of the journey undertaken which may include date of journey, destination, mileage and the amount of expenditure incurred thereon for official purposes; The employer gives a certificate that the expenditure was incurred wholly and exclusively for performance of official duties. b) In case the motor car is exclusively for private or personal purposes of the employee or any member of his household the value of perquisite shall be, the actual expenditure incurred by the employer on the running and maintenance of motor car including remuneration, if any, paid by the employer to the chauffeur as increased by the amount representing normal wear ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... ds 1.6 litres, reduced by Rs. 2400/- (plus Rs. 900/-, if chauffeur is also provided) per month. However, following compliances are necessary: The employer has maintained complete details of the journey undertaken which may include date of journey, destination, mileage and the amount of expenditure incurred thereon for official purposes; The employer gives a certificate that the expenditure was incurred wholly and exclusively for performance of official duties. (III) Where any other automotive conveyance is owned by the employee but actual maintenance & running expenses are met or reimbursed by the employer, no perquisite shall be chargeable to tax if the reimbursement is for the use of the vehicle wholly and exclusively for official purposes. However, if the reimbursement is for the use of vehicle partly for official or partly for private purposes then the amount of perquisite shall be the actual expenditure incurred by the employer as reduced by the amount of Rs 900. In both the cases following compliances are necessary: The employer has maintained complete details of the journey undertaken which may include date of journey, destination, mileage and the amount of expenditure i ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... 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. The value of perquisite shall be reduced by the amount, if any, paid or recovered from the employee. In case where the educational institution itself is maintained and owned by the employer and free educational facilities are provided to the children of the employee or where such free educational facilities are provided in any institution by reason of his being in employment of that employer, the value of perquisite shall be taken as Nil if the cost of such education or the value of such benefit per child does not exceed one thousand rupees per month. (F) Carriage of Passenger Goods [Rule 3(6)]: The value of any benefit or amenity resulting from the provision by an employer, who is engaged in the carriage of passengers or goods, to any employee or to any member of his/her household for personal or private journey free of cost or at concessional fare, in any conveyance owned, leased or made available by any other arrangement by such employer for the purpose of transport of passengers or goods shall be taken t ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... t which such facilities are offered by other agencies to the public. Where the employee is on official tour and the expenses are incurred in respect of any member of his/her household accompanying him, the amount of expenditure with respect to the member of the household shall be a perquisite. Where the employee is on official tour which is extended as a vacation, the value of such fringe benefit shall be limited to the expenses incurred in relation to such extended period of stay or vacation, reduced by the amount paid or recovered from the employee for such perquisite. (I) Value of Subsidized / Free food / non-alcoholic beverages provided by employer to an employee [Rule 3(7)(iii)] The value of free food and non-alcoholic beverages provided by the employer to an employee shall be the amount of expenditure incurred by such employer, as reduced by the amount paid or recovered from the employee. For the following the value shall be treated as NIL: (a) free food and non-alcoholic beverages provided during working hours at office or business premises or through paid vouchers which are not transferable and usable only at eating joints, to the extent the value thereof does not exceed fi ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... ulfilled i) Complete details of such expense, including date and nature of expenditure and its business expediency is maintained by the employer. ii) Employer gives a certificate that the same was incurred wholly and exclusively for official purpose. Note: Use of health club, sport facilities etc. provided uniformly to all classes of employee by the employer are exempt. (M) Use of assets [Rule 3(7)(vii)] The value of perquisite of a movable asset (other than laptops and computers and those referred in other sub rules of rule 3) owned by the employer and used by the employee or any member of his/her household shall be calculated at 10% per annum of the actual cost of the asset or the amount of rent paid/payable by the employer as reduced by any charges recovered from the employee for such use. (N) Transfer of assets [Rule 3(7)(viii)] The value of perquisite arising from transfer of any movable asset belonging to the employer directly or indirectly to the employee or any member of his/her household shall be the actual cost of such asset to the employer as reduced by the following: (a) cost of normal wear and tear @10% for each year during which that asset is put to use, and further ( ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... lause (ib) of sub-section (1) of section 36 (d) any sum paid by the employer in respect of any premium paid by the employee to effect or to keep in force an insurance on his/her health or the health of any member of his family, under any scheme approved by the Central Government or IRDA, for the purpose of section 80D. (e) any expenditure incurred by the employer on medical treatment of the employee (or any member of his/her family) outside India on travel & stay abroad of the employee (or any member of his/her family) for medical treatment on travel and stay abroad of one attendant who accompanies the patient. However, the expenditures on medical treatment abroad are excluded from perquisites subject to the extent permitted by the Reserve Bank of India. Further, the expenditure on travel shall be excluded from perquisite only in the case of an employee whose gross total income, as computed before including therein the said expenditure, does not exceed two lakh rupees. (f) any sum paid by the employer for any expenditure in relation