STANDARD DEDUCTIION க்கு மேல் உள்ள ஒரு லட்சத்தையும் தாண்டி
INFRA STRUCTURE BOND இல் 20000 /- வரை முதலீடு செய்தால் 8 % வட்டியும் வரும். மேலும் 2000 /- வரி விலக்கும் கிடைக்கும் .
இதே போல மெடிக்கல் இன்சூரன்ஸ் PREMIUM 15000 /- வரை சேமித்தால்
இன்சூரன்ஸ் பெனிபிட் உண்டு . 1500 /- வரி விலக்கும் உண்டு.
மருத்துவ செலவுக்கான தொகை உரிய மருத்துவமனை பில்லுடன்
40000 /- வரை கணக்கு கொடுத்தால் 4000 /- வரி விலக்கு உண்டு.
இப்படி பல விபரங்கள் கீழே அளித்துள்ளோம்.
ஆக நம் அஞ்சல் தோழர்களில் பெரும்பகுதியினர் முறையாக
இவற்றை அறிந்திருந்தால் வரி கட்ட வேண்டிய அவசியம்
இருக்காது . கணக்குப் பிரிவில் முன்கூட்டியே நம் ஆண்டு
வருமானம் என்ன வரும் என்பதை கேட்டு அறிந்தால்
அதற்கான சேமிப்பு வழியையும் கையாண்டு வரி விலக்கு
பெற முடியும்.
உங்களின் இதர சேமிப்பு விபரங்களை முன் கூட்டியே கணக்குப்
பிரிவிற்கு தெரிவித்து அவர்கள் தன்னிச்சையாக TDS பிடித்தம்
செய்வதை இனியாகிலும் தடுக்கலாம். தயவு செய்து சங்கப் பொறுப்பாளர்கள் மற்றும் விபரமான தோழர்கள் இந்த
செய்தியை நகல் எடுத்து வைத்துக்கொள்ளவும். வரும்
வருமானவரி ஆண்டில் முன்னதாகவே உபயோகப் படுத்தவும்.
SALARIED CLASS EXEMPTED FROM FILING RETURNS
As already published by us in our circle Union web site in the previous posts-
Finance Minister Mr.Pranab Mukherjee has announced in the budget 2011-Government has proposed to exempt salaried class from filing Income tax returns unless they have other sources of income. This exemption is proposed to allowed to salaried people having income less than Rs.5 lakhs in a year.
The government will be issuing a notification exempting 'classes of persons' from the requirement of furnishing income tax returns, said the Memorandum to the Finance Bill 2011.
Salary earners having an income of less than Rs 5 lakh will not have to file tax returns from this year.
CBDT chairman Mr.Sudhir Chandra also said in media briefing that Salaried people, may be up to Rs 5 lakh need not file the (income tax) return.
The decision, which will come into effect from June 1, 2011, will reduce the burden on small taxpayers.
Mr.Chandra said that in case such a salary earner has income from other sources like dividend, interest etc. and does not want to file returns, he will have to disclose such income to his employer for tax deduction, and that the Form 16 issued to salaried employees will be treated as Income Tax Return.
NEW TAX RATES FOR THE ASSESSMENT YEAR 2012-2013
These are New Basic Income tax Rates for the financial year 2011-12 (Assessment year 2012-13) announced by Finance Minister in the Budget 2011. Detailed Income Tax Rates will follow
• Exemption limit for the general category of individual taxpayers enhanced from Rs. 1,60,000 to Rs. 1,80,000 giving uniform tax relief of Rs. 2,000.
• Senior citizens' age qualification reduced from 65 years to 60 years
• Exemption for senior citizens raised to Rs. 2.5 lakhs
• Higher exemption for new category of very senior citizens – above 80 years of age.
• Tax exemption raised to Rs. 5 lakh for these very senior citizens.
Further it was announced by FM that Direct Tax Code Bill is likely to be passed by Parliament in the next financial year.
The Income Tax Rates applicable for the financial year 2011-12 (Assessment year 2012-13) have been revised. The following is the New Income Tax structure for the year 2011-12.
