IT CalculationIncome-tax on Salary for F.Y. 2013-14Sr. No.ParticularsF.Y.2014-15Employment Number3000Name of the Employee1Basic Salary400,0002Dearness Allowance- 03House Rent Allowance160,0004Conveyance Allowance9,6005Education Allowance- 06Car Allowance- 07Bonus / Incentive- 08Medical Allowance20,0009LTA64,80010Other Allowance145,60011Gross Salary800,00011Medical Reimbursement15,00012LTA Exemption- 013Gross Taxable Salary785,00014HRA Received160,00015House Rent Paid- 016Rent >10% if Salary- 017HRA Exemption- 018Transport Allowance9,60019Education Allowance- 020Total U/s 109,60021Professional Tax2,50022Housing Loan Interest- 023Mediclaim Premium15,00024Interest from Bank10,00025Donations- 026Investments U/s 80CCC120,00027Taxable Salary627,90028Other Income- 029Total Taxable Income627,90030Income-tax55,58031Surcharge- 032Education Cess1,66733Total Tax Payable57,24734Provident Fund48,00035Public Prov.Fund (PPF)- 036Life Insurance Premium54,00037NSC Certificates- 038NSC Interest- 039Housing Loan Repayment- 040Education Expenses- 041Mutual Fund- 042Infrastructure Bonds20,00043ULIP- 044FD with Bank/P.O.- 045Post Office Recurring- 046- 047Total Investment122,00048House Rent Paid- 049Housing Loan Interest- 050Mediclaim Premium15,00051Education Loan Repayment- 052Donations- 053Medical Expenditure25,00054Leave Travel Expenditure- 0

Income-tax RulesIncome-tax And Tax PlanningTax is contribution of individual towards the development of the country. Government is required to incur expenditure on Administration, Defense, Transport, Roads, Dams, Bridges, Education, Poorty, Research & Development and other activities. For these purposes Government needs funds which are raised from different types of Taxes. These taxes are levied on different types of persons and organisations on equitable basis.There are two types of taxes :1Direct Taxes : It includes Income-tax, & Wealth-tax.2Indirect taxes : These are Excise-duty, Customs-duty, Sales-tax, Octroi.INCOMETAX FOR THE FINANCIAL YEAR 2009-2010Income-tax is an amount of Levy charged on income earned by Assessee in the Financial Year. Income includes amount received on account of Salary, House property, Capital gains, Profits and gains from Business or Profession, Income from other sources, Interest, Dividend, Pension etc.A)INCOME FROM SALARY :Salaried employees are mainly concerned with Tax on Income from Salaries. Section 17(1) of the Income-tax act, 1961 defines the term salary to include the following :1Basic Salary or Wages2Dearness Allowance3House Rent Allowance4Transport Allowance5Children Education Allowance6Special Allowance7Vehicle Allowance8Medical Allowance9Leave Travel Allowance10Any other Allowance11Overtime Wages/Salaries/Incentives12Leave Salary13Notice Pay14Arrears of Salary15Bonus/Ex-gratia Payment/Commission16Retrenchment/VRS Compensation17Gratuity18Annuity or Pension19Accommodation, Domestic Servants20Gas, Water and Electricity Charges21Any other Payment or PerquisitesValue of Perquisites is added to Salary for calculation of Total income under section 17(2) of the Income-tax Act, 19611Valuation of Accommodation :ARent Free unfurnished Accommodation is valued at 20% of Gross Taxable Salary in city having population exceeding 4 lacs. Or 15% in any other city.BRent Free furnished Accommodation is valued as per A above + 10% of Original Cost of the Furniture or Actual Furniture Hire Charges.CAccommodation at Concessional Rent is valued as per A or B above Rent Payable or Paid by the Employee.2Valuation of Gas, Electricity and Water :Actual amount spent by the Employer or cost of the services.3Valuation of Domestic Servants: Total Salary Paid or Payable by the employer for these servants or Total Cost to the Employer.4Valuation of Interest Free Loans :Simple interest @10.00% on Loan for House and Conveyance.Simple interest @ SBI Rate on Loan for Other purposes.Loans for Medical Treatment and Loans below Rs. 20000 in aggregate are not considered as Perquisites.Following Amounts are deducted from Gross Salary while calculating Taxable Salary :1Under Section 16(ii) of