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Saturday, November 3, 2012

Proforma for Declaration of Tax Savings and other income during the financial year 2012-2013


A most important proforma for implementation of TDS provision as per Income Tax Act, designed to obtain all information from official regarding Income Tax to pursue the TDS properly and also avoid any Audit Objection & Income Tax Survey Notice.  Just copy and paste it any word processing software make required changes as per office needs.  Given Form is very useful for Drawing & Disbursing Officers, who are responsible for deduction of tax on salary.  Any Employee may use this declaration form to declare of tax savings and other income

Declaration of Tax Savings and other income during the financial year 2012-2013
 ----------------------

Name of Office
Section
No.
Dated
Circular / Office Order

Subject:  Submission of proof of savings for tax calculation/deduction purposes

The government of India imposes an income tax on taxable income of individuals. Levy of tax is separate on each of the persons. The levy is governed by the Indian Income Tax Act, 1961. The Indian Income Tax Department is governed by the Central Board for Direct Taxes (CBDT) and is part of the Department of Revenue under the Ministry of Finance, Govt. of India. Income tax is a key source of funds that the government uses to fund its activities and serve the public.

The Statute requires deduction of tax by the employer from the income under the head salary disbursed by him during a financial year on monthly basis and to deposit with the Govt. account within stipulated period.

PAN and address are mandatory. If not furnished, tax at source is to be deducted at the prescribed rates or 20% whichever is higher without giving any rebate/deduction.
The proof of savings under various sections of Income Tax Act be submitted as per the following arrangements:
Arrangements
By 30th November 2012
By 15th February 2013
Annexure
I & II along- with proof of the savings (Self-attested) till Nov. 30th 2012.
Only the documentary proof (Annexure need not be sent again) of the proposed savings (self- attested) declared in annexure II.
Declaration
Declaration of Proposed savings in the prescribed column in annexure II which are proposed to be made after 30th November 2012 for 2012- 2013.
Proposed saving s or proof o f the savings will not be considered after this date, even if submitted.
Last Date
30th November 2012
15th February 2013

In case, no declaration is received by November 30t h 2012, due tax will be de ducted as per the current tax structure.
Encl.: As above
 Accounts Officer



Income Tax Rates for the Financial Year 2012-2013
For All Assesses:
Upto Rs.2,00,000/-
NIL
Rs.2,00,010/- to Rs.5,00,000/-
@10% of (total income minus Rs.2,00,000)
Rs.5,00,010/- to Rs.10,00,000/-
Rs. 30,000/- + 20% of (total income minus Rs.5,00,000)
Rs.10,00,010/- & above
Rs.1,30,000/- + 30% of (total income minus Rs.10,00,000)

Note:
1.            Education Cess 2% +Secondary and Higher Secondary Education Cess 1% Education Cess is applicable (2% +1%) @ 3% on income tax
2.            Threshold limit of exemption from personal income tax in the case of all assesses is Rs. 200,000. The threshold limit for a resident woman assessee is Rs. 200,000, while for a resident senior citizen over 60 years is Rs. 250,000 and for senior citizen over 80 years is Rs. 500,000.
3.            The last date for filing of individual income tax return with the ITO is 31st July 2013.
4.            Tax payers with salary income of up to Rs. 5 lakh and interest from savings bank accounts up to Rs. 10,000 is not required to file income tax returns.
5.            Deduction in respect of subscription to Long Term Infrastructure Bonds: Section 80CCF has been withdrawn from FY 2012-13. Hence no deduction is allowable under this section for the current FY onwards.
5.            as per the section 80CCE the aggregate amount of deduction under sections 80C, 80CCC and Section 80CCD(1) shall not exceed Rs. 1,00,000/-. However the contribution made by the Central Government or any other employee to a pension scheme u/s 80CCD(2) shall be excluded from the limit of Rs.1,00,000/- provided under this Section


Accounts Officer

Distribution:
1.           




