TOBACCO BOARD :: GUNTUR

Transcription

1 TOBACCO BOARD :: GUNTUR Data Sheet for computation of Income Tax for the financial year PAN Number 2 Employee Number 3 Name of the Employee (Full Name) 4 Designation 5 Place of Working 6 Phone Nos. Land Line (with STD Code) : Cell No: 8 Residing in House (Tick the Mark ) Own House Rented House 9 If residing in rented house, rent payable during from March 2016 to Feb 2017 Rs.. Current Personal Savings (other than Salary Recovery) (Enclosed self Attested Latest Xerox copies of Personal Savings) Saving Type Policy No./ other relevant no. etc. Yearly payable amount (Rs.) (including Service Tax) New Proposals during the year Saving Type Policy No./ other relevant no. etc. Yearly payable amount (Rs.) (including Service Tax) I,. do hereby declare that what is stated above is true to the best of my knowledge and belief. Date : Page 1

2 Declaration to be filled by Assesses claiming deduction under section 10(13A) I,. S/o. hereby certify that, I have occupied the premises of (mention full address of premises for the purpose of my residence) by paying rent Rs... per month from.., 2016 onwards. Note : - Send Xerox copy of Current Bill from the owner of the House. Place : Date : Note : Those employees who are drawing under HRA Rs.3000/- or above from the department should be submitted rent declaration from the owner of the house / flat. RENT RECEIPT Received an amount of Rs... (Rupees. only) from Sri., Tobacco Board, Auction Platform No... towards payment of house / flat rent for the month of Premises Address: Date: (Signature of the premises owner) (One Rupee Revenue Stamp) Page 2

3 Income Tax Rules 1962 Form No.12 C (See Rule 26B) Form for sending particulars of income under section 192(2B) for the year ending 31 st March Name & address of the Employee 2 Present Address 3 PAN Number 4 Residential nature 5 Particulars of Income under any head of income other than Salaries (Not being a loss under any such head other than the loss under the head Income from House Property received in the financial year. I. Income from House property (in Rs. case of loss enclose computation thereof ) II. Profits and Gains of Business or Rs. profession III Capital Gains Rs. IV Income from other sources : - Rs. a) Dividends Rs. b) Interest Rs. c) Other Income (specify) Rs. 6 Total Rs. 7 Aggregate of sub items (I) to (IV) of Rs. item 5 8 Tax deducted at sources (enclose certificate(s) issued under section 203 CERTIFICATE I, do hereby declare that what is stated above is true to the best of my knowledge and belief. Verified today, the day of 20. Place: Date: Employee No: Page 3

4 COMPUTATION OF HOUSE PROPERTY INCOME FOR THE YEAR Employee Number 2 Name of the Employee 3 Designation Item Name Self Occupied Let Out Property Address 4. Gross Annual Value Rs. Rs. (a) Municipal Value NIL (b) Fair Rent NIL (c) Rent (Received/ Receivable) NIL Gross Annual Value = Higher of (a) or NIL (b) or (c) 5. Less :Municipal Taxes NIL 6. Annual Value NIL 7. Less : Statutory on NIL Annual Value 8. Interest Payable on borrowed capital (Details see below) Income from House Property {6-(7+8)} Note : 1.Gross Annual Value = Higher of Municipal Value, Fair Rent or Rent Received 2.Gross Annual Value (If Rent Control Act applicable) = Higher of {Maximum of ( Higher of Municipal Value or Fair Rent) or Standard Rent} or Rent Received Section 24: Income Tax Benefit on Interest on Home Loan Tax Benefit on Home Loan for payment of Interest is allowed as a deduction under Section 24 of the Income Tax Act. As per Section 24, the Income from House Property shall be reduced by the amount of Interest paid on Home Loan where the loan has been taken for the purpose of Purchase/ Construction/ Repair/ Renewal/ Reconstruction of a Residential House Property. The maximum tax deduction allowed under Section 24 of a self-occupied property is subject to a maximum limit of Rs. 2 Lakhs (increased in Budget 2014 from 1.5 Lakhs to Rs. 2 Lakhs). In case the property for which the Home Loan has been taken is not self-occupied, no maximum limit has been prescribed in this case and the taxpayer can take tax deduction of the whole interest amount under Section 24. Please Note: In case a property has not been self-occupied by the owner by reason of the fact owing to his employment, business or profession carried on at any other place, he has to reside at that other place not belonging to him, then the amount of tax deduction allowed under Section 24 shall be Rs. 2 Lakhs only. It is also important to note that this tax deduction of Interest on Home Loan under Section 24 is deductible on payable basis, i.e. on accrual basis. Hence, deduction under Section 24 should be claimed on yearly basis even if no payment has been made during the year as compared to Section 80C which allows for deduction only on payment basis. Moreover, if the property is not acquired/constructed completed from the end of financial year in which the loan was taken, the interest benefit in this case would be reduced from 2 Lakhs to Rs 30 thousand only. This limit of 3 years has been increased to 5 years from Financial Year and onwards. Page 4