the Income-tax Act, Professional Tax paid by the employee is allowed as deduction.2Reimbursement of amounts spent by employee in obtaining Medical treatment for himself, Spouse, Parents, Dependent Brother, Dependent Sister and children of the employee not exceeding Rs. 15,000 in a year.3Under Section 10(5) of the Income-tax Act, Leave Travel Assistance received from the employer during the year is exempted as under:aLimited to the Amount actually spent or Air Economy fare or Air-conditioned First class Rail fare, First-class or Deluxe class Bus fare by the shortest route whichever is less.bOnly two journeys in a block of four years are exempted. (1st January,2006 to 31st December,2009)cFixed allowance or amount paid on self-declaration made by the employee is not subject to exemption.dEmployee should proceed on leave to any place in India.4Under Section 10(10C) of the Income-tax Act, Compensation received at the time of Voluntary Retirement subject to maximum of Rs.5,00,000/- is exempted from tax if such scheme of voluntary retirement is framed as stated in Rule 2BA and approved by the Chief Commissioner of the Income-tax.5Under Section 10(13A) of the Income-tax Act, House Rent Allowance is exempted which is least of the following :aHouse Rent allowance received by the employee from his employer.bRent paid in excess of 10.00% of Salary.c40.00% of Salary. (Basic Salary + Dearness allowance)6Under Section 10(14) of the Income-tax Act, Transport Allowance is exempted subject to maximum of Rs. 800 Per Month.7Under Section 10(14) of the Income-tax Act, Children Education allowance exempted subject to maximum of Rs. 100 Per Child Per Month subject to maximum of two children. Hostel Expenditure is exempted subject to maximum of Rs. 300 Per Child Per Month subject to maximum of two Children.8Under Section 24(b) of the Income-tax Act, Interest paid on Capital borrowed for Purchase, Construction, Repair or Renewal of Residential House is exempted to the extend of Rs. 1,50,000 if Capital is Borrowed on or after 1st April, 1999. In any other case exemption is restricted to Rs. 30,000. If House property is let out during the year, actual Interest paid is exempted without limit.9Under Section 80(C) of the Income-tax Act, amount invested in any of the following investment schemes, subject to maximum of Rs. 1,00,000 during the financial year is exempted from Income.i)Provident Fund Contributionii)Public Provident Fundiii)Life Insurance Premiumiv)National Savings Certificatesv)Accrued Interest on National Savings Certificatesvi)10 or 15 Years Post Office Recurring Depositsvii)Contribution to ULIPviii)Contribution to Equity Linked Savings Schemes and Mutual Fundsix)Repayment of Housing Loanx)Tuition Fees of children Rs. 12,000 Per Child subject to max. of two children.10Under Section 80(D) of the Income-tax Act, Medical Insurance Premium on health of family member Paid by cheque subject to maximum of Rs. 15,000 per annum is exempted. If any member of the family is a Senior Citizen then limit has been increased to Rs. 20,000.11Under Section 80(DDB) of the Income-tax Act, Amount spent on Maintenance and Medical Treatment of Handicapped dependent up to Rs. 40,000 per annum is exempted. If such dependent is a Senior Citizen then limit has been increased to Rs. 60,000.12Under Section 80(E) of the Income-tax Act, Repayment of Loan and Interest on Loan taken for Higher Education is exempted.13Under Section 80(G) of the Income-tax Act, Donations given to notified institutions are exempted to the extent of 50% and 100%.14Under Section 80(U) of the Income-tax Act, Fixed Deduction of Rs. 50,000 is available to physically disable person.15B)INCOME FROM HOUSE PROPERTY :Under Section 22 of the Income-tax Act, 1961 Annual Value of Property consisting of any Buildings or Lands appurtenant thereto of which the assessee is the owner shall be chargeable to income-tax under the head Income From House Property.Under Section [23(1)] of the Act, though the tax under this head is tax on Income, yet it is not a tax upon Rent but upon Inherent