Although the tax itself is included in this figure, it is typically the one used when discussing one's pay. Of this, some is paid to John, and the rest to taxes.
Your employer may soon ask you to submit the investment proofs for the financial year This is a provisional statement that has details about your proposed Income tax slab 2012 2013 and expenses that are Income Tax deductible.
At the financial year end, you need to provide supporting Investment Proofs for these investments that you have specified in IT declaration. Generally most of the employers ask for investment proofs during Jan to Feb Based on your proposed investments and expenses, your employer deducts TDS Tax Deduction at Sourceif any from your monthly salary and deposits it to the government account.
To calculate TDS, your employer considers the declared investments and expenses that are either Tax Exempted or eligible for tax deductions under Income Tax Act. You need to submit both IT investment declaration and Investment proofs documents to your employer. If you do not submit the required investment proofs at the year end, your employer will then be forced to deduct complete tax without considering your provisional investments IT Declaration.
The Income Tax Department has also issued a circular and made it very clear to all the employers to verify the genuineness of each claim made by the employee. So, the verification of investment proofs will be more stringent by the employers.
Home loan statement from your banker or provider which reflects principal portion of your EMIs. Kindly note that any payments made towards donation, uniform fee, van fee, maintenance fees etc.
Copy of NSC certificate in the name of self. Copy of Tax saving Bank deposit receipt 5 year deposit. Copy of Post Office Term deposit receipt with more than 5 year term. Copy of Sukanya Samriddhi Account passbook. In whose name can they be invested?
Copy of premium receipt paid during the Financial Year can be submitted. You can also submit receipt s that are paid towards health-checkups. To claim the total interest paid on your home loan during the FY, you have to submit; Loan statement or interest certificate from your banker or home loan provider.
You also have to submit completion certificate or occupancy certificate.
Self-declaration whether the house is self-occupied or let-out one. In case, if you are paying the rent by cash, you have to affix revenue stamp on the receipts. Receipts of donations are considered as proofs.
Typically the receipt issued by the charitable organization you donate do mentions the eligibility under Section 80G.
Education Loan Section 80E: Copy of loan certificate reflecting the interest payments. Do not get confused between your medical reimbursement allowance and mediclaim expenses. Medical allowance is provided by your employer. It is part of your employment agreement salary structure between your employer and yourself.
The medical reimbursement allowance is exempted under Section 10 of the Income Tax Act. Copies of medical bills and duly completed Form IA have to be submitted. Medical treatment expenses for the specified disease Section 80DDB: This condition causes undue hardship to the persons intending to claim tax deduction.
Copy of the stamped deposit receipt, paid during current financial year and copy of the Passbook with clear mention as NPS National Pension System Account. The bills travel tickets for your travel against LTA can only be claimed via your employer.
LTA is allowed to be claimed twice in a block of four years. The current block is to You are allowed to carry forward your unclaimed LTA to the next year, so you can request your employer to not deduct tax on it and allow you to claim it next year.
Important points The last date to submit Investment proofs will be intimated to you by your employer. Kindly note that there is no need to submit copies or originals of your investment proofs to the IT department. It is advisable to keep copies of all your original documents for your future reference.
In case, if your declared amount is less than your actual investments, your company might have deducted higher TDS. If you are falling short of your projected declared amount, you can plan your investments in the next 3 months or so.Posted on: Friday, December 20 Income Tax Slab tells the tax rate at which you have to pay tax on Income.
Please note that the Income of Financial Year is taxable at the tax rate applicable for Assessment Year The latest income tax slab to calculate your tax for Year based on budget budget. Tax exemption limit raised to Rs 2 lakhs and tax rates has changed for other slabs too.
Income Tax Slab from Assessment year to A.Y. Income Tax Rate Slabs for Assessment year ,, , , , , , , , amd A.Y. for Individual, Hindu undivided Family (HUF), Women Other Than Senior Citizen.
Tax brackets are the divisions at which tax rates change in a progressive tax system (or an explicitly regressive tax system, although this is much rarer). Essentially, they are the cutoff values for taxable income — income past a certain point will be taxed at a higher rate.
As per the Finance Act, , income-tax rates for the financial year (i.e. Assessment Year ) for individual,BOI,AOP,HUF is given as under.
Filing of taxes can sometimes be a tricky and challenging task. Most of us do look out for help or assistance. To assist taxpayers, Income Tax Department has been rendering call centre service from its Central Processing Centre located at Bangalore (ITD-CPC, Bangalore).