G UIDELINES FOR P ROOF O F I NVESTMENT T O B E S UBMITTED F OR I NCOME T AX - FY 2020-2021

Section 10 Exemptions:-

Exemptions Proofs to be submitted Guidelines as per income tax act and rules Exemption Criteria as per income tax act
and rules
Sec 10(13A) 1. Original rent receipts for all the months. 1. Registered Agreement to be uploaded on portal, if the Exemption Criteria
House Rent 2. PAN of Landlord if rent amount exceeds Rs annual Rent exceeds 1,00,000/- 1. Actual HRA earned for the year.
Allowance:- 100000/- in a current financial year. 2. Registered Agreement is mandatory if rent exceeds 1lacs. 2. Actual Rent paid minus 10% of earned Basic
3. In case the landlord does not have a PAN, then 3. Revenue stamp is mandatory if rental amount is more than Rs 3. 40% of Basic or 50% of Basic in case of
please provide landlord declaration form 5000/- in a month. Metro cities, (Current Metro Cities
along with the name, address & signature. 4. Revenue stamp is not mandatory for Karnataka Location -Delhi/Mumbai/Kolkata/Chennai)
5. Rent receipt should contain the details like Licensor and
Licensee name, date of payment, month, address of rented house, Least of the above is Exempt for Tax
signature of landlord.
Format - 6. No need to produce Rent Receipts having rental expenditure up
Rent-Declaration by Landlord - Rent Paid which exceeds Rs. to
100,000 PA.docper month. However in the regular assessment, the
Rs 3,000/-
4. Rent Agreement is mandatory to claim HRA Assessing Officer will be free to make such enquiry as he fits for
exemption. the purpose of satisfying himself that the employee has incurred
actual expenditure on payment of rent.
7. Landlord PAN is mandatory if annual rental amount exceeds Rs
100000/-.
Format - Declaration 8. In case the landlord does not have a PAN, then please provide
Claiming Both HRA and Hsg Loan.doc landlord declaration form along with the name, address &
signature.
9. HRA Benefit and Interest on Self Occupied House Property
cannot be claim if both are in same city, provided if possession of
the property is in current financial year then he can claim HRA
up to the date of possession. In this case you have to submit the
declaration for claiming Both HRA & Housing Loan Interest.
 Chapter VIA deductions:-

Deductions Proofs to be submitted Guidelines as per income tax act and rules Deductions Criteria as per income tax act and
rules
80D 1. Photocopy of receipt issued by the 1. Receipts should be of current financial year only. Deduction Criteria
Medical Insurance Company. 2. Policy should be in the name of individual, spouse, children. 1. Self/Spouse/Children: Rs 25000/- (if payment
Insurance (Only Policy Premium paid by employee is 3. The payment of aforesaid premium required to be paid by any made by employee)
allowed.) mode other than cash. 2. Parents(Non Senior Citizen) : - Rs 25000/-
2. Section 80D should be mentioned on the 4. Rs 25000/- is allow as deduction in case of self/spouse and 3. Parents (Senior Citizen):- Rs 50000/-.
policy document. children. 4. Self (Sr. Citizen + Family + parents (Sr.
5. Includes any payment made on account of preventive health check- Citizen)- Rs 100000/-
up of the assessee or his family or parents up to Rs.5000/- in cash 5. Actual Premium Receipt or Above Limits
or any mode (applicable for only Mediclaim policy holder) whichever is less is the deduction
6. Additional benefit of Rs 25000/- in case parents is covered. And Rs For more details attached 80D IT document
50000/- in case parents covered is senior citizen. for your ref.

(Maximum limit is Rs: 75000/-

80 D document.pdf

A copy of the certificate issued by the medical 1. Where condition of disability requires reassessment then fresh Deduction Criteria
80DD authority in the prescribed form as per Rule certificate to be obtained after its expiry to continue claiming the 1. Handicapped Dependent with disability (less
Handicapped 11A (2) of the Rules. deduction than 40 %.) – then Nil exemption
Dependents:-
2. Handicapped Dependent with disability (more
2. Dependent means Spouse, Children, Parents, brothers and sisters of
than 40% but less than 80%) – then 75000/-
the individual.
Form 10IA - 80DD &
exemption.
For more details attached 80DD IT document for your ref.
80U.pdf 3. Handicapped Dependent with Severe
disability (more than 80%) – then 125000/-
80DD Document.pdf exemption.

