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Guidelines on Income Tax Management&
Reimbursement process
Compiled by
Vijay Zanzrukiya
“All the Best for the next One Hour”
Welcome
Talking and sleeping are strictly prohibited.
OUR SINCERE THANKS TOSaurabh Garg, Sunil Rao & Anurag
Kedia
For giving us opportunity for this presentation
SPECIAL THANKS TORupesh Jadhav & Urvashi
SuratiFor the arrangements
Rama, Abhishek, Sagar & Prajakta
For providing feedback at Various Stages
AND
To all of you for attending this Presentation
___________________VIJAY ZANZRUKIYAPRESENTS
Income Tax Management Income Tax Rates as per
Slab Income Tax Deductions
Available on Investments made
Deductions based on Salary Structure
Income Tax Slabs
For Men/Women below 60 years/Above 60 Years / Above 80 Years of age
Income Level Tax Rate
Rs. 2,50,000 / 300,000 / 500,000 Nil
Rs. 2,50,001 - Rs. 500,000 10%
Rs. 500,001 - Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
* 3% Education Cess is applicable on Income Tax Amount
Deductions Available on Investments
Sr. No.
Particulars of Investment / Deduction
Investment / Expenditure made in the
name of Document Submitted*
Investment Under Section 80C
1 Public Provident Fund (PPF) Self, Spouse & Children
Photocopy of PPF Challan or PPF passbook
2 Life insurance premium Self, Spouse & Children
Premium Receipt or Statement of premium payments issued by Insurance Company
3 National Saving Certificate (NSC) Self Photo Copy of NSC 4 Interest Accrued on NSC Self Photo Copy of NSC
5 Contribution to Unit Linked Insurance Plan (ULIP)
Self, Spouse & Children
Photo Copy of Statement of Account
6 Equity Linked Savings Scheme (ELSS) Self Photo Copy of Statement of
Account
7 Tax Saving Fixed Deposit of Banks (Tenure 5 yrs ) Self Photo Copy of Fixed Deposit
Receipt
8 Tuition fees Maximum of 2 Children Photocopy of Fee receipt
Contd..
Investment Deductions Contd..
Sr. No.
Particulars of Investment / Deduction
Investment / Expenditure made in the
name of Document Submitted*
Investment Under Section 80C (Contd..)
9Principal repayment of Housing Loan / Stamp duty and /or Registration Charges
Self / Joint
Certificate from the lending institution clearly stating the amount of principal payment made during the fiscal year. Photocopy of the Agreement in case of stamp duty and registration charges are claimed as deduction.
10 Employee Provident Fund Deduction from Salary Self Deducted by Employer
Total Deduction available is Rs. 150,000/-
From Current Financial year, introduced an additional deduction of Rs. 50,000 for contribution to the New Pension
Schemeunder Section 80CCD.
Contd..
Sr. No.
Particulars of Investment / Deduction
Investment / Expenditure made in
the name of Document Submitted*
1 Sec 80D (Medical Insurance Premium)
Self, Spouse, Dependent
Children and Parents
Photo Copy of Premium Payment Receipt
From financial year 2015-16 – Deduction is raised from Rs 15,000 to Rs 25,000. The deduction for senior citizens is raised from Rs 20,000 to Rs 30,000. For uninsured super
senior citizens (more than 80 years old) medical expenditure incurred up to Rs 30,000 shall be allowed as a deduction under section 80D. However, total deduction for health
insurance premium and medical expenses for parents shall be limited to Rs 30,000.
Investment Deductions Contd..
Contd..
Sr. No.
Particulars of Investment / Deduction
Investment / Expenditure made in
the name of Document Submitted*
1 Interest on Housing Loan Self / Joint
Certificate from the lending institution clearly stating amount of interest payment during FY
Total Deduction available is Rs. 200,000/-
Contd..
Investment Deductions Contd..