with medical treatment abroad, subject to the conditions mentioned in (e) above. “Family” in relation to an individual, shall have the ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... of the civil services of a State or holders of civil posts under a State or to the employees of a local authority or any payment of retiring gratuity received under the Pension Code or Regulations applicable to the members of the defence service is exempt. Gratuity received in cases other than those mentioned above, on retirement, termination etc is exempt up to the limit as prescribed by the Board. Presently the limit is Rs. 20 lakhs w.e.f. 29.03.2018 [Notification No. 16/2019/F. No. 200/8/2018-ITA-I dated 08.03.2019] 5.3.3 Any payment in commutation of pension received under the Civil Pensions (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 posts connected with defence or of civil posts under the Union (such members or holders being persons not governed by the said Rules) or to the members of the all- India services or to the members of the defence services or to the members of the civil services of a State or holders of civil posts under a State or to the employees of a local authority] or a corporation established by a Central, State or Provincial Act, is exempt under Section10( ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... er this section in any earlier year(s), then in case of such employee, the ceiling limit (i.e., Rs. 3,00,000) shall be reduced by the amount of exemption earlier claimed. 5.3.5 Under Section 10(10B), the retrenchment compensation received by a workman is exempt from income-tax subject to certain limits. The maximum amount of retrenchment compensation exempt is the sum calculated on the basis provided in section 25F(b) of the Industrial Disputes Act, 1947 or any amount not less than Rs.50,000/- as the Central Government may by notification specify in the Official Gazette, whichever is less. These limits shall not apply in the case where the compensation is paid under any scheme which is approved in this behalf by the Central Government, having regard to the need for extending special protection to the workmen in the undertaking to which the scheme applies and other relevant circumstances. The maximum limit of such payment is Rs. 5,00,000/- where retrenchment is on or after 1.1.1997 as specified in Notification No. 10969 dated 25-06-1999. 5.3.6 Under Section 10(10C), any payment received or receivable (even if received in installments) by an employee of the following bodies at the ti ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... 1.4.2013 in cases of persons with disability or person with severe disability as per Sec 80U or suffering from disease or ailment as specified in Sec 80DDB, in respect of which the premium payable for any of the years during the term of the policy exceeds 15 percent of the actual capital sum assured. However, any sum received under such policy referred to in (iii), (iv) and (v) above, on the death of a person would be exempt. The said clause was amended by the Finance Act, 2021 to provide that: (a) with effect from 1st February, 2021, the sum received under a Unit Linked Insurance Policy (ULIP) issued on or after 1st February, 2021, shall not be exempt if the amount of premium payable for any of the previous years during the term of such policy exceeds Rs. 2,50,000. (b) if premium is payable for more than one ULIP, issued on or after 1st February, 2021, the exemption under this clause shall be available only with respect to such policies where the aggregate premium does not exceed Rs. 2,50,000 for any of the previous years during the term of any of those policies. However, the above amendments will not be applicable in case of sum received on death of the person. Under section 10 ( ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... the income by way of interest accrued during the previous year in the account of a person to the extent it relates to the amount or the aggregate of amounts of contribution made by that person exceeding prescribed threshold limit two lakh and fifty thousand rupees in any previous year in that fund, on or after the 1st day of April, 2021 and computed in prescribed manner. Second proviso to clause (12) of section 10 provides that if the contribution by such person in a fund in which there is no contribution by the employer of such person, the threshold limit would be five lakhs rupees. Rule 9D of the Income-tax Rules, 1962 provides for the calculation of taxable interest relating to contribution in a provident fund or recognized provident fund, exceeding specified limit. It is clarified that the threshold limit shall mean:- (i) five lakh rupees, if the second proviso to clause (11) or clause (12) of section 10 is applicable; and (ii) two lakh and fifty thousand rupees in other cases. (Ref: Notification No. 95/2021 G.S.R.604(E) Dated 31st August, 2021) 5.3.10 Under section 10(13A) of the Act, any special allowance specifically granted to an assessee by his employer to meet expenditur ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... ll be included in the salary. The CBDT has prescribed guidelines for the purpose of Section 10(14) (i) & 10 (14) (ii) vide notification No.SO 617(E) dated 7th July, 1995 (F.No.142/9/95-TPL) which has been amended vide notification SO No.403(E) dt 24.4.2000 (F.No.142/34/99-TPL). Rule 2BB has been amended and the exemption in respect of transport allowance for financial year 2018-19 shall be available upto Rs. 3200 per month only to the person who is blind or orthopedically handicapped with disabilities of lower extremities, to meet his/her expenditure for the purpose of commuting between the place of the residence and the place of his duties. 