Tuesday, November 16, 2010


அன்புத் தோழா !  உன்னுடன் ஒரு நிமிடம் !
எப்படி இருந்தாலும் வருமானவரி இனி கட்ட
வேண்டுமே ! என்ன செய்வது ? விபரங்கள்
கணக்குப் பிரிவில் கூட சரியாக சொல்வதில்லையே !
என்று பெரும்பான்மையான தோழர்கள் எண்ணி
பெருமூச்சு விடுவது  நமக்குப் புரிந்ததால்
இந்த முயற்சி.
நமது அடுத்த செய்தியில் வருமான வரி
கணக்கிடும் TABULATION வெளியிட எண்ணியுள்ளோம்!
அதற்கு முன்னர் இந்த  முன்னோட்டம் ....
சரிதானா என்று நீங்கள்தான் உங்கள்
விமர்சனத்தின் மூலம் சொல்ல வேண்டும் .
சொல்வீர்களா ?  எதிர்பார்க்கிறோம் .
In case of individual (other than II ) and HUF

i. Where the total income does not exceed Rs.1,60,000/-..... NIL

ii. Where the total income exceeds Rs.1,60,000/-
    but does not exceed Rs.5,00,000/-
    ...... 10% of amount by which the total income exceeds Rs. 1,60,000/-

iii. Where the total income exceeds Rs.5,00,000/- but does not
     exceed Rs.8,00,000/-
.... Rs. 34,000/- + 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. 94,000/- + 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 65 years at any time during the previous year:-

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.

 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.

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.

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
Infrastructre Bond approved by Government is exempted. (Sec 80 CCF)


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.

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.
...............அன்புடன் உங்கள் மாநிலச் செயலர் JR