80DDB A prescription/certificate from a specialist as
Medical specified in the Rules containing the name
Treatment of and age the patient, name of the
Specified disease/ailment along with the name,
Diseases:- address, registration number & qualification
of the specialist issuing is required.
1) Bills/Receipt stating the actual
1. Medical treatment of self/dependent specified disease.
2. Copy of necessary prescription/certificate issued by the Specialists
and the bills/receipt stating the actual expenditure made for the
treatment of the specified disease or the certificate should include
the same.
3. Eligible for Self, Spouse, Children & Parents.
4. Amount of deduction is Rs. 40000/- or amount actually paid
whichever is lower.
Deduction Criteria
1. Amount of deduction is Rs. 40000/- or
(amount actually paid less amount received
from insurance company) whichever is lower
is eligible for deduction.
2. In case of Senior Citizen & Dependent Sr.
Citizen – then Rs. 100000/- or (amount
actually paid less amount received from
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 expenditure made for the treatment
of the specified disease or the
certificate should include the same
2) In case of Very Senior Citizen, Valid
Age proof is required
5. In case of Senior Citizen (Above 60yrs of age) & Dependent Sr. insurance company) whichever is lower is
Citizen – then Rs. 100000/- or actual Expenditure incurred eligible for deduction.
whichever is lower. Is eligible for exemption. For more details attached 80DDB IT
6. In case of Very Senior Citizen (Above 80yrs of age) & Dependent document for your ref.
Very Sr. Citizen – then Rs. 100000/- or actual Expenditure
incurred whichever is lower. Is eligible for exemption.
7. Bills should be of the current financial year only. 80DDB
Document.pdf

80DDB - Disease Form 10I -

List.pdf 80DDB.pdf

A copy of the certificate issued by the 1. Where condition of disability requires reassessment then fresh Deduction Criteria
80U medical authority in the prescribed form certificate to be obtained after its expiry to continue claiming the 1. Physically Handicapped with disability (less
Physically as per Rule 11A(2) of the Rules deduction. than 40 %.) – Then Nil exemption.
Handicap For more details attached 80U IT document for your ref.
2. Physically Handicapped with disability (more
Self:-
than 40% but less than 80%) – then 75000/-
Form 10IA - 80DD &
exemption.
80U Document.pdf
80U.pdf 3. Physically Handicapped with Severe disability
(more than 80%) – then 125000/- exempt.

Deductions Proofs to be submitted Guidelines as per income tax act and rules Deductions Criteria as per income tax act and
rules
80E 1. Letter / certificate from the Bank / 1. Interest paid on Loan taken for Higher Education such as Deduction Criteria
Education Financial Institution specifying the Engineering / Medical/ etc. are allowed. 1. No capping of maximum limit – Actual interest
Loan Interest following: 2. “Higher Education” means full-time studies for any graduate or paid by the employee in current Financial Year
Benefit post-graduate course in engineering, medicine, management or for is allowed as deduction.
 Said loan is an Educational Loan. post-graduate course in applied sciences or pure sciences For more details attached 80E IT document
 Amount of interest paid on the including mathematics and statistics. for your ref.
loan in the current year. 3. This is applicable for education loan, for education of self, spouse
 Loan should be on the name of and children.
employee. 4. Loans availed only from Financial Institution / Bank is eligible 80E Document.pdf
(within India).
5. Only the interest component paid during the year will be eligible
for deduction, hence the certificate submitted must clearly state
the interest component for the year.
6. The Certificate should be for the current financial year.
7. The deduction shall be allowed in computing the total income for
the Financial Year in which the employee starts repaying the
interest on the loan was taken and immediately succeeding seven
financial years or until the financial year the interest is paid in full
by the taxpayer, whichever is earlier.