5.3.12 Under Section 10(15)(iv)(i) of the Act, interest payable by the Government on deposits made by an employee of the Central Government or a State Government or a public sector company out of his retirement benefits, in accordance with such scheme framed in this behalf by the Central Government and notified in the Official Gazette is exempt from income-tax. By notification No.F.2/14/89-NS-II dated 7.6.89, as amended by notification No.F.2/14/89-NS-II dated 12.10.89, the Central Government has notified a scheme called Deposit Scheme for ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... dence and place of his duty; (b) Any allowance granted to meet the cost of travel on tour or on transfer; (c) Any allowance, whether, granted on tour or for the period of journey in connection with transfer, to meet the ordinary daily charges incurred by an employee on account of absence from his normal place of duty; (d) Any allowance granted to meet the expenditure incurred on conveyance in performance of duties of an office or employment of profit subject to the condition that the free conveyance is not provided by the employer.” Please Note: A. With regard to section 194S of the Income-tax Act, 1961 (TDS on transfer of Virtual Digital Asset) kindly refer to the Circular No. 13 of 2022 dated 22nd June 2022 on the subject, “Guidelines for removal of difficulties under sub-section (6) of section 194S of the Income-tax Act, 1961” and the Circular no. 14 of 2022 dated 28th June 2022 on the subject, “Order under section 119 of the Income-tax Act, 1961 (the Act) in relation to tax deduction at source under section 194S of the Act for transactions other than those taking place on or through an Exchange”. Kind reference is also invited to Notification No. 7 ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... him a deferred annuity or making provision for his spouse or children, in so far as the sum deducted does not exceed 1/5th of the salary; (4) Any contribution made: (a) by an individual to any Provident Fund to which the Provident Fund Act, 1925 applies; (b) to any provident fund set up by the Central Government, and notified by it in this behalf in the Official Gazette, where such contribution is to an account standing in the name of an individual, or spouse or children; [The Central Government has since notified Public Provident Fund vide Notification S.O. No. 1559(E) dated 3.11.05] (c) by an employee to a Recognized Provident Fund; (d) by an employee to an approved superannuation fund; It may be noted that "contribution" to any Fund shall not include any sums in repayment of loan or advance; (5) Any sum paid or deposited during the year as a subscription:- (a) in the name of employee or a girl child of that employee including a girl child for whom the employee is the legal guardian in any such security of the Central Government or any such deposit scheme as the Central Government may, by notification in the Official Gazette, specify in this behalf; [The Central Governm ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... ce 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 defined in Unit Trust of India (Transfer of Undertaking & Repeal) Act, 2002, 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] (10) Any subscription made to any such deposit scheme of, or, any contribution made to any such pension fund set up by, the National Housing Bank, as the Central Government may, by notification in the Official Gazette, specify in this behalf; (11) Any subscription made to any such deposit scheme, as the Central Government may, by notification in the Official Gazette, specify for the ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... 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/she 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 made and the aggregate amount of deductions of income so allowed in the earlier years shall be added to the total income of the assessee of such previous year and shall be liable to tax accordingly. (13) Tuition fe ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... ured Policy issued on or after 1st April 2013 * - In cases of persons with disability or person with severe disability as per Sec 80 U or suffering from disease or ailment as specified in rules made under Sec 80DDB 15% of the actual capital sum assured *Introduced by Finance Act 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 premium 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 sha ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... r any other employer subject to limit of 14% if the amount is contributed by the Central Government or the State Government of his salary, and 10% in case of contribution by any other employer. The provisions with respect to the employer being “State Government” is effective retrospectively from the 1st day of April, 2020 and accordingly, applies in relation to the assessment year 2020-2021 and subsequent assessment years so as to ensure no additional tax liability arises on any contribution made in excess of 14% during such time. As per Section 80CCD(3), any amount standing to the credit of the assessee in his account referred to in sub-section (1) or sub-section (1B), in respect of which a deduction has been allowed under those sub-sections or sub-section (2), together with the amount accrued thereon, if any, is received by the assessee or his nominee, in whole or in part, on account of closure or his opting out of the pension scheme or as pension received from the annuity plan purchased or taken on such closure or opting out, the whole of the amount shall be deemed to be income of assessee or his nominee in that previous year and accordingly charged to tax in the sai ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... uction in respect of health insurance premia paid, etc. (Section 80D) Particulars Case-1 Case-2 Case-3 Self & Family (no one of them is a senior citizen) Parents (no one of them is a senior citizen) Self & Family (no one of them is a senior citizen) Parents (atleast one of them is a senior citizen) Self & Family (atleast one of them is a senior citizen) Parents (atleast one of them is a senior citizen) Medical Insurance, etc.* 25,000 25,000 25,000 50,000 50,000 50,000 Medical Expenditure** - 50,000 50,000 50,000 Maximum deduction allowable 25,000 25,000 25,000 50,000 50,000 50,000 Aggregate amount of deduction allowable under section 80D 50,000 75,000 1,00,000 * Includes (i) contribution to the Central Government health Scheme/notified scheme for self & family; and (ii) amount paid for preventive health check-up up to Rs. 5,000/-. ** Allowable only if no amount is paid for medical insurance. Note 1 : The payment for preventive h e alth check-up can be made e i t h e r in cash or in any other mode, whereas payment other than preventive health checkup can be made only in non-cash mode. Note 2 : Finance Act, 2018 amended section 80D of the Act to provide that in case o ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... cified conditions. The deduction under (b) above was earlier to be allowed only if the following condition was fulfilled: (i) the scheme referred to in (b) above provides for payment of annuity or lump sum amount for the benefit of a dependent, being a person with disability, in the event of the death of the individual in whose name subscription to the scheme has been made; With effect from 01.04.2022, the provision has been amended and allows for the deduction on satisfaction of either of the