5 The Quantum of Deduction allowed for payment of Interest on Home Loan under Section 24 has been summarized below: Quantum of Deduction allowed for Payment of Interest on Home Loan under Section 24 Type of Property Self Occupied Property Not Self Occupied Property Completion Status Completed Not completed Completed Not completed Deduction Allowed Rs. 1,50,000 Rs. 30,000 No Limit No Limit For the purpose of simplicity and easy understanding, a comparison of Tax Benefit on Home Loan under Section 24 and Section 80C has been made here under:- Particulars Section 24 Section 80C Tax Deduction allowed for Basis of Tax Deduction Quantum of Tax Deduction allowed Purpose of Loan Eligibility for claiming Tax deduction Restriction on Sale of Property Interest Accrual basis Self Occupied Property :Rs. 2,00,000 Non Self Occupied Property: No Limit Purchase/ Construction/ Repair/ Renewal/ Reconstruction of a Residential House Property. Purchase/ Construction should be completed Nil Principal Paid basis Rs. 1,50,000 Purchase / Construction of a new House Property Nil Tax Deduction claimed would be reversed if Property sold within 5 years Section 80EE: Income Tax Benefit on Interest on Home Loan (First Time Buyers) In the Budget 2016 re-introduced Section 80EE which provides for additional Deduction of Rs. 50,000 for Interest on Home Loan. This incentive would be over and above the tax deduction of Rs. 2,00,000 under Section 24 and Rs. 1,50,000 under Section 80C. This Deduction of Section 80EE would be applicable only in the following cases:- This deduction would be allowed only if the value of the property purchased is less than Rs. 50 Lakhs and the value of loan taken is less than Rs. 35 Lakhs. 1. The loan should be sanctioned between 1st April 2016 and 31st March The benefit of this deduction would be available till the time the repayment of the loan continues. 3. This Deduction would be available from Financial Year onwards. The above 3 Sections relating to Tax Benefits on Home Loans have been summarised as under:- Particulars Self Occupied Property Quantum of Deduction (Rs.) Non-Self Occupied Property Section 24 2,00,000 No Limit Section 80C 1,50,000 1,50,000 Section 80EE 50,000 50,000 Page 5

6 For claiming the above tax deductions, you would be required to furnish the statement provided by the lender clearly indicating the amount payable and paid towards Interest and Principal. After claiming the above deductions of Tax Benefit on Home Loan, the balance Income of an Individual would be taxed as per the Income Tax Slab Rates. (Recommended Read: Income Tax Slab Rates) 1. Rebate of Rs.5,000/- under section 87A in the case of resident individual whose total income does not exceed Rs. 5 lakhs. This rebate is available from the Assessment year and the amount of rebate is Income Tax on total income or Rs.5,000/- whichever is less. 2. Transport allowance exemption increased from Rs.800 to Rs.1600 per month 3. Health insurance premium deduction is increased from to u/s 80D (subject to payment of cheque) 4. If the total rent by paid by assesse to land lord is exceeds Rs.1,00,000/- per annum, the PAN no. of the land lord shall be enclosed. If the land lord has no PAN no. A certificate to this effect from the land lord shall be enclosed with full house address. Any further information required they may refer the Income Tax Act recent Amendments before submitting the data. ****** Page 6