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Deductions Proofs to be submitted Guidelines as per income tax act and rules Deductions Criteria as per income tax act and
rules
Sec 80TTA 1. Photocopy of the Interest Certificate from 1. Section 80TTA has been introduced from the financial year 2012-13. Deduction Criteria
Deduction in the Bank. 2. Interest on saving account is allow as deduction maximum up to Rs 1. Actual interest received on saving account or Rs
respect of 10000/-. 10000/- whichever is less.
Interest on 3. Interest on saving account is fully taxable and considered as For more details attached 80TTA IT
deposits in additional income. document for your ref.
saving 4. Interest received during current financial year is only allowed.
accounts:-
80TTA Document.pdf

Sec 80TTB 1. Photocopy of the Interest Certificate 1. Section 80TTB has been introduced from the financial year 2019-20. Deduction Criteria
Deduction in from the Bank. 2. Interest on saving account is allow as deduction maximum up to Rs 1. If Employee is Senior Citizen
respect of 50000/-. 2. Actual interest received on saving account or Rs
Interest on 3. Interest on saving account is fully taxable and considered as 50000/- whichever is less.
deposits in additional income.
saving 4. Interest received during current financial year is only allowed
accounts:-
1. Photocopy of receipt issued by the 5. Policy from any company approved by IRDA. Deduction Criteria
Sec Insurance Company. 6. Late payment fees and other charges will not be considered as 1. Maximum Deduction capped is Rs.50, 000 for Sec
80CCD(1B) – 2.Section 80CCD(1B) should be mentioned premium paid. 80CCD (1B).
National on the pension policy document 7. Photocopy of Receipt should be of the current financial year only. 3. If invested amount more than Rs. 50,000 then
Pension 8. Photocopy should contain the Name, Date and Premium amount and additional amount will be get exempted under
Scheme Receipt number. sec 80C up to 1.5 L.
80CCD 9. Policy should be in the name of individual, spouse, & children. For more details attached 80CCD IT
Document.pdf Proposal Deposit /Acknowledgement slips will not be considered. document for your ref.

Sec 80EEB 1. Photocopy of the Interest Certificate 1. Interest on loan for purchase of Electric Vehicle (80EEB). Deduction Criteria
(Purchase of from the Bank. 2. The loan has been sanctioned by the financial institution during the The deduction under sub-section (1) shall not
Electrical 2. Self Declaration regarding the Vehicle period 1st day of April, 2019 and ending on the 31st day of March, exceed one lakh and fifty thousand rupees from 1 st
Vehicle) Loan with RC Book attachment to be 2023. April 20 and subsequent Years
submitted.
3. Electric vehicle” means a vehicle which is powered exclusively by an
electric motor whose traction energy is supplied exclusively by traction
battery installed in the vehicle and has such electric regenerative
braking system, which during braking provides for the conversion of
vehicle kinetic energy into electrical energy
4. Financial institution means a banking company to which the
Banking Regulation Act, 1949.

