IncomeTax Declaration FY 09-10


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IncomeTax Declaration FY 09-10

  1. 1. MINDRIVER INFORMATION TECHNOLOGIES PRIVATE LTD Bangalore-560008 Income Tax Declaration For The FY 2008 - 2009 You have to submitt proof of Investments for the below (other than through salary deduction) before 31st December 2008 If proof of investment is not given, tax rebate on the above will be withdrawn. INVESTMENT DECLARATION  Employee No.:  Employee Name :  PAN Number: Address Investments Under Section 80C & Section 80CCC read with Section 80CCE (Max Limit Rs 1 Lac) Investment Item Investment Investment Item Investment Amount Amount  Public Provident Fund 0  Unit Linked Insurance Plan 0  Post Office Time Deposit 0  Others U/S 80C 0  National Savings Certificate 0  Accrued Interest on NSC 0  Equity Linked Saving Scheme 0  Life Insurance Premium 0  U/S 80CCC 0  Infra Bonds u/s 80C  Principal Repayment on Housing Loan 0  Tuition Fees 0 Other Investments 0 0  Exp.on Handicap Dependent  Medical Insurance Premium (80D) 0 (80DD) 0  Ded.To Physically Handicap  Interest on Education Loan (80E) 0 (80U) 0  Interest on Housing Loan 0  Loss on House Property 0 Total 0 Total 0 0 Rent Details will be used to calculate your HRA exemption-Please refer Instruction Month Amount Month Amount Month Amount Apr-08 0 Aug-08 0 Dec-08 0 May-08 0 Sep-08 0 Jan-09 0 Jun-08 0 Oct-08 0 Feb-09 0 Jul-08 0 Nov-08 0 Mar-09 0 Total Amount 0 I undertake to give proof of Investments for the above (other than through salary deduction) before 31st December 2008 I also undertake that, if proof of investment is not given, tax rebate on the above will be withdrawn. Place:Bangalore Sign:
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  3. 3. House Rent Allowance (HRA) HRA is paid at the rate of 40% of the basic salary in Bangalore and at the rate of 50% to employees in Metro City Tax implications: Employees can claim exemption u/s 10(13A) of Income Tax Act for house rent paid to the extent o following, viz. i) Actual HRA received by employee ii) 40% of Basic Salary ( 50% in case of Metro city employees) iii) Rent paid in excess of 10% of salary (i.e. Basic Salary) Evidence of the payment of rent that would have to be provided to the company shall comprise of a) A copy of the rent agreement entered into with the landlord; and b) Rent receipts from the landlord. Rent receipt should have the name and address of the person ( landlord) to whom As per Income tax Circular:- Incurring actual expenditure on payment of rent is a pre-requisite for claiming deductio it has been decided as an administrative measure that salaried employees drawing house rent allowance upto Rs.3000 exempted from production of rent receipt. It may, however, be noted that this concession is only for the purpose of ta and, in the regular assessment of the employee, the Assessing Officer will be free to make such enquiry as he deems satisfying himself that the employee has incurred actual expenditure on payment of rent. Medical expenses exemption Expenses towards medical treatment of employee or family members will be exempted under income tax act upto a m 15,000/- during the Financial year. In case of employees working for part of the year the limit will be calculated at th month. This will be exempted on submission of original bills/ receipts pertaining to the current financial year. The bi of employee or any family member. Family members include spouse, children, dependent parents, dependent brother Income tax: Income tax is required to be paid by the employees on income from salary. The company calculates income tax on sa provided by employee. While calculating the amount of income tax to be deducted at source the company considers allowances payable by the company and other income, deductions and exemptions as per declaration and supporting the employee. The employee will be responsible to prove to the income tax authorities that he/ she is eligible for such exemptions.
  4. 4. Male Assessee Tax Slabs Tax rate 00000 - 150000 0% 150001 - 300000 10% 300001 - 500000 20% > 500000 30% Female Assessee Tax Slabs Tax rate 00000 - 180000 0% 180001 - 300000 10% 300001 - 500000 20% > 500000 30%