Capacity of a Building to Yield Income. Annual value of any property shall be deemed to be:aFair Rent i.e. the sum for which the property might reasonably be expected to let from year to year.bAmount of Rent received or Receivable during the year.cMunicipal Valuation of the property.dStandard Rent as per Rent Control Act.Under Section [23(2)] of the Act, Annual value of Self Occupied House Property which is used for own residence shall be taken to be NIL if the property or any part thereof is not actually let during whole or any part of the year and no other benefit is derived there from.FOLLOWING DEDUCTIONS ARE ALLOWED TO BE MADE FROM NET ANNUAL VALUE OF HOUSE PROPERTY:aMunicipal Taxes including Service Taxes if such taxes are borne by the owner and actually paid during the year. [Section 23(1)]bVacancy Allowance in proportion to Net Annual Value and Period of Vacancy. [Section 23(1)]cUnrealised Rent if it is proved to be lost or irrecoverable. [(Section 23(1)]dAmount of Annual Charge of the Property.eGround Rent if Payable.fStandard Deduction @30.00% of Net Annual Value on account of Repairs and collection charges irrespective of any expenditure incurred by the owner. [Section 24(a)]gInterest on Borrowed Capital subject to maximum of Rs. 1,50,000 if Capital is borrowed for Acquisition or Construction of House on or after 1st April,1999 and Acquisition or Construction of the house is completed within 3 years from the end of the year in which capital is borrowed. If capital is borrowed for Reconstruction, Repairs or Renewals prior to 1st April, 1999 maximum amount of Interest deductible will be Rs. 30,000. [Section 24(b)]. In case of let out property interest paid on borrowed capital is allowed without limit.C)INCOME FROM CAPITAL GAINS :Under Section 45 of the Income-tax Act, 1961 any Profit or Gain arising from the Sale or Transfer of a Capital Asset is chargeable to tax under the head Income From Capital Gains. Capital Gains arising from transfer of Immovable property is are chargeable to tax in the year in which the effective transfer to title is conveyed and registered or when agreement to sale is made and possession is transferred. Under Sec. 45(5) of the Act, Compensation awarded or determined or approved on compulsory acquisition of property shall be deemed to be the Income of the year in which such compensation is received and not of the year in which transfer took place.There are two types of capital assets 1) Short Term and 2) Long Term.1Short Term Capital Asset : means a Capital Asset held for not more than 36 months immediately prior to the date of its Sale or Transfer. In case of Shares, Debentures or Units it will be treated as Short Term Capital Asset if it is held for not more than 12 months. Profit or Gain arising from Sale or Transfer of Short Term Capital Asset is Short Term Capital Gain.2Long Term Capital Asset : means a Capital Asset which is not a Short Term Capital Asset and Profit or Gain arising from Sale or Transfer of Long Term Capital Asset is Long Term Capital Gain.Under Section 48 of the Income-tax Act, 1961 the full value of Consideration for Sale or Transfer of Capital Asset is what the transferor received in lieu of the Asset he parts with i.e. Money or Moneys worth. Expenditure incurred wholly and exclusively in connection with Sale or Transfer of Capital Asset is deductible from full value of consideration.Full value of consideration in case of real-estate transaction will be consideration declared to be received or accruing or the value adopted for the purpose of stamp duty in respect of such transfer whichever is higher with effect from the assessment year 2003-2004.Cost of Acquisition of an Asset is the value for which it was Acquired or Purchased by the Assessee. Expenses of capital nature for completing and acquiring the title to the property are included in cost of acquisition. Cost of any improvement of the Asset borne by the assessee will be added to the cost while deciding cost of acquisition. Cost of improvement means all expenditure of Capital nature incurred in making