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 Loss from House Property
Exemptions Proofs to be submitted
Loss on House 1. Photocopy of Provisional certificate from the
Property Housing Finance Company / Bank.
2. Photocopy of possession certificate from the
builder / Electricity bill / Municipal tax paid
receipt (any one document) is mandatorily
required if property is acquired during the
current financial year. If you have claimed in the
previous year then you are not required to submit
any of the document, however if you claiming the
exemption for the first time or for any prior years
you are required to submit the documents
3. Self-declaration by the employee in case he/she is
availing both HRA / Housing Interest benefit
without property is let out. (ref Point7&8 of
guidelines).
HRA & LHP.pdf
4. In case of jointly availed property loan, the
employee to declare only the amount paid by
him/her in the declaration with co-borrower / co-
owner’s signature.
JOINT
DECLARATION.pdf
If you have joined the company in the current
financial year then you have to submit Photocopy of
possession certificate from the builder / Electricity
bill / Municipal tax paid receipt/Previous year
Form16 (any one document) is mandatorily required
to avail the Interest benefit
Guidelines as per income tax act and rules Deductions Criteria as per income
tax act and rules
1. An Assessee can avail a deduction on repayment of Interest on Deduction Criteria
borrowed capital for construction, acquisition of a house property. 1. Self Occupied: Maximum
2. Interest paid in the current financial year is eligible for deduction. deduction limit is Rs 200,000/-
3. Document should contain the breakup of interest and principal for total interest of Self Occupied
component separately, Name of the borrower, date, Loan account & Let out Property.
number and property address.
4. The benefit of deduction is applicable only after occupancy of 2. 1.1 New Section 80EE –
the house and Pre-EMI interest (EMI paid before occupation of the Available for first loan buyer
house) is deductible in 5 equal installments starting from the year where home loan is sanctioned in
when the construction is completed or property is acquired. last financial year 2016-17 &
5. Employee has to submit possession letter or municipal tax receipt or Home Loan does not exceed 35
electricity bill to avail the interest benefit if the property is acquired Lakh & Property value does not
during current financial year. exceed 50 Lakh, then additional
6. In case the Loan taken is on Joint Name, a declaration relating to Rs. 50,000/- interest deduction
percentage-wise benefit to be claimed for Income Tax purpose benefit can be claimed.
should be submitted.
7. In case of self-occupied property, employee cannot claim both HRA 3. 1.2 New Section 80EEA –
exemption as well as Interest on house property where the property Available for first loan buyer
is in the same city / region. [e.g., if both properties are at same where home loan is sanctioned in
place/region then you can’t claim exemption on both.] financial year 2019-20. Stamp
8. In case you are going to claim both the benefits of HRA and Housing Duty of the Property does not
Loan and if both the properties are situated in the same place, then exceed 45 Lakh & the assesse
the benefit of HRA would be passed on only till the date of possession does not own any Property on
of house property. the date of sanction loan then
9. You can claim both the benefit, if you can prove that you are staying additional Rs. 1,50,000/- interest
in the rented house only for the employment purpose and your house deduction benefit can be claimed.
property is located at other place which is far away from your place
of employment. 4. Let out Property: Maximum
10. In case of more than one house property, Interest benefit can be deduction limit is Rs 200,000/- for
availed only for one property. Other properties to be deemed as Let total interest of Self Occupied &
out and the documents and details to be entered under “Income from Let out Property, Interest. Gross
House Property” section only. amount is mandatory for claiming
11. Possession Letter / Maintenance Receipt/ Light Bill is Let out Property.
mandatory for claiming HSG Interest for Self Occupied Property.
12. Incase of Re- Sale Property employee needs to produce the Light
Bill/ Maintenance Receipt
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 Section 80C deductions (Maximum Deduction capped up to Rs.1.5 Lacs )

Deductions Proofs to be submitted Guidelines as per income tax act and rules Deductions Criteria as per income tax
act and rules
1. Policy from any company approved by IRDA. Deduction Criteria
Sec 80CCC 1. Photocopy of receipt issued by the
2. Late payment fees and other charges will not be considered as 1. Maximum Deduction capped is Rs.1.5
Pension Plan:- Insurance Company.
premium paid. Lacs for Sec 80C.
3. Photocopy of Receipt should be of the current financial year only. For more details attached 80CCC IT
4. Photocopy should contain the Name, Date and Premium amount document for your ref.
and Receipt number.
5. Policy should be in the name of individual, spouse, & children. 80CCC
Document. pdf
6. Proposal Deposit /Acknowledgement slips will not be considered.

1. Provisional Certificate from the Financial 1. Provisional Certificate should be of the current Financial Year. Deduction Criteria
Sec 80C
Institution/Bank. 2. Photocopy should contain the Name, Date, breakup of Interest and 1. Maximum Deduction capped is Rs.1.5
Housing
2. Declaration from Co-owner and Co Principal Amount, Loan account number, address of the property, Loan Lacs for Sec 80C.
Principal:-
borrowers in case property is in joint amount.
name and claiming the benefit. 3. Declaration from Co owner and Co borrowers in case property is in
joint name and claiming the benefit.
Sec 80C 1. Photocopy of all premium receipts issued 1. Life Insurance Premium must be the name of individual, spouse & Deduction Criteria
Life Insurance by the Insurance Company. children. 1. Maximum Deduction capped is Rs.1.5
Premium:- 2. Photocopy of Premium Statement from 2. Policy from any company approved by IRDA. Lacs for Sec 80C.
the LIC 3. Late payment fees and other charges will not be considered as premium
3. If premium due in Jan, Feb, March then paid.
submit the last year premium paid 4. Photocopy of Receipt should be of the current financial year only.
receipt for the same period and submit 5. Photocopy should contain the Name, Date and Premium amount
the same once received it. and Receipt number.
6. Policy should be in the name of individual, spouse, & children.
7. Proposal Deposit /Acknowledgement slips will not be considered.
8. Policy of Parents is not allowed as deduction.