In case of individual (other than II and III below) and HUF
Income Level Income Tax Rate
i. Where the total income does not exceed Rs.1,80,000/-. NIL
ii. Where the total income exceeds Rs.1,80,000/-
but does not exceed Rs.5,00,000/-. 10% of amount by which the total
income exceeds Rs. 1,80,000/-
iii. Where the total income exceeds Rs.5,00,000/-
but does not exceed Rs.8,00,000/-. Rs. 32,000/- + 20% of the amount by which
the total income exceeds Rs.5,00,000/-.
iv. Where the total income exceeds Rs.8,00,000/-. Rs. 92,000/- + 30% of the amount by which
the total income exceeds Rs.8,00,000/-.
II. In case of individual being a woman resident in India and
below the age of 60 years at any time during the previous year:-
Income Level Income Tax Rate
i. Where the total income does not exceed Rs.1,90,000/-. NIL
ii. Where total income exceeds Rs.1,90,000/-
but does not exceed Rs.5,00,000/-. 10% of the amount by which the total
income exceeds Rs.1,90,000/-.
iii. Where the total income exceeds Rs.5,00,000/-
but does not exceed Rs.8,00,000/-. Rs. 31,000- + 20% of the amount by which
the total income exceeds Rs.5,00,000/-.
iv. Where the total income exceeds Rs.8,00,000/- Rs.91,000/- + 30% of the amount by which
the total income exceeds Rs.8,00,000/-.
Education Cess: 3% of the Income-tax.
• SALARY INCOME INCLUDES :- PAY, DP, Band pay, Grade pay, DA, OTA, BONUS, CCA, Honorarium, Children Education Allowance Received, Pension, Subsistence Allowance, Government's Contribution in New Pension Scheme, Transport Allowance above Rs.800/- per month.
• House Rent Allowance to the extent not exempted under Section 10 (13A) of Income Tax Act.
• Agricultural Income.
• Exemption under Section 10 (13A) in respect of HRA – Calculation Method:
Least of the following amount is to be treated as exempt from Income Tax.
• Actual House Rent Allowance Received, or
• Rent paid in excess of 10% of Pay in Pay band and Grade Pay or
• 50% of Pay in Pay band and Grade Pay if the employee is in Chennai/Mumbai/Kolkatta/Delhi and 40% of Pay in Pay Band and Grade Pay for the employees is in other places.
• If the employees resides in his/her own house or in a house for which he/she does not pay any rent, no HRA exemption is available.
TAX-INCENTIVE FOR SAVINGS – MAXIMUM LIMIT Rs. 1,00,000/-(Sec 80 CCE)
• Life Insurance Premium (limited 20% of the sum assured)
• Subscriptions to the GPF/CPF
• Subscriptions to the Mutual Fund
• Contribution toward CGEGIS
• Investments in NSC VIII & Accrued Interest on NSC deemed to be re-invested;
• Fixed Deposits for more than 5 years in SBI/Scheduled Banks/Post Office Five Year Time Deposit Scheme
• Repayment of HBA principal -Government /Bank/LIC/Housing Board/Co-operative Bank
• Tuition Fee paid limited to two children
• Subscriptions to equity shares/debentures forming part of any” eligible issue of Capital”—like Infrastructure Bonds (Sec 80 C)
• Contribution to any PENSION FUND, ULIP
• Contribution both by the individual and Government made to New Pension scheme (Sec 80 CCD)
Apart from this 1 lakh, amount up to Rs.20,000/- invested in
Infrastructure Bond approved by Government is exempted. (Sec 80 CCF)
CHAPTER VI - DEDUCTIONS
• Medical Insurance Premium: Maximum Rs.15,000/- and Rs.20,000 (for Senior Citizen) (Sec 80 D). Also Meducal Insurance Premium up to Rs.15,000 paid for Parents is also allowed to be deducted from the income.
• Handicapped Dependents- Maximum Rs.50,000/- (Disability) or Rs.75000/- ( Severe Disability) -Sec 80 DD- This claim required certficate under Section 139 of the Income Tax Act.