conditions (i) or(ii) mentioned in subclause (a) of clause 2 of section 80DD. The same is as under: (a) the scheme referred to in clause (b) of sub-section (1) provides for payment of annuity or lump sum amount for the benefit of a dependant, being a person with disability,- (i) in the event of the death of the individual or the member of the Hindu undivided family in whose name subscription to the scheme has been made; or (ii) on attaining the age of sixty years or more by such individual or the member of the Hindu undivided family, and the payment or deposit to such scheme has been discontinued; (b) the assessee nominates either the dependent, being a person with disability, or any other pe ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... he 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 ; (b) “dependant” means- (i) in the case of an individual, the spouse, children, parents, brothers and sisters of the individual or any of them; (ii) in the case of a Hindu undivided family, a member of the Hindu undivided family, dependent wholly or mainly on such individual or Hindu undivided family for his support and maintenance, and who has not claimed any deduction under section 80U in computing his total income for the assessment year relating to the previous year; (c) “disability” shall have the meaning assigned to it in clause (i) of section 2 of the Persons with Disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995 and includes “autism”, “cerebral palsy” and “multiple disability” referred to in clauses (a), (c) and (h) of section 2 of the National Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disabilities Act, 1999; (d) “Life In ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... matologist, an immunologist or such other specialist, as mentioned in Rule 11DD. However, the amount of the claim shall be reduced by the amount if any received from the insurer or reimbursed by the employer. Further in case of the person against whom such claim is made is a senior citizen (60 age years or more) then the deduction up to one lakh rupees is allowed For the purpose of this section, in the case of an employee, "dependent" means individual, the spouse, children, parents, brothers and sisters of the employee or any of them, dependent wholly or mainly on the employee for his support and maintenance. Vide Notification SO No. 2791(E) dated 12.10.2015, Rules 11DD has been amended to do away with the requirement of furnishing a certificate in Form 10-I. A prescription from a specialist as specified in the Rules containing the name and age the patient, name of the disease/ailment along with the name, address, registration number & qualification of the specialist issuing the prescription would now be required. 5.5.7 Deduction in respect of interest on loan taken for higher education (Section 80E): Section 80E allows deduction in respect of payment of interest on l ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... ancial institution" shall have the meaning assigned to it in clause (a) of sub-section (5) of section 80EE; (b) the expression "stamp duty value" means value adopted or assessed or assessable by any authority of the Central Government or a State Government for the purpose of payment of stamp duty in respect of an immovable property. The amount of this deduction shall not exceed Rs. 1,50,000/- and it shall be allowed in computing the total income of the individual for the assessment year 2020-21 and subsequent assessment years. Where a deduction under this section is allowed for any interest referred to in this section, no deduction shall be allowed in respect of such interest under any other provision of this Act for the same or any other assessment year. 5.5.9 Deduction in respect of the interest payable on loan taken for the purpose of purchase of an electric vehicle (80EEB) Section 80EEB introduced by the Finance (No.2) Act, 2019 (No. 23 of 2019), allows deduction from gross total income of an individual in respect of the interest payable on loan taken by him from any financial institution for the purpose of purchase of an electric vehicle if the loan has been san ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... 00/- unless the amount is paid by any mode other than cash. 5.5.11 Deductions in 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 qualifies for exemption under section 10(13A) of the Act; (b) the employee files the declaration in Form No.10BA. (Annexure X) (c) The employee does not own: (i) any residential accommodation himself or by his spouse or minor child or where such employee is a member of a Hindu Undivided Family, by such family, at the place where he/she ordinarily resides or performs duties of his office or carries on his business or profession; or (ii) at any other place, any residential accommodation which is in the occupation of the employee, the value of which is to be determined under section 23(2)(a) or section 23(4)(a), as the case may be. (d) He will be entitled to a deduction in respect of house rent paid by him in excess of 10% of his total income. The deduction shall be equal to 25% of total incom ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... otified by the Central Government 8. A rural development fund notified u/s 35CCA (1)(c) set up and notified by the Central Government 9. National Urban Poverty Eradication Fund notified u/s 35CCA (1)(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. 2000 unless such sum is paid by any mode other than cash. The Drawing and Disbursing Authorities should satisfy themselves that all the conditions mentioned above are satisfied before such deduction is allowed by them to the employee. They should also satisfy themselves in this regard by insisting on production of evidence of actual payment of donation and a receipt from the person to whom donation has been made and ensure that the approval/notification has been issued by the right authority. DDO must ensure a self-declaration from the employee that he/she has no income from "Profits and gains of business or profession". 5.5.13 Deduction in respect of interest on deposits in savings acc ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... payers claiming deduction under section 80TTB shall not be eligible for deduction under section 80TTA. 6. Rebate of Rs 12,500 For Individuals Having Total Income Upto Rs 5 Lakh [Section 87A] Finance Act, 2019 w.e.f. 01.04.2019, provided relief in the form of rebate to individual taxpayers, resident in India, who are in lower income bracket, i.e. having total income not exceeding Rs 5,00,000/-. The amount of rebate available under section 87A is Rs 12,500/- or the amount of tax payable, whichever is less from financial year 2019-20. 