1. Photocopy of Receipt should be of the current financial year only. Deduction Criteria
Sec 80C 1. Photocopy of Certificate or photocopy of
2. Photocopy should contain the Name, Date and Premium amount and 1. Maximum Deduction capped is Rs.1.5
National Saving the counterfoil given by the post office at
Receipt number. Lacs for Sec 80C.
Certificate:- the time of paying the amount.
3. NSC certificate should be in the name of individual only.
4. NSC certificate of family members and Parents is not allowed as
deduction.

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Deductions Proofs to be submitted Guidelines as per income tax act and rules Deductions Criteria as per income tax
act and rules
1. NSC Accrued interest will show as income and also as deduction under Deduction Criteria
Sec 80C 1. Photocopy of all the NSC certificates for
Section 80 C. 1. Maximum Deduction capped is Rs.1.5
Accrued which interest is being claimed.
2. Photocopy should contain the Name, Date and Premium amount and Lacs for Sec 80C.
Interest on
Receipt number.
National Saving
3. NSC certificate should be in the name of individual only.
Certificate:-
4. NSC certificate of family members and Parents is not allowed as
deduction.

1. Public Provident fund can be in the name of individual, spouse & Deduction Criteria
Sec 80C 1. Photocopy of the counterfoil given by the
children. 1. Maximum Deduction capped is Rs.1.5
bank at the time of making payment.
Public 2. Photocopy of Receipt should be of the current financial year only. Lacs for Sec 80C.
Provident 2. Photocopy of Front Page and 3. Photocopy should contain the Name, Date and Premium amount.
Fund:- Transaction page of the PPF Passbook.
1. Photocopy of all premium receipts/ or 1. Late payment fees and other charges will not be considered as Deduction Criteria
Sec 80C
Certificates or Statement issued by the premium paid. 1. Maximum Deduction capped is Rs.1.5
Unit Linked Insurance Company. 2. Photocopy of Receipt should be of the current financial year only. Lacs for Sec 80C.
Insurance Plan 3. Photocopy should contain the Name, Date and Premium amount and
(ULIP ):- Receipt number.
4. Policy can be in the name of individual, spouse, & children and
parents.
5. Proposal Deposit /Acknowledgement slips should have proper
seal & signatures by the Bank/ Asset Management Company
(AMC).

Deductions Proofs to be submitted Guidelines as per income tax act and rules Deductions Criteria as per income tax
act and rules

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 1. Tuition Fees, whether at the time of admission or thereafter, paid to Deduction Criteria
Sec 80C 1. Photocopy of the receipts issued by the
any university, college, school or other educational institution situated 1. Maximum Deduction capped is Rs.1.5
Children’s school, college, university or educational
in India, for the purpose of full time education of any two children of Lacs for Sec 80C.
Tuition Fee:- institution.
the employee.
2. Full time education includes any educational course offered by any
university, college, school or other educational institution to a student
who is enrolled full time for the said course. It is also clarified that full
time education includes play – school activities, Pre Nursery and
nursery classes.
3. It is clarified that the amount allowable as tuition fees shall include any
payment of fees to any university, school, college or other educational
institution in India except the amount representing payment in the
nature of development fees or donation or capitation fees or payment
of similar nature.
4. Photocopy of Receipt should be of the current financial year only.
5. Photocopy should contain the Name, Date and Premium amount and
Receipt number.
6. Maximum up to two children’s tuition fee is allowed as deduction.
7. Only Tuition Fees & Term Fees can be considered.

1. Photocopy of Receipt should be of the current financial year only. Deduction Criteria
Sec 80C 1. Photocopy of Certificate or photocopy of
2. Photocopy should contain the Name, Date and Premium amount and 2. Maximum Deduction capped is Rs.1.5
National Saving the counterfoil given by the post office at
Receipt number. Lacs for Sec 80C.
Schemes/KVP :- the time of paying the amount.
3. NSS can be in the name of individual, spouse, & children and parents.

Sec 80C
1. Photocopy of Receipt or Certificate or 1. Photocopy of Receipt should be of the current financial year only. Deduction Criteria
photocopy of the counterfoil given if bond 2. Photocopy should contain the Name, Date and Premium amount and 1. Maximum Deduction capped is Rs.1.5
Tax Saving is not issue. Receipt number. Lacs for Sec 80C.
Shares/Bond:- 3. Shares/Bonds should be in the name