• Medical Treatment Expenses: Maximum Rs.40,000/- (Sec 80 DDB)
• Higher Education Loan repayment (Sec 80 E)- No limit-
• Approved Donation – Section 80G.
• Deduction under Section 80 U – An amount of Rs.50,000 and Rs.1 lakh in the case of self is physically disabled and severely physically disabled respectively.
• Deduction under Section 80 GG – Rent paid subject to ceiling as deduction under Section 80 GG if HRA not received.
• Deduction under Section 80 GGC – Donation paid to Political Parties.
• Deduction under Section 80 GGA – Donation paid to Scientific and Research and Rural development.
• Income or Loss on House Property:
Interest paid on Loan obtained for constructing house property can not be deducted as such. It should be treated as loss on house property and income if any such as rent recived from the house property should be treated as an income from House property.
There is also a change with respect to the tax benefit available for contribution to the New Pension Scheme (NPS). Currently contributions to the NPS by both the employer as well as the employee have to be counted for the tax benefit of a deduction. The change now proposes that the contribution of the Central Government or other employer to the NPS will not be eligible for the deduction. This means that the individual will have to take this out of the calculation and use only their own contributions while completing the required limit.
PAN is mandatory for filing income tax return with Income tax department and to implement the same Income tax department has come out with additional income tax liability to the assesses who did not provide their PAN in their income tax returns. The Extract of CBDT PR No. 402/92/2006-MC (04/2010) dated 20/01/2010, is as follows.
A new provision relating to tax deduction at source (TDS) under the Income Tax Ac 1961 will become applicable with effect from 1st April 2010. Tax at higher of the prescribed rate or 20% will be deducted on all transactions liable to TDS, where the Permanent Account Number (PAN) of the deductee is not available. All deductors are liable to deduct tax at the higher rate in all transactions not having PAN of the deductees on or after 1st April 2010. In order that there is no dispute regarding quoting / non-quoting of PAN or accuracy thereof, the law requires all deductees and dedutors to quote PAN of deductees in all correspondences, bills, vouchers and other documents sent to each other. All deductors are, therefore, advised to intimate their deductees to obtain and furnish their PAN so as to avoid TDS at a higher rate.
INFRA STRUCTURE BOND இல் 20000 /- வரை முதலீடு செய்தால் 8 % வட்டியும் வரும். மேலும் 2000 /- வரி விலக்கும் கிடைக்கும் .
இதே போல மெடிக்கல் இன்சூரன்ஸ் PREMIUM 15000 /- வரை சேமித்தால்
இன்சூரன்ஸ் பெனிபிட் உண்டு . 1500 /- வரி விலக்கும் உண்டு.
மருத்துவ செலவுக்கான தொகை உரிய மருத்துவமனை பில்லுடன்
40000 /- வரை கணக்கு கொடுத்தால் 4000 /- வரி விலக்கு உண்டு.
இப்படி பல விபரங்கள் கீழே அளித்துள்ளோம்.
ஆக நம் அஞ்சல் தோழர்களில் பெரும்பகுதியினர் முறையாக
இவற்றை அறிந்திருந்தால் வரி கட்ட வேண்டிய அவசியம்
இருக்காது . கணக்குப் பிரிவில் முன்கூட்டியே நம் ஆண்டு
வருமானம் என்ன வரும் என்பதை கேட்டு அறிந்தால்
அதற்கான சேமிப்பு வழியையும் கையாண்டு வரி விலக்கு
பெற முடியும்.
உங்களின் இதர சேமிப்பு விபரங்களை முன் கூட்டியே கணக்குப்
பிரிவிற்கு தெரிவித்து அவர்கள் தன்னிச்சையாக TDS பிடித்தம்
செய்வதை இனியாகிலும் தடுக்கலாம். தயவு செய்து சங்கப் பொறுப்பாளர்கள் மற்றும் விபரமான தோழர்கள் இந்த
செய்தியை நகல் எடுத்து வைத்துக்கொள்ளவும். வரும்
வருமானவரி ஆண்டில் முன்னதாகவே உபயோகப் படுத்தவும்.