7. TDS on payment of accumulated balance under recognized provident fund and contribution from approved superannuation fund: 7.1 The trustees of a Recognized Provident Fund, or any person authorized by the regulations of the Fund to make payment of accumulated balances due to employees, shall in cases where sub-rule(1) of Rule 9 of Part A of the Fourth Schedule to the Act applies, at the time when the accumulated balance due to an employee is paid, make therefrom the deduction specified in Rule 10 of Part A of the Fourth Schedule to the Act. The accumulated balance is treated as income chargeable under the head “Salaries”. 7.2 Where any contr ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... ire balance standing to the credit of employee is transferred to his account under a pension scheme referred to in section 80 CCD and notified by the Central Government. When the accumulated balance due and becoming payable to an employee includes any amount transferred from his individual account in any other recognized provident fund(s) maintained by his former employer(s), then in computing the period of continuous service the period or periods of continuous services rendered under former employer(s) shall be counted for the purposes of (i) and (ii) above. Under the above four situations at (i) to (iv), the accumulated balance due and payable to the employee is not liable for TDS under section 192A. 8. DDOs to obtain evidence/proof of claims: For the purpose of estimating income of the assessee or computing tax deductions, section 192(2D) provides that person responsible for paying (DDOs) shall obtain from the assessee evidence or proof or particular of claims such as House rent Allowance (where aggregate annual rent exceeds one lakh rupees); Deduction of interest under the h e ad “Income from house property” and deduction under Chapter VI-A as per the prescribed for ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... Cess at the rate of 4% to arrive at the total tax payable. 9.4 The amount of total tax payable as arrived at para 9.3 should be deducted every month in equal installments. Any excess or deficit arising out of any previous deduction can be adjusted by increasing or decreasing the amount of subsequent deductions during the same financial year. 10. Miscellaneous: 10.1 These instructions are not exhaustive and are issued only with a view to guide the employers to understand the various provisions relating to deduction of tax from salaries. Wherever there is any doubt, reference may be made to the provisions of the Income-tax Act, 1961 , the Income-tax Rules, 1962, the Finance Act,2022 (No.6 of2022), the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 (No. 38 of 2020), the relevant circulars 1 notifications, etc. 10.2 In case any assistance is required, the Assessing Officer/the Local Public Relation Officer of the Income-tax Department may be contacted. 10.3 These instructions may be brought to the notice of all Disbursing Officers and Undertakings including those under the control of the Central/State Governments. 10.4 Copies of this Circular are av ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... otal Income 4,32,000 5 Less: Deduction U/s 80DD (Restricted to Rs.75,000/- only) 60,000 6 Less: Deduction U/s 80C (i) GPF Rs.25,000/- (ii) LIP Rs.10,000/- 35,000 7 Less: Deduction u/s 80TTA on Interest Income on savings account (restricted to Rs 10000/-) 10000 8 Total Income 3,27,000 9 Income Tax thereon/payable (includes Rebate of Rs 12500 as per Section 87A) Nil 10 Add: Health & Education Cess @ 4%. Nil 11 Total Income Tax payable Nil 12 Rounded off to Nil @ or Aadhaar number, as the case may be, # It may be noted that tax liability may not be the same in case the taxpayer opts for concessional tax regime under section 115BAC of the Act. Example 3 For Assessment Year 2023-24 Calculation of Income Tax in the case of an employee below age of sixty years where medical treatment expenditure was borne by the employer (With valid PAN@ furnished to employer). S.No . Particulars Rupees 1 Gross Salary 5,55,000 2 Medical Reimbursement by employer on the treatment of self and dependent family member 35,000 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 30,000 ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... ,000 Gross Total Income 6,01,000 Less: Deduction U/s 80C (i) GPF Rs.36,000/- (ii) LIC Rs. 4,000 (iii) Investment in Unit-Linked Insurance Plan Rs.50,000/- Total =Rs.90,000/- 90,000 5 Total Income 5,11,000 Tax payable 14700 Add: Health & Education Cess @ 4%. 588 Total Income Tax payable 15288 Rounded off to 15290 @ or Aadhaar number, as the case may be. # It may be noted that tax liability may not be the same in case the taxpayer opts for concessional tax regime under section 115BAC of the Act. Example 5 For Assessment Year 2023-24 Illustrating valuation of perquisite and calculation of tax in the case of an employee below age of sixty years of a private company in Mumbai who was provided accommodation in a flat at concessional rate for ten months and in a hotel for two months (With valid PAN@ furnished to employer). S.No. Particulars Rupees 1 Salary 7,00,000 2 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.36000/month 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 Lin ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... Rs.1,80,000 (ii) Rent paid in excess of 10% of salary (Including D.A.) assuming D.A. is included for retirement benefits (1,20,000- 55,000) : Rs. 65,000 (iii) 50% of salary (including D.A) : Rs. 2,75,000 65,000 Less : Standard deduction u/s 16(ia) 50,000 Gross Total Taxable Income 6,27,000 4 Less: Deduction U/s 80C (i) Provident Fund : 60,000 (ii) LIP : 10,000 (iii) NSC VIII Issue : 30,000 (iv) Repayment of HBA : 60,000 (v) Tuition Fees (Restricted to two children) : 20,000 Total : 1,80,000 Restricted to 1,50,000 1,50,000 5 Total Income 4,77,000 6 Income Tax thereon/payable (includes Rebate as per Section 87A) Nil 7 Add: Health & Education Cess @ 4%. Nil 8 Total Income Tax payable Nil 9 Rounded off to Nil @ or Aadhaar number, as the case may be # It may be noted that tax liability may not be the same in case the taxpayer opts for concessional tax regime under section 115BAC of the Act. Example 7 For Assessment Year 2023-24 A. Calculation of Income tax in the case of a retired employees above the age of sixty years but below the age of 80 years and having gross pensions of: i) Rs.5,00,000/- ii) Rs.8,50,000/-, iii) Rs. 13,00,000/-. B What will be the amount of TDS in case