To,
                _________________
                _________________
                _________________

Subject: - Submission of proof of savings for tax calculation purposes -financial year 2012-13

Sir,
Please find enclosed herewith my declaration of tax savings (at A-4 size papers) and other income during the financial year 2012-2013 in annexure-I and annexure-II duly supported with the documentary evidence(s) & self-attested as per the following arrangements:
1.            The enclosures are serially numbered and mentioned in the annexure at the relevant point.
2.            I also certify that particulars furnished are true and correct to the best of my knowledge and belief.
3.            I also certify that these savings have been made by me from my own salary income/ sources.
4.            Proof of the proposed savings declared in annexure I & II, will be submitted latest by 15th Feb.2013.
5.            I understand if I am unable to submit the self-attested saving proofs for the current savings by November 30t h 2012 & proposed savings evidences by 15t h February 2012, due tax may be deducted from my salary for the month of February and March 2013 without any further intimation to me.
6.            I will be personally responsible to Income Tax Department, Govt. of India, for all information pertaining to income tax assessment.
Thanking you

Encl. Annexure –I and II
Yours faithfully,
Signature_______________________________________
Name__________________________________________
Office/Section___________________________________
Mobile No._____________________________________
E.mail. ID_______________________________________


Annexure -I
Emp No.
Name:
Designation
PAN No.
(Encl. copy of PAN Card)





Particulars for other income and savings:
(I)           Income from house property (Give full details)
01
Nam e of the owner & Co - owner of the House Property
:

02
Address of House Property(Enclose documentary evidence)
:

03
Whether it is a


a.            Purchase of ready built flat/house
:

b .           Semi- built up house; or
:

c.             Piece of land; on which house is constructed
:

04
Whether Housing loan taken, if yes,


a.            Nam e & address of the bank/ Organization; &
:

b.            Date of loan(attach sanction/disbursement letter from bank)
:

05
Date of possession of house along with completion certificate
:

06
Whether the House Property is Self Occupied
:
Yes / No
07
Whether any par t of this House Property is let out during the financial year? If yes, give details.
:

08
Housing Loan Interest Due/ Paid/to be paid during the Financial Year ending 31st March 2012 (Attach prescribed certificate from Money Lender bank /Organisation)
:

09
Out of the above Housing Loan interest , how much is being claimed this year as deduction
:

10
Whether Co- applicant is claiming any deduction from his/her income
:

11
Interest on HB A for Pre-construction period claimed during this year
:

12
Source(s) for repaying the Housing Loan (Principal and Interest, both)
:

13
In case of Co-owner /Co- borrower, Give full details about his/her employment / profession in a separate sheet
:

14
House Property is declared in Annual Declaration of property statement to CP CB
:
Yes/No

(II) Other Income declared:
1.
Honorarium :
___________________________________ ____________
2.
Saving Bank Interest       :
________________________ _______________________
3.
F DR Interest      :
_________________________________ ______________
4.
_________Society interest :
____________________ ___________________________
5.
Monitoring Allowance :
_____________________________________________ __

6.            Medical Bill Reimbursement (without hospitalization),
if taken more than Rs. 15,000/- during the year: _________________________ ____________

7.            Agricultural Income.(if more than Rs. 5,000 during the year ) :___________________________
(For determination of tax rate purposes only)
8.            Any Other income (Give Full Details)
(a)…………………………………..            :               ____________________________________________
(b).………………………………….            :               ____________________________________________
(c)…………………………………..             :               ____________________________________________

(III)         Employees, who are in receipt of house rent allowance (HRA) and want to get exemption of HRA under section 10 (13A) in computing of total income, should furnish the following particulars:

i)
Monthly rent (receipts must be enclosed in the prescribed pre-printed format) Computer generated receipts will not be considered.
:


ii)
House Owner’ Name

Address


Telephone No.
:

:


:


iii)
PAN of House Owner
:


iv)
Address of House taken on rent
:


v)
Total Amount of rent paid / will be paid during the financial year 2012-13
:
April-12
May-12
June-12
July-12
Rs.
Rs.
Rs.
Rs.
Aug-12
Sep-12
Oct-12
Nov.-12
Rs.
Rs.
Rs.
Rs.
Dec-12
Jan-12
Feb-12
Mar-12
Rs.
Rs.
Rs.
Rs.







Certified that the particulars furnished by me in annexure-I are correct and true to the best of my knowledge and belief.