SALARIED CLASS EXEMPTED FROM FILING RETURNS
As already published by us in our circle Union web site in the previous posts-
Finance Minister Mr.Pranab Mukherjee has announced in the budget 2011-Government has proposed to exempt salaried class from filing Income tax returns unless they have other sources of income. This exemption is proposed to allowed to salaried people having income less than Rs.5 lakhs in a year.
The government will be issuing a notification exempting 'classes of persons' from the requirement of furnishing income tax returns, said the Memorandum to the Finance Bill 2011.
Salary earners having an income of less than Rs 5 lakh will not have to file tax returns from this year.
CBDT chairman Mr.Sudhir Chandra also said in media briefing that Salaried people, may be up to Rs 5 lakh need not file the (income tax) return.
The decision, which will come into effect from June 1, 2011, will reduce the burden on small taxpayers.
Mr.Chandra said that in case such a salary earner has income from other sources like dividend, interest etc. and does not want to file returns, he will have to disclose such income to his employer for tax deduction, and that the Form 16 issued to salaried employees will be treated as Income Tax Return.
NEW TAX RATES FOR THE ASSESSMENT YEAR 2012-2013
These are New Basic Income tax Rates for the financial year 2011-12 (Assessment year 2012-13) announced by Finance Minister in the Budget 2011. Detailed Income Tax Rates will follow
• Exemption limit for the general category of individual taxpayers enhanced from Rs. 1,60,000 to Rs. 1,80,000 giving uniform tax relief of Rs. 2,000.
• Senior citizens' age qualification reduced from 65 years to 60 years
• Exemption for senior citizens raised to Rs. 2.5 lakhs
• Higher exemption for new category of very senior citizens – above 80 years of age.
• Tax exemption raised to Rs. 5 lakh for these very senior citizens.
Further it was announced by FM that Direct Tax Code Bill is likely to be passed by Parliament in the next financial year.
The Income Tax Rates applicable for the financial year 2011-12 (Assessment year 2012-13) have been revised. The following is the New Income Tax structure for the year 2011-12.
In case of individual (other than II and III below) and HUF
Income Level Income Tax Rate
i. Where the total income does not exceed Rs.1,80,000/-. NIL
ii. Where the total income exceeds Rs.1,80,000/-
but does not exceed Rs.5,00,000/-. 10% of amount by which the total
income exceeds Rs. 1,80,000/-
iii. Where the total income exceeds Rs.5,00,000/-
but does not exceed Rs.8,00,000/-. Rs. 32,000/- + 20% of the amount by which
the total income exceeds Rs.5,00,000/-.
iv. Where the total income exceeds Rs.8,00,000/-. Rs. 92,000/- + 30% of the amount by which
the total income exceeds Rs.8,00,000/-.
II. In case of individual being a woman resident in India and
below the age of 60 years at any time during the previous year:-
Income Level Income Tax Rate
i. Where the total income does not exceed Rs.1,90,000/-. NIL
ii. Where total income exceeds Rs.1,90,000/-
but does not exceed Rs.5,00,000/-. 10% of the amount by which the total
income exceeds Rs.1,90,000/-.
iii. Where the total income exceeds Rs.5,00,000/-
but does not exceed Rs.8,00,000/-. Rs. 31,000- + 20% of the amount by which
the total income exceeds Rs.5,00,000/-.
iv. Where the total income exceeds Rs.8,00,000/- Rs.91,000/- + 30% of the amount by which
the total income exceeds Rs.8,00,000/-.
Education Cess: 3% of the Income-tax.
• SALARY INCOME INCLUDES :- PAY, DP, Band pay, Grade pay, DA, OTA, BONUS, CCA, Honorarium, Children Education Allowance Received, Pension, Subsistence Allowance, Government's Contribution in New Pension Scheme, Transport Allowance above Rs.800/- per month.
• House Rent Allowance to the extent not exempted under Section 10 (13A) of Income Tax Act.
• Agricultural Income.
• Exemption under Section 10 (13A) in respect of HRA – Calculation Method:
Least of the following amount is to be treated as exempt from Income Tax.