of abov ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... x payable, for A.Y.2023-24 S.No. Particulars Rupees 1. Honorarium for valuation of answer books of a departmental Examination 3,000 2. Fee for work done for a private body (1/3 rd of fees has been retained by Govt.) 6,000 3. Contributions to G.P.F. p.m. 4,700 4. Postal Life Insurance Premium financed from G.P.F. p.m. 280 5. Contribution to Central Govt. Employees Group Insurance Scheme p.m. 500 6. Life Insurance Premium (being a Life Insurance Policy of Rs.1,00,000 taken in name of his wife before 1.04.2012) 10,500 7. Contribution to Public Provident Fund 10,000 8. Repayment of HDFC loan borrowed after 1.04.1999 EMI Rs.25,000 (Towards loan Rs.95,000, towards interest Rs.2,05,000) 3,00,000 Computation of Tax S.No. Particulars Rupees 1. Income from Salary Basic Pay @ Rs 40,000 p.m (March to June '22) 1,60,000 @ Rs 41,200 p.m * (July 2022 to Feb 2023) 3,29,600 4,89,600 Dearness Allowance(assumed) 1.3.2021 to 30.06.2022 @ 7% i.e., Rs 40,000 p.m 11,200 1.7.2021 to 31.12.2022 @ 9% i.e. Rs 41,200 p.m 22,248 1.1.2022 to 28.02.2023 @ 11%i.e.Rs.41,200 p.m 9,064 5,32,112 House Rent Allowance 1,17,504 6,49,616 Transport Allowance 1.3.2022 to 30.6.2022 @ Rs 3200 p.m 12,800 1.7.2022 to 31.12 ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... ns (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) ..... (c) Total tax paid ...... (d) Date of payment into Government treasury ...... DECLARATION BY EMPLOYER I ......... s/o ......... working as ........ (designation) do hereby declare on behalf of .......... (name of the employer) that the information given above is based on the books of account, documents and other relevant records or information available with us and the details of value of each such perquisite are in accordance with section 17 and rules framed thereunder and that such information is true and correct. Place.... Signature of the person responsible for deduction of tax Date.... Full Name ......... Designation............. FORM NO.12BB (See rule 26C) Statement showing particulars of claims by an employee for deduction of tax under section 192 1. Name and address of the employee: 2. Permanent Account Number or Aadhaar number of the employee: 3. Financial year: Details of claims ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... ION FROM SALARIES U/S 192 OF THE INCOME-TAX ACT, 1961 - FINANCIAL YEAR 2015-16 Compulsory filing of Statement by PAO, Treasury Officer, etc. in case of payment of TDS by Book Entry. 1. Procedure of preparation and furnishing Form 24G at TIN-Facilitation Centres (TIN-FCs): The Form 24G should be prepared by the PAO/DTO/CDDO (hereinafter referred to as AOs) as per the data structure (File format) prescribed by the DIT (Systems), Delhi which is available on TIN website www.tin-nsdl.com. The AOs can prepare Form 24G either by using in-house facilities, third party software or by using form 24G Return Preparation Utility (RPU) developed by NSDL e-Governance Infrastructure Limited (NSDL), which is freely downloadable from the TIN web-site www.tin-nsdl.com. After preparation of form 24G, the AO is required to validate the same by using the Form 24G File Validation Utility (FVU) which is freely available on TIN website. Once file is validated through FVU, '.fvu file' in CD/DVD/Pen Drive along with physical Statement Statistic Report (SSR) signed by the AO, to be furnished at TIN-FCs. On successful acceptance of Form 24G at the TIN-FC, an acknowledgement containing 15 digit Token no ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... can file a correction Form 24G for any modification or cancellation of Form 24G accepted at TIN Central System. Preparation and validation of correction form 24G is in line with regular form 24G. The validated Form 24G correction file (.fvu file) can be uploaded online through AO account at TIN website. For correction Form 24G accepted at TIN central system, an online acknowledgement containing a 15 digit token number is generated and displayed to the AO. The format of the acknowledgement is identical to the one issued by the TIN-FC. There is no need to submit SSR and provisional receipt of original form 24G in online upload. 3. For FAQs and further details, AOs are advised to log on TIN website www.tin- nsdl.com ****** Furnishing of Monthly Form No. 24G Statements by Pay and Accounts Officers (PAOs)/District Treasury Officers (DTOs)/Cheque Drawing and Disbursing Officers(CDDOs) 1. Under what income tax rule should Form 24G be filed? Income-tax Department Notification no. 41/2010 dated May 31, 2010 amended the Income Tax Rule 30 which mandates that in case of an office of the Government, where tax has been paid to the credit of Central Government without the production of a challan ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... Marg, Lower Parel, Mumbai - 400013 recommending allotment of AIN to the PAO / CDDO / DTO. 6. What information should be submitted through Form 24G? Every AO should furnish one complete, correct and consolidated Form 24G every month having details of each type of deduction / collection separately viz. TDS-Salary / TDS-Non Salary / TDS-Non Salary Non Residents / TCS made by each DDO under his jurisdiction. 7. Where should Form 24G be submitted? Form 24G is to be furnished only in electronic form in a CD/pen drive at TIN-FCs or online through AO Account at www.tin-nsdl.com web portal. The facility to submit Form No. 24G online is available free of cost. Provisional Receipt Number (PRN) is issued as an acknowledgement of the receipt of Form 24G. 8. How to register for online facility? Registration for AO Account is mandatory for filing Form No. 24G online through TIN website, www.tin-nsdl.com. Registration AO Account is required once only. AO required to submit the Form No. 24G at TIN-FC at least once to comply with the Know Your Customer (KYC) norms for registration of the AO Account. After registration, it is optional for AO either to submit the Form No.24G in CD/Pen drive at TIN-FC ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... eparation Utility? The Form 24G Preparation Utility is a Java based utility. Form 24G Preparation Utility can be freely downloaded from www.tin-nsdl.com. After downloading, it needs to be saved on the local disk of the machine. 