Date:
Signature_____________________________


Annexure-II

DEDUCTION UNDER CHAPTER VI-A IN RESPECT OF PAYMENTS:
Deduction Under Section 80(C), 80-CCC and 80-CCD (aggregate amount of Maximum amount of Deduction Rs.1,00,000/- or the amount of investment, whichever is lower)
Sl  No.
Nature of Deduction
Amount of Investment

Deduction under Section80(C):

( 1a) Life Insurance Premium ( minimum holding period 2 years) - Which are actually paid up to November 30th 2012

Name of Insurance Co.
Policy No.
Sum Assured
policy term
Premium Amount Rs.
Mode: Monthly/Qly/ Half-yearly/ Yearly
Premium Amount Rs.
1
2
3
4
5
6
5 X 6 = 7
LIC POLICIES TAKEN BEFORE APRIL 1,2012
























































LIC POLICIES TAKEN AFTER APRIL 1,2012










































(1b) Life Insurance Premium (minimum holding period 2years)- Which are to be paid after November 30th 2012

Name of Insurance Co.
Policy No.
Sum
Assured
policy
term
Premium Amount
Rs.
Mode:
Monthly/ Qly/ Hly/ Yearly
Premium Amount
Rs.
1
2
3
4
5
6
5X6=7
LIC POLICIES TAKEN BEFORE APRIL 1,2012



































LIC POLICIES TAKEN AFTER APRIL 1,2012











































SI. No.
Nature of Deduction
Savings up to Nov 30th 12 (Attach photocopy)
Proposed Savings after Nov. 30th 2012
(2)
Contribution for participating in ULIP of UTI, LIC etc
(minimum holding period 5 years)


(3)
Contribution to Notified Mutual Funds


(4)
Principal Repayment of House Building Loan:
Payment by way of installment or part payment of loan taken for purchase / construction of a residential property which does not include the cost of any addition or alteration or renovation or repair of the house property carried on after completion certificate or the house property occupied by the assessee or any other person on his behalf or has been let out.
(minimum holding period 5 years)


(5)
Recognized Mutual Funds


(6)
Post office five year time deposit scheme "PO TDR 1981"


(7)
Fixed deposit for 5 years or more with schedule bank (under tax saving scheme)


(8)
Amount invested in approved debentures of, and equity shares in, a
public company engaged in infrastructure including power sector


(9)
Tuition fees to any University / College /Educational       Institution in
India for full time education of any two children.


(10)
National Savings Certificates, VIII issue
Date of Purchase
Amount of NSC












(11)
Accrued Interest on NSC:
Date of Purchase
Amount of NSC










(12)
Contribution (not being repayment of loan) towards 15 years PPF
Scheme


(13)
Payment in respect of any non commutable deferred annuity (UTI,LIC,
Kothari)


(14)
Contribution towards an approved superannuation fund


Deduction under Section 80 (CCC):


(1)
Pension fund (Maximum 1,00,000/-)
Name of Fund
Date      of
Investment
Amount               of
Investment

















Deduction under Section 80 (CCD) :


( 1)
Employees’ contribution to New Pension scheme of Central Govt.
(upto 10 % of BP+ GP/DP + DA)


Section 80 (CCG) :
Deduction for Rajeev Gandhi Equity Saving Scheme (RGESS) :
50% Tax deduction for those whose annual income is below Rs.10 lakh and who invest upto Rs.50,000 in stocks.
The scheme is for individuals with annual income of below Rs.10 lakh, will have a lock-in period of 3 years.


Deduction under Section80-D:


(1)
Medical insurance Premia:
(i)Part I: A deduction up to Rs.15,000 on the life of taxpayer, his/her spouse and his/her dependent children;
Preventive Health Check-up:
A deduction of up to Rs.5,000/- for preventive health check-up of Self, Spouse, Parent(s) or dependent children under section80-D within the maximum limit of Rs.15,000/-.
(ii) Part II: Further a deduction upto Rs.15,000 is available on the life of father and/or mother of the tax payer.
(iii)An additional deduction of Rs.5,000/ available if medi-claim policy is taken on the life of a resident who is at least 60 years of age at any time during the previous year.  This is irrespective of whether they’re dependent on you or not.  No deductions can be claimed for in-laws.