• Actual House Rent Allowance Received, or
• Rent paid in excess of 10% of Pay in Pay band and Grade Pay or
• 50% of Pay in Pay band and Grade Pay if the employee is in Chennai/Mumbai/Kolkatta/Delhi and 40% of Pay in Pay Band and Grade Pay for the employees is in other places.
• If the employees resides in his/her own house or in a house for which he/she does not pay any rent, no HRA exemption is available.
TAX-INCENTIVE FOR SAVINGS – MAXIMUM LIMIT Rs. 1,00,000/-(Sec 80 CCE)
• Life Insurance Premium (limited 20% of the sum assured)
• Subscriptions to the GPF/CPF
• Subscriptions to the Mutual Fund
• Contribution toward CGEGIS
• Investments in NSC VIII & Accrued Interest on NSC deemed to be re-invested;
• Fixed Deposits for more than 5 years in SBI/Scheduled Banks/Post Office Five Year Time Deposit Scheme
• Repayment of HBA principal -Government /Bank/LIC/Housing Board/Co-operative Bank
• Tuition Fee paid limited to two children
• Subscriptions to equity shares/debentures forming part of any” eligible issue of Capital”—like Infrastructure Bonds (Sec 80 C)
• Contribution to any PENSION FUND, ULIP
• Contribution both by the individual and Government made to New Pension scheme (Sec 80 CCD)
Apart from this 1 lakh, amount up to Rs.20,000/- invested in
Infrastructure Bond approved by Government is exempted. (Sec 80 CCF)
CHAPTER VI - DEDUCTIONS
• Medical Insurance Premium: Maximum Rs.15,000/- and Rs.20,000 (for Senior Citizen) (Sec 80 D). Also Meducal Insurance Premium up to Rs.15,000 paid for Parents is also allowed to be deducted from the income.
• Handicapped Dependents- Maximum Rs.50,000/- (Disability) or Rs.75000/- ( Severe Disability) -Sec 80 DD- This claim required certficate under Section 139 of the Income Tax Act.
• Medical Treatment Expenses: Maximum Rs.40,000/- (Sec 80 DDB)
• Higher Education Loan repayment (Sec 80 E)- No limit-
• Approved Donation – Section 80G.
• Deduction under Section 80 U – An amount of Rs.50,000 and Rs.1 lakh in the case of self is physically disabled and severely physically disabled respectively.
• Deduction under Section 80 GG – Rent paid subject to ceiling as deduction under Section 80 GG if HRA not received.
• Deduction under Section 80 GGC – Donation paid to Political Parties.
• Deduction under Section 80 GGA – Donation paid to Scientific and Research and Rural development.
• Income or Loss on House Property:
Interest paid on Loan obtained for constructing house property can not be deducted as such. It should be treated as loss on house property and income if any such as rent recived from the house property should be treated as an income from House property.
There is also a change with respect to the tax benefit available for contribution to the New Pension Scheme (NPS). Currently contributions to the NPS by both the employer as well as the employee have to be counted for the tax benefit of a deduction. The change now proposes that the contribution of the Central Government or other employer to the NPS will not be eligible for the deduction. This means that the individual will have to take this out of the calculation and use only their own contributions while completing the required limit.
PAN is mandatory for filing income tax return with Income tax department and to implement the same Income tax department has come out with additional income tax liability to the assesses who did not provide their PAN in their income tax returns. The Extract of CBDT PR No. 402/92/2006-MC (04/2010) dated 20/01/2010, is as follows.
A new provision relating to tax deduction at source (TDS) under the Income Tax Ac 1961 will become applicable with effect from 1st April 2010. Tax at higher of the prescribed rate or 20% will be deducted on all transactions liable to TDS, where the Permanent Account Number (PAN) of the deductee is not available. All deductors are liable to deduct tax at the higher rate in all transactions not having PAN of the deductees on or after 1st April 2010. In order that there is no dispute regarding quoting / non-quoting of PAN or accuracy thereof, the law requires all deductees and dedutors to quote PAN of deductees in all correspondences, bills, vouchers and other documents sent to each other. All deductors are, therefore, advised to intimate their deductees to obtain and furnish their PAN so as to avoid TDS at a higher rate.