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 Form 24G Preparation Utility is being installed. JRE is freely downloadable from http://java.sun.com and http://www.ibm.com/developer works/java/jdk or you can ask your computer vendor (hardware) to install the same for you. Form 24G Preparation Utility can be executed on Windows platform(s) Win 2K Prof. / Win 2K Server/ Win NT 4.0 Server/ Win XP Prof. To run the 'Form 24G Preparation Utility', click on the '24GRPU.bat' file. If JRE is not installed on the computer, then on clicking '24GRPU.bat', a message will be displayed. In such cases, install JRE and try again. If appropriate version of JRE is installed, then the 'Form 24G Preparation Utility' will be displayed. 15. What are the steps to download and install Form 24G Preparation Utility? For assistance in downloading and using ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... a reader friendly format of TDS/TCS Book Adjustment form. This is like the physical form of Form 24G in html format. It contains all the details of Accounts Officer as well as Drawing and Disbursement Officer. There is no need to submit this file. 18. Can the Form 24G Statement be corrected? Every Form 24G is to be prepared in accordance with the data structure prescribed by the Income Tax Department (ITD). If it does not confirm to the new data structure it will be rejected by TIN. As per procedure, statements relating to Form 24G should be complete and correct. No fragmented statements are expected to be filed (i.e. separate statements giving details for deductions under different form type with respect to the same AIN, FY and month). However, any mistake made in an original accepted statement can be rectified by submitting a 'correction statement'. For correction, the latest version of the RPU should be downloaded from TIN website. Form 24G corrections can also be uploaded directly at the TIN website. For direct upload at TIN Central system, AO has to first register AIN at TIN website and upload the Form 24G correction. 19. What are the different kinds of correction sta ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... epted monthly form No. 24G. BIN consists of the following: (i) Receipt Number: Receipt number is a seven digit unique number generated on successful acceptance of Form 24G. (ii) DDO Serial Number: It is a five digit unique number generated for every DDO transaction reported in Form 24G statement. (iii) Transfer Voucher Date: It is the last date of month for which Form 24G statement is filed. BIN is required to be disseminated to the respective DDOs who in turn are required to report the same in the TDS/TCS Statement. The quoting of BIN has been made mandatory w.e.f 01st February, 2012. BIN is a unique number to verify the claim of TDS deposited without production of challan. As it is a verification key, it is advised that valid BIN disseminated by AO to the respective DDO should be correctly filled in TDS statement. 23. When is BIN generated? On processing of accepted Form 24G statement, BIN is generated for each DDO record (with valid TAN) present in Form 24G statement. BIN are generated at TIN Central System and intimated to the PAOs with details of TAN and Form Type. 24. What do the PAO and DDO have to do with the BIN? PAOs have to disseminate the BINS to respective DDOs. While ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... TIN-FC or by direct online upload at TIN website. iv. To track status of the filed Form No. 24G through TIN website. v. To download Book Identification Number (BIN) generated on the basis of 24G statement. vi. To disseminate BIN to the respective DDOs. 29. What are the duties of DDOs? i. To provide correct TAN to their PAOs/DTOs/CDDOs to whom the DDO/Deductor reports the tax so deducted & who is responsible for crediting such sum to the credit of the Central Government. ii. To report to PAOs/DTOs/CDDOs, the details of tax deducted and credited to the Central Government account through book adjustment. iii. To quote BIN in the quarterly TDS/TCS Statement (24Q, 26Q, etc) for the tax deducted and credited through book adjustment. iv. Filing of TDS/TCS statement (24Q, 26Q etc) within the due date. v. To download Form 16/26A from TRACES website (www.tdscpc.gov.in) and timely issuance of the same to the deductees. 30. What are the consequences of non-quoting of BIN details in quarterly TDS/TCS statement? (a) BIN details and amount of TDS reported in the quarterly TDS/TCS Statement filed by the DDO will be matched with the details filed in Form No.24G filed by the PAO for verificatio ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... ich credit to the respective deductee will not be available in the deductee's Form 26AS. (c) Further details are available at TIN website www.tin-nsdl.com and ITD website www.incometaxindia.gov.in. 31. What is the format of Form 16/16A to be issued to the deductees? It is mandatory to download and generate the Form 16/16A from the TRACES portal only. Deductor is allowed to issue manually only part =B' of Form 16 for salary details. 32. Is there any scenario where the DDO is also required to obtain the AIN? Yes, if the deductor is in the capacity of CDDO and directly reports tax deduction through transfer voucher to State AG, in that case CDDO is required to obtain the AIN and file 24G for the respective book adjustment entries and then also required to file the TDS/TCS statement as a TAN holder. For example in the case of Executive Engineer in state Government who are making payments to the contractors after deducting the TDS/TCS through cheque are liable to file Form 26Q for reporting such TDS transactions. They will be required to obtain the AIN and file form 24G for monthly reporting of these book adjustment entries and file quarterly TDS statements as TAN holder by quot ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... 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X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... igAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACiiigD/2Q==" style="height:369pt; width:305.25pt" /> POINT NO.4.9 OF DRAFT CIRCULAR OF DEDUCTION OF TAX AT SOURCE FROM SALARIES U/S 192 OF THE INCOME TAX ACT, 1961 - FINANCIAL YEAR 2015-16- PROCEDURE OF PREPARATION OF QUARTERLY STATEMENT OF DEDUCTION OF TAX UNDER SECTION 200(3) OF THE ACT 1. Quarterly e-TDS statement/return should be prepared by Deductor/DDO as per the data structure (File Format) prescribed by the DIT (Systems), Delhi which is available on TIN website www.tin-nsdl.com. Deductor/DDO can prepare e-TDS statement/return either by using in-house facilities, third party software or by using Return Preparation Utility (RPU) developed by NSDL e-Governance Infrastructure Limited (NSDL), which is freely downloadable from the TIN website. After preparation of e-TDS statement/return, the Deductor/DDO is required to validate the same by using the File Validation Utility (FVU) which is freely available on TIN website. 