any Addition or Alteration to the Capital asset by the assessee.Under section 55(2) of the Income-tax Act, 1961 at the option of the assessee, actual cost or Fair Market Value as on 1st April, 1981 will be treated as cost of Acquisition if asset is purchased prior to 1st April, 1981.For determining Long Term Capital Gain, Indexed cost of acquisition/improvement is taken in to account. Indexed cost of acquisition/improvement means the amount which bears to the cost of acquisition/improvement, the same proportion as the cost inflation index for the year in which the asset is transferred bears to the cost inflation index for the year in which the asset was Acquired or Purchased. Cost Inflation Index for the purpose of Long Term Capital Gain is as under :1981-82 -100 1988-89 -161 1995-96 -281 2002-03 -4471982-83 -109 1989-90 -172 1996-97 -305 2003-04 -4631983-84 -116 1990-91 -182 1997-98 -331 2004-05 -4801984-85 -125 1991-92 -199 1998-99 -351 2005-06 -4971985-86 -133 1992-93 -223 1999-00 -389 2006-07 -5191986-87 -140 1993-94 -244 2000-01 -406 2007-08 -5511987-88 -150 1994-95 -259 2001-02 -426 2008-09 -5822009-10 -632 2010-11 -711 2011-12 -785 2012-13 -8522013-14 -939 2014-15 -1024 2015-16 -000 2016-17 -000Indexed cost of Acquisition / Improvement is determined as under:Fair Market Value as on 1st April, 1981 or Cost of Acquisition / Improvement of AssetCost Inflation Index for the year in which the Asset is Sold / Transferred.Devided byXCost Inflation Index for the year in which Asset is Acquired / Improved or for the year 1981-82Under Section 54 of the Income-tax Act, 1961 Capital Gain arising from the Transfer of residential House Property is exempt from Tax if the following conditions are satisfied :iThe house property is a residential house whose income is taxable under the head Income from House Property and transferred by an individual or HUF.iiThe House Property is a Long Term Capital Asset.iiiThe assessee has purchased another residential house within a period of one year before the transfer or within a period of two years after the transfer or has constructed a residential house within a period of three after the transfer.ivThe house property so purchased or constructed has not been Sold/Transferred within a period of three years from the date of Purchase/Construction.Under Section 54B of the Income-tax Act,1961 Capital Gain arising from the Transfer of Land being used for agricultural purpose for a period of two years immediately preceding the date of transfer, are exempt from tax if the assessee has purchased another land for agricultural purpose within two years from the date of transfer.Under Section 54D of the Income-tax Act,1961 Capital Gain arising on compulsory acquisition of any land or building forming a part of an industrial undertaking is exempt from tax if following conditions are satisfied :aSuch land or building was used by the assessee for the purpose of industrial undertaking for at least two years immediately preceding the date of compulsory acquisition.bAssessee has purchased another land or building or constructed a building within a period of three years from the receipt of compensation.cNewly acquired land or building should be used for the purpose of shifting or re-establishing the said undertaking or setting up another industrial undertaking.Under Section 54EC of the Income-tax Act, 1961 Capital Gain arising from sale of capital asset is exempted from tax if whole amount of capital gain is invested within 6 months in Long Term specified Assets i.e. Bonds redeemable after 3 years issued by:aNational Highways Authority of India (NHAI) issued after 01.04.2000bRural Electrification Corporation Limited (REC) issued after 01.04.2001Maximum amount of Rs. 50.00 Lacs can be invested during the year.Under Section 54, 54B, 54D & 54EC of the Act, Difference between the amount of Capital Gain and the cost of new asset is chargeable to tax as Capital Gain. If the new asset is transferred within a period of three years, amount of Capital Gain arising there from together with amount of Capital