Deduction under Section 80-DD:


(1)
Maintenance including medical treatment of a handicapped dependent (having any disability of not less than 40%)

Available Deduction-Rs.50,000, or actual expenditure incurred, whichever is lesser. For severe handicap conditions (more than 80%)
Rs.1,00,000 is the deduction limit.

Scope of Deduction-Deduction can be claimed for dependent parents, spouse, children and siblings.

Please note that Dependent must not have claimed any deduction for their disability.


Deduction under Section 80-DDB:
Medical expenditure on specified disease or ailment:


(1)
Deduction of Rs.40,000 or Rs.60,000 (for senior citizen above 60 years of age) in respect of medical expenditure on specified disease or ailment incurred Expenditure must be actually incurred by resident assessee on himself or dependant relative for medical treatment of specified disease or ailment.  The diseases have been specified in Rule HDD.  A certificate in form 101 is to be furnished by the assessee from any registered doctor working in a Govt. Hospital) subject to reduction of amount reimbursed by any Insurance company or CPCB


Deduction under Section 80-E:


(1)
Interest on loan taken for higher studies:
Entire payment of interest on loan for higher studies is deductible for a maximum period of 8 years or until the above interest paid in full, whichever is earlier


Deduction under Section 80-G:
Donations made for charitable purposes:
In respect of section 80G, no deduction should be allowed by the employer/ DDO, from the salary income.

The tax relief on such donations u/s80G will have to be claimed by the taxpayer in ITR.

However, DDOs, on due verification, may allow donations to the following bodies to the extent of 50% of the contribution:
a) The Jawaharlal Nehru Memorial Fund;
b) The Prime Minister's Drought Relief Fund;
c)The National Children's Fund;
d)The Indira Gandhi Memorial Trust;
e)The Rajiv Gandhi Foundation,

and to the following bodies to the extent of 100% of the contribution:
(1) The National Defence Fund or the Prime Minister's National Relief Fund;
(2) The Prime Minister's Armenia Earthquake Relief Fund;
(3) The Africa (Public Contribution-India) Fund;
(4) The National Foundation for Communal Harmony;
(5) The Chief Minister's Earthquake Relief Fund, Maharashtra;
(6) The National Blood Transfusion Council;
(7) The State Blood Transfusion Council;
(8) The Army Central Welfare Fund;
(9) The Indian Naval Benevolent Fund;
(10) The Air Force Central Welfare Fund;
(11) The Andhra Pradesh Chief Minister's Cyclone Relief Fund,1996;
(12) The National Illness Assistance Fund;
(13) The Chief Minister's Relief Fund or Lieutenant Governor's Relief Fund, in respect of any State or Union Territory, as the case may be, subject to certain conditions;
(14) The University or educational institution of national eminence approved by the prescribed authority;
(15) The National Sports Fund to be setup by the Central Government;
(16)The National Cultural Fund setup by the Central Government;
(17) The Fund for Technology Development and Application setup by the Central Government;
(18) The national trust for welfare of persons with autism, cerebral palsy mental retardation and multiple disabilities.
Kindly check the eligibility from the above list before putting any amount against this column.


DEDUCTION UNDER CHAPTER VI-A IN RESPECT OF CERTAIN INCOMES:
Deduction under Section 80-U:

(1)
Income of a person with disability:
Not less than 40% of any disability given in the aforesaid section and submission of a copy of certificate issued by Medical Authority.  Certificate should be obtained from a Govt. Doctor. The relevant rule is Rule 11D. (Format may be taken from F&A Division, if required). Subject to certain conditions and subject to fixed deduction of Rs.50,000.  A higher deduction Rs.1,00,000/- is available in respect of person with severe disability over 80%.


Certified that the particulars furnished by me in Annexure-II, are correct and true to the best of my knowledge and belief.

Date:    
Signature________________________

Name___________________________

Source: http://www.cpcb.nic.in/itcircular12-13.pdf

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1 comment:

  1. Great work. I find this proforma for declaration of tax saving very good. I run a small company with 7 employees and I plan to use this proforma from this year onwards. If some one makes a declaration for proposed saving and then for any reason is not able to make the saving or is not able to give proof of saving by feb end, then what should be done?

    ReplyDelete

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