2. Procedure of furnishing of e-TDS statement/return at TIN Facilitation Centres (TIN-FCs): Once file is validated through FVU, 'fvu file' is generated. Copy of this 'fvu file' in CD/DVD/Pen Drive alo ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... line with regular e-TDS statement, physical Form 27A duly signed and Statement Statistical Report at TIN-FC. On successful acceptance of correction e-TDS statement at the TIN-FC, an acknowledgement containing a unique 15 digit token no. is provided to the Deductor/DDO. Deductor/DDO can view the status of e-TDS statement on TRACES website. 3. Procedure of preparation and furnishing of paper TDS statement/return at TIN- Facilitation Centres (TIN-FCs): All statement/return in Form 24Q are required to be furnished in computer media except in case where the number of deductee records are equal to or less than 20. Paper statement/return duly filled and signed by the Deductor/DDO can be furnished at TIN-FC. On successful acceptance of paper statement/return at the TIN-FC, an acknowledgment containing a unique 15 digit token no. is provided to the Deductor/DDO. Deductor/DDO can view the status of paper statement/return on TIN website. No charges are applicable for paper TDS statement/return. 3.1 Correction in paper statements/returns: The physical TDS statement/return is to be filed again in case of any correction to a physical TDS statement/return accepted at TIN. The deductor will submit ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... A and SSR in online upload. Deductor/DDO can view the status of e-TDS statement/return on TIN website. 5. For FAQs and further details, Deductors/DDOs are advised to log on website www.tin- nsdl.com ******* ANNEXURE-VII 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 1stof January 2004 (except the armed forces in the first stage). The monthly contribution would be 10 percent 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- withdra ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... said Section, mentioned in column 2 of the table below awarded in the circumstances as mentioned in corresponding column 3 thereof:- Table Sl. 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. SarvottanJeevanRaksha When awarded to Civilians for bravery Padak displayed by them in life saving acts. 5. UttamJeevanRaksha Medal - do - 6. JeevanRakshaPadak - do - 7. President's Police Medal When awarded for acts of exceptional for gallantry courage displayed by members of police forces, Central police or security forces and certified to this effect by the he/she 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 lasthe/shead of Department. 13 President's Police & Fire Services ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... business or profession, or b) me/us at any other place, being accommodation in my occupation, the value of which is to be determined u/s 23(2)(a)(i) of u/s 23(2)(b). ********* Appendix-II FORM NO. 16 [See Rule 31(1)(a)] PART A Certificate under section 203 of the Income-tax Act, 1961 for Tax deducted at source on Salary paid to an employee under section 192 or pension/interest income of specified senior citizen under section 194P Certificate No. Last updated on Name and address of the Employer /Specified Bank Name and address of the Employee /Specified senior citizen PAN of Deductor Tan of the Deductor PAN of the Employee/Specified senior citizen Employee Reference No./ Pension Payment order no. provided by the Employer(If available) CIT(TDS) Assessment year Period with the Employer Address : From To City : Pin code : Summary of amount paid/credited and tax deducted at source thereon in respect of the employee Quarter(s) Receipt Numbers of original quarterly statements of TDS under sub-section (3) of section 200 Amount paid/credited Amount of tax deducted (Rs.) Amount of tax deposited/remitted(Rs. ) Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total (Rs.) I. DETAILS OF TAX DEDUCTED AND ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... er section 10 Rs. ... h) Total amount of exemption claimed under section 10 [2(a)+2(b)+2(c)+2(d)+2(e)+2(g)] 3. Total amount of salary received from current employer [1(d)-2(h)] Rs. ... 4. Less: Deductions under section 16 a) Standard deduction under section 16(ia) Rs. ... b) Entertainment allowance under section 16(ii) Rs. ... c) Tax on employment under section 16(iii) Rs. ... 5. Total amount of deductions under section 16 [4(a)+4(b)+4(c)] Rs. ... 6. Income chargeable under the head "Salaries" [(3+1(e)-51 Rs. ... 7. Add: Any other income reported by the employee under as per section 192(2B) Rs. ... a) Income (or admissible loss) from house property reported by employee offered for TDS Rs. ... b) Income under the head Other Sources offered for TDS 8. Total amount of other income reported by the employee [7(a)+7(b)1 9. Gross total income (6+8) 10. Deductions under chapter VI-A Gross Amount Deductible Amount a) Deduction in respect of life insurance premia, contributions to provident fund etc. under section 80C Rs. ... Rs. ... Total b) Deduction in respect of contribution by taxpayer to pension scheme under section 80CCD (1) Rs. ... Rs. ... c) Total deduction under section 8 ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X ..... ax on employment undersection 16(iii) Rs. ... 4. Total amount of deductions under section 16 [3(a)+3(b)] Rs. ... 5. Income chargeable under the head "Salaries" [(2-4] Rs. ... 6. Interest Income under the head Other Sources paid by the specified bank Rs. ... 7. Gross total income (5+6) Rs. ... 8. Deductions under chapter VI-A Gross Amount Deductible Amount a) Deduction in respect of life insurance premia, contributions to provident fund etc. under section 80C Rs. ... Rs. ... b) D eduction in respect of contribution to certain pension funds under section 80CCC Rs. ... Rs. ... c) Deduction in respect of contribution by taxpayer to pension scheme under section 80CCD (1) Rs. ... Rs. ... d) Total deduction under section 80C, 80CCC and 80CCD(1) Rs. ... Rs. ... e) Deductions in respect of amount paid/deposited to notified pension scheme under section 80CCD (1B) Rs. ... Rs. ... b) Deduction in respect of health insurance premia under section 80D Rs. ... Rs. ... e) Deduction in respect of interest on loan taken for higher education under section 80E Rs. ... Rs. ... Gross Amount Qualifying Amount Deductible Amount f) Total Deduction in respect of donations to certain funds, charitab ..... X X X X Extracts X X X X Login / Subscribe to Access Full Page X X X X Extracts X X X X
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