Gain exempted earlier will be chargeable to tax in the year of Sale/Transfer of the new asset.Under Section 54F of the Income-tax Act, 1961 Capital Gain arising from transfer of capital asset other than residential house property is exempted from tax if following conditions are satisfied :aThe assessee is an Individual or H.U.F.bAsset transferred is any long term capital asset other than a residential house.cThe assessee has purchased a residential house within one year before the transfer or within two years after the transfer or has constructed a residential house within a period of three years after the transfer.dThe house property so purchased or constructed has not been Sold/Transferred within a period of three years from the date of Purchase/Construction.eAssessee should not own on the date of transfer of original asset more than one residential house or he should not purchase or construct any other residential house within period of two years other than new house.Exemption of tax is calculated proportionately on the basis of investment of net consideration as under :Cost of Purchase/construction of New House--------------------------------------------------------- X Capital GainsNet Consideration of Asset which is transferred.If the new house is transferred within three years from its purchase/construction, amount of Capital Gain arising there from together with amount of Capital Gain exempted earlier will be chargeable to tax in the year of transfer of the new house.Under Section 54G of the Income-tax Act,1961 Capital Gain arising on transfer of assets in cases of shifting of Industrial Undertaking from an urban area is exempt from tax if following conditions are satisfied :aA Capital Asset (Plant, Machinery, Land or Building) used for the purpose of an Industrial Undertaking situated in an urban area is transferred.bThe transfer is affected in the course of or in consequence of, the shifting of such industrial undertaking to any area other than an urban area.cAssessee has within a period of one year before or three years after the date of which transfer took place :1Purchased a new machinery or plant for the purpose of business of the industrial undertaking in the area to which the said undertaking is shifted.2Acquired building or land or constructed building for the purpose of his business in the said area.3Shifted the original asset and transferred the establishment of such undertaking to such area; and4Incurred the expenditure on such other purpose as may be specied in a scheme framed by the Central Govt. for the purpose of this section.If the new asset is transferred within three years from its purchase/construction/shifting, amount of Capital Gain arising there from together with amount of Capital Gain exempted earlier will be chargeable to tax in the year of transfer of the new assets.Under Section 54GA of the Income-tax Act,1961 Capital Gain arising on transfer of assets in cases of shifting of Industrial Undertaking from an urban area to SEZ, is exempt from tax on terms as set out under Section 54G.Under Section 74 of the Income-tax Act,1961 where in any assessment year net result of computation under the head Capital Gains is loss, the same shall be carried forward to the following Eight assessment years and it shall be set off against income from Capital Gains of the subsequent assessment years.Long Term Capital Gain arising from Listed Securities is Taxable at the Flat Rate of 20.00% (Sec. 112) with benefit of Indexation and @10.00% without benefit of Indexation at the option of Assessee. Short Term Capital Gain is Taxable at normal rate.Long Term Capital Gain is exempted from Tax U/s 10(38)) and Short Term Capital Gain is Taxable @10.00% U/s 111A in respect of Capital Gain arising from Transfer of Listed Securities on which Securities Transaction Tax is paid.Deductions U/s 80C to 80U are not available in respect of Capital Gain.Under Section 139(1) of the Income-tax Act, 1961 every person whose Total Income exceeds Rs. 2,50,000 is required to furnish return of his Income in form No. 2 