To file the Income Tax Return for FY 2011-12 (AY 2012-13) with ITO, GHQ, Pune - 411 001,
2) Fees Rs. 565/- (Rs. Five Hundred as fees + Rs Sixty Five as service tax) for one year IT Return through DD or multi city cheque or payableat par cheque drawn on “M/S Swami Samarth Tax Consultants” OR “Swami Samarth Tax Consultants
6) Housing Loan certificate for FY 2011-12 (1/4/2011 to 31/3/2012) which shows break up of principal & interest.
7) Proof of savings Xerox copies of LIC / PPF / MF etc.
8) For rebate u/s 80D / 80DD / 80DDB / 80U (Medical certificate in prescribed Format 10-10IA or 10I.)
9) For Rebate u/s 80E certificate from bank for repayment of Education loan interest for F.Y. 2011-12.
10) Rebate u/s 10 (13A) on HRA/HRR if not allowed by CDA (0), Pune Rent paid to landlord reciepts forFY 2010-11 and Xerox copy of statement of A/c’s in which HRA/HRR is credited by CDA in FY 2011-12.
11) Original copy of Form - 16 A if any Tax is deducted by the bank from the interest credited in a/c inFY 2011-12 (All interest received in SB A/c’s etc. are 100% taxable. Please note.)
Enquiry on a/c of refund if any for IT Return filed by us on behalf of you should be made minimum after 12 months of date of filing or submission of the return with ITO, GHQ, Pune.
- A) Inform accquisition of immovable properly to IT authority if acquired in FY 2011-12 while submitting properly Questionnaire (please write us)
- B) Who are retired and not being paid by PCDA (O) jurisdiction does not come under ITO GHQ Pune & will have to submit their IT returns with their local ITO only
- C) Please Register yourself with “NSDL-TIN” for. “Annual Tax statement (26AS).” 1) www.tin.nsdl.com
- D) For refund status visit www.incometaxindia.gov.in. Go to status of refund Feed your PAN & AY.
“Provisions of Finance Bill 2012”
TAX SLAB FOR CURRENT F. Y. e.g. 1/4/2012 to 31/3/2013 ( A.Y. 2013-2014).Up to Rs. 2,00,000/- = Nil
Rs. 2,00,001/- to Rs. 5,00,000/- = 10% to the amount by which the total Income exceed Rs. 2,00,000/-.
Rs. 5,00,001/- to Rs. 10,00,000/-= Rs. 30,000 plus 20% of the amount by which the total Income exceed Rs. 5,00,000/-.
Rs. 10,00,001/- and Above = Rs. 1,30,000 plus 30% of the amount by which the total Income exceed Rs. 10,00,000/-.
Education Cess 3% on Income Tax.
INCOME TOTALLY EXEMPT FROM INCOME - TAX
✦ Agriculture income : Who is having income only from Agriculture e.g. Farmers.
✦ LTC [Leave Travel Concession]
✦ Death-Cum Retirement Gratuity.
✦ Commutation of pension.
✦ Encashment of leave.
✦ Payment of AGIF.
✦ Sum received under LIC Policy.
✦ Any payment from provided fund e.g. DSOP/PPF/GPF
✦ HAUCA / SCCIA, etc.
✦ Armed Forced Windows’ Pension exempt u/s 10 (19).
✦ Pension exempt u/s 10 (18) if individual is awarded “Param Vir Chakra”, “Maha Vir Chakara” or “Vir Charkra” “Sena Medal”. /Disability Pension.
1. No Tax on Income upto Rs. 2,00,000/-
2. Exempt Income for Senior Citizen is Rs. 2,50,000/- ( Age above 60 years ).
3. Exempt Income for “very Senior Citizen” is Rs. 5,00,000/- ( Age below 80 years ).
4. Following deductions are continued
i. Interest paid on Hsg. loan for “Vacant or Let out / Self Occupied House Property.”
ii. Rebate u/s 80D, 80DD, 80DDB, 80G, 80E & 80U.
5. Short Term capital gain Tax now 15% on sale of shares / M. Funds within 12 months. 36 months in the case of sale of immovable properties @30%
HOUSE PROPERTYNOTE :
Rebate in repayment of Housing loan interest & principal allowed after actual completion possession of house only.