Deduction u/s 80 TTA
Deduction u/s 80 TTA available up to Rs. 10,000 or actual interest received. Deduction can be
claimed on filing of income tax return
Sr. No.
Particulars of Investment / Deduction
Investment / Expenditure made in the
name of Limit
1
Sec 80CCG (Investment made under Rajiv Gandhi Equity Saving Scheme in listed units of Equity Oriented Fund/Equity Shares)(Applicable to new retail investor whose GTI does not exceed 12 lacs)
SelfDeduction of 50% of amount invested in such equity shares (or units),maximum upto Rs.
25,000
2Sec 80DD (Maintenance including Medical treatment of dependant person with disability)
Spouse, Children,
Parents, Brother, and Sister of the
individual.
Fixed amount - Rs. 50,000 (Rs.1,00,000 for Severe
disability)
3Sec 80DDB (Medical treatment for specified diseases or ailments)
Self or Spouse, Dependent Children, Parents,
Brothers and Sisters.
Upto Rs.40,000 (Rs.60,000 for Senior Citizen)
4 Sec 80E (Repayment of Loan taken for higher education)
Self, Spouse & Children Actual Interest paid
5 Sec 80U (For person with a disability) Self
Fixed amount - Rs. 50,000 (Rs.1,00,000 for Severe
disability)An additional rebate u/s 87A of Rs. 2000 on Income Tax available if the next taxable income is below 5 Lakhs
Investment Deductions Contd..
Deductions based on Salary Structure
Salary Head Applicable TaxabilityBasic + DA All Taxable
FullyHRA All Taxable
PartlyChildren Education Allowance (New) All Exempted*Conveyance Allowance All ExemptedMedical Expenses Reimbursement All Exempted**LTA Reimbursement All Exempted**Other Allowance All Taxable
FullyFBP As per Designation Exempted**Other Earning As per Designation Taxable
FullyIncentives As per Designation Taxable
Fully
* Exempted to those who have children studying
* *Exempted on Submission of Documents
INTERVAL
Reimbursements
Reimbursement Follow uniform format across all brands (CMYK/Jazz/Nu
Ayurveda) Follow admin policies in case of reimbursement, Telephone,
Conveyance, Food Allowance. Proper documents to be arranged with document no. in
statement and on documents. Payment made to third party to be supported with voucher and
documents. All payment vouchers should have receiver’s signature.
No cash payment to be made above Rs. 5000, if required, Revenue stamp to be affixed on payment voucher. The same to be supported with proof of identity and mobile number of receiver.
Follow Reimbursement Schedule All Reimbursement Statement should be printed and given to
your respective heads. The respective department heads should verify the statement and supportings are in order and should then submit the same to the accounts for further processing. Accordingly discrepancies, if any should be discussed with department heads only, instead of each and every individual employee.
Reimbursement SchedulePARTICULARS DEADLINES
Getting the Reimbursement Statement in Excel from all staff
3rd of Every month
Obtaining the approvals from Seniors 8th of Every Month
Passing the reimbursement journals in Tally 8th of Every month
Receiving supporting documents for reimbursement by Accounts
12th of Every month
Verification of Documents and queries resolved, if any
15th of Every month
Preparing Reimbursement Processing documents 18th of Every month
Processing Reimbursement in Bank 21st of Every month
Payroll Schedule
Payroll SchedulePARTICULARS DEADLINES
Providing Attendance Details to HR 1st of Every monthPreparing & Providing Office Boys'/Housekeeping Salary details to accounts
2nd of Each Month
Preparing Payroll by HR based on Attendance 3rd of Every month
Providing Incentive Details to HR 4th of Every monthSending the Compete Payroll with Incentive to Accounts 5th of Every monthVerification of Payroll by Accounts and Calculation of TDS 6th of Every month
Preparing Payroll Documents by accounts 7th of every month
Processing Payroll to staff accounts 8-10th of Every months
“Thanks for your valuable time
and mainly for your Patience ” JAI HIND