before 31st July after the Financial Year.Under Section 271F of the Income-tax Act, 1961 failure to file return of income under Section 139 attracts penalty of Rs. 5,000.Section 276CC of the Income-tax Act,1961 provides that if any person willfully fails to furnish in due time the return of income which he is required to furnish under this act or/and if any person willfully attempts to evade any tax, penalty or interest or if any person abets or induces in any manner another person to make and deliver an account or statement or declaration relating to any income chargeable to tax which is false and which he either knows to be false or does not believe to be true, he shall be punishable with rigorous imprisonment for a term which will not be less than six months but which may extend to seven years incase where amount of Tax evaded, penalty and interest exceeds Rs. 1,00,000/- or 3 months to 3 years in any other case and fine.Income-tax Rates For the Financial Year 2011-2012 are as under :Taxable IncomeTax RateUp to Rs. 2,50,000NilRs. 2,50,001 to Rs. 5,00,00010% of the amount by which Taxable Income exceeds Rs. 2,50,000Rs. 5,00,001 to Rs. 10,00,000Rs. 25,000 + 20% of the amount by which Taxable Income exceeds Rs. 5,00,000Above Rs. 10,00,000Rs. 1,25,000 + 30% of the amount by which Taxable Income exceeds Rs. 10,00,000Senior Citizen having taxable income up to Rs. 3,00,000 are exempted from Income-tax.Surcharge is payable @ 5.00% of Net Income-tax if Taxable Income Exceeds Rs. 100 Lacs but less than Rs. 1000 Lacs and Surcharge will be @ 10.00% if Taxable Income exceeds Rs. 1000 Lacs during the Financial Year.Secondary and Higher Education Cess @ 2.00% and 1.00% is payable by all assessees on Net Tax Payable + Surcharge if any.Firms and Domestic Companies are required to pay Income-tax @30.00 %.Minimum Alternate Tax (MAT) (Sec. 115 JB) is payable @18.50% (Total 20.96%) of Book Profit, if total tax liability under the act is Nil. Set off of MAT is available for next 10 years. Amount of set off available in subsequent years will be equal to Tax Payable under IT Act less MAT Payable.Tax on Distributed Profits (Sec. 115 O) is payable @15.00% (Total after Grossing Up @19.9941%) including Surcharge, on distributed profits within 14 days from the date of Declaration, Distribution or Payment of Dividend whichever is earlier.Long Term Capital Gain arising from Listed Securities is Taxable at the Flat Rate of 20.00% (Sec. 112) with benefit of Indexation and @10.00% without benefit of Indexation at the option of Assessee. Short Term Capital Gain is Taxable at normal rate.Long Term Capital Gain is exempted from Tax U/s 10(38)) and Short Term Capital Gain is Taxable @10.00% U/s 111A in respect of Capital Gain arising from Transfer of Listed Securities on which Securities Transaction Tax is paid.Deduction and Payment of Tax at source (TDS)Income-tax at source is to be deducted at the time of Payment (including Advance) or Booking of expenditure which is earlier. TDS is to be deducted as per rates given below from payment to contractors/professionals/commission agents if amount of payment on one contract exceeds Rs. 30,000 or aggregate during the year exceeds Rs. 75,000/- per person and from payment of Rent if total rent for the year exceeds Rs. 1,80,000/- per person.Income-tax to be deducted at source (TDS) W.E.F. 01.07.2010Particulars of TDSThresholdTotalLimitTDSRs.%Sec 194 (C) - Contractors30,0002.00Sec 194 (I) - Rent on Machinery180,0002.00Sec 194 (I) - Rent for other assets180,00010.00Sec 194 (H) - Commission & Brokerage5,00010.00Sec 194 (J) - Professional Fees30,00010.00Sec 194 (A) - Interest5,00010.00

&LR.D.Deshpande&CPage &P of &N