I) VACANT / SELF OCCUPIED
Deduction u/s 23 (i) shall be allowed except in r/o interest paid to Govt. / LIC / HDFC / AGIF / Bank / not exceeding Rs. 30,000/-, Rs. 75,000/-, Rs. 1,00,000/- & Rs. 1,50,000/- or actually paid whichever is less. Rs. 1,50,000/- interest is applicable only on loans taken to acquire or construct a house after 1st April, 1999.
a. Please furnish detail address of house property.
b. Completion Certificate/ handing taking over certificate.
c. Municipal Tax/ Insurance / Ground Rent Receipts
d. Pre-emi interest paid to HDFC / AGIF / Bank / LIC etc. (Before Possession)
e. HDFC certificate to claim rebate u/s 80 C and u/s 24 the particular F.Y. Received from HDFC / AGIF / Bank / LIC etc. (Yearly)
f. If loan is obtained with spouse declaration dully signed that he/she is not claiming rebate in IT on repayment of housing loan.
III) IF MORE THAN ONE HOUSE PROPERTY
If you own more than one house property and both or more the properties are self occupied (vacant) due to the officer has to reside elsewhere by reason of his employment. One property can be treated as “Self occupied / vacant” and the other has to be offered for taxation while showing Rented out, still it is vacant & notional rent (Municipal Corporation letable value) is to be offered as rent receivable for taxation.
DEDUCTIONS ( i.e. Rebate ) FROM GROSS TOTAL INCOMEREBATE U/S 80 C Rs. 1,00,000/-
✦ Pension Plan / LIC ICICI Prudential ✦ DSOP ✦ AGIF ✦ AOBF
✦ Repayment of Housing loan Principal of HDFC / Govt./ Bank
✦ LIC ✦ NSC Interest ✦ Home Loan A/C ✦ Mutual Fund (ELSS)
✦ ULIP ✦ NSS ✦ Public Provident Fund ✦ Tuition Fees etc.
✦ Sr. citizen saving scheme deposits RD’s in Po, FD’s in Bank. (In the limit of Rs. 1,00,000/-).
✦ Interest on savings accounts exempt upto Rs. 1,00,000/-
No Infrastructure Bonds for Rs. 20,000/- wef current FY 2012-2013 (AY2013-14)
a) 80 D
Mediclaim - Medical Insurance Premium- Rs. 15,000/- + 20,000/- for Sr citizen parents.
b) 80 DD
Medical treatmetn of handicap dependent/ relative (with proof of expenditure or declaration of expenditure ). Rs. 50,000/- for disability more than 40% and Rs. 1,00,000/- for disability more than 80%.
c) 80 DDB
Deductionin r/o medical treatment for himself or dependent relatives Rs. 40,000/- Medical Certificate must be in prescribed Form No. 10 I (from doctor registered iwth IMA with Post Graduate Qualification), (with proof of expenditure/ or declaration of expenditure). Dependent Relative if Senior Citizen rebate allowed is Rs. 60,000/-
d) 80 E
Deductions in respect of loan taken from financial institute for higher education on repayment of interest only, on such loan can be claimed for next 8 years. The deduction is allowable to parent / guardian of the assess also.
e) 80 G
Deduction for donations - 100% in Prime Minister fund, 10% of the gross total income as reduced by deduction permissible & 50% of qualifying donations in other donations.
f) 80 U
Deductions in the case of permanent Physical Disability (Assessee himself) prescribed in Rule 11 D of Income Tax Rules
for disability more than 40% Rs. 50,000/- and for disability more than 80% Rs. 1,00,000/- Rebate allowed to Austim, Cerebral Pals or Multiple Disability also.
g) 80 TTA
Interest on saving Banka A/c’s Bank’s & Post office’s upto Rs. 10,000/- exempt from IT.
h) 10 (13 A)
Any allowance granted to an assessee by his employer to meet expenditure atually incurred on payment of rent in respect of
residential accomodation occupied by the assessee. The provision of section 10 (13A) shall not apply in case the residential accommodation occupied by the assessee is owned by him or the assessee has not actually incurred expenditure on
payment of rent.