IT DeclarationName of the Employee:Employment No.:Email ID / Tel. No.:Division/Branch:Department:Designation:PAN Number:Date:ToFinance Dept;Integrated Equipment India Private LimitedKondhapuri, Tal. Shirur, Dist:Pune-412209.Sub: Proposed Investment and Expenditure for Income-tax calculation for the year 2014-2015Dear Sir,I propose to invest following amounts and incur the expenditure which may be considered while calculating Income-tax on my Salary for the year 2013-14.Nature of Investment / ExpenditureAmountRs.(Yearly)Provident FundPublic Provident FundLife Insurance PremiumNSC CertificateInterest on Old NSCMutual Fund InvestmentULIPInfrastructure BondsFixed Deposit with Bank for I.TaxTax Savings BondsPost Office Recurring DepositEdu. Exps. of ChildrenHousing Loan RepaymentHousing Loan InterestHouse Rent PaymentMediclaim PremiumMedical ExpensesLeave Travel ExpensesTotal- 0I declare that it will be my responsibility to Invest the amount or incur the expenditure as declared above. Incase I fail to Invest the amount as per declaration, company will deduct additional Income-tax from my salary for the month of January to March, 2011.I will submit proof of Investment / Expenditure on or before 31st December, 2010 without further reminder. Incase the same is not submitted before the said date, I am aware and agree for deduction of Income-tax from my salary without considering my Investment/Expenditure.Signature:Name:Notes:1All amounts paid by the employer to employee are Taxable which includes, Salary, Bonus, Incentive, PRE, Comission, Gift, Award etc.2Employees claiming exemption of House Rent should submit copy of Registered Agreement along with copy of receipt for payment of House Rent. In case agreement is not available or not registered, Name, Address and PAN Card Copy of Owner along with address of Rented House should be submitted.3For exemption of Education Expenses, only Tuition Fee for Children is allowed. Rs. 12000/- Per Year Per Child subject to maximum of Two Children.4Interest on Housing Loan is exempted only after completion of House subject to maximum of Rs. 1,50,000/- Per Year.5Post Office Recurring for more than 10 Years is allowed for Exemption. Other schemes of Post Office are not allowed.6Fixed Deposits with Bank for more than 5 years should be marked as "Deposit under Income-tax Scheme". Other Deposits are not considered for exemption.7For LTA Exemption only Bus/Railway/Air Fair is considered. This exemption is allowed Twice in a block of Fours Years. (Current Block from 1st January, 2010 to 31st December, 2013)8Mediclaim Premium allowed is maximum Rs. 15000/-. (Incase there is Senior Citizen in the Family, Exemption is upto Rs. 20,000/-)9In case Housing Loan is in Joint name of Employee along with his Spouse, Children or Parents, both can claim proportionate exemption. But this proportion is required to be declared before application for Housing Loan and Certificate for Repayment of Housing Loan and Interest Paid is to be obtained from Lending Institution every year accordingly. This proportion once declared can not be changed during the tenure of Loan.10Income-tax Rates For the Financial Year 2011-12 are as under:I.Tax RateMenWomenIncome up to Rs. 2,00,000Nil0.000.00Rs.2,00,001 to Rs. 5,00,00010.00%30,00030,000Rs.5,00,001 to Rs. 10,00,00020.00%90,00090,000Above Rs. 10,00,00130.00%Edu./Sec.Education Cess3.00% of I-taxSenior Citizen (Above 60 Years) having taxable income up to Rs. 2,50,000 are exempted from Income-tax.

InvestmentName of the Employee:Emp. No.:Email ID / Tel. No.:Department:Designation:PAN Number:ToFinance Dept;Sub: Investment and Expenditure for Income-tax calculation for the year 2014-15Dear Sir,I submit herewith receipts for amounts invested by me during the year and expenditure incurred which may be considered while calculating Income-tax on my Salary for the year 2014-15.Nature of Investment / ExpenditureAmountRs.(Yearly)Provident FundPublic Provident FundLife Insurance Premium36,000NSC CertificateInterest on Old NSCMutual Fund InvestmentULIPInfrastructure BondsFixed Deposit with Bank for I.TaxTax Savings BondsPost Office Recurring DepositEdu. Exps. of ChildrenHousing Loan Repayment (Principal)39,515Housing Loan Interest150,000House Rent PaymentMediclaim PremiumMedical ExpensesLeave Travel ExpensesTotal225,515I declare that I will preserve the original documents and receipts and produce the same when demanded by company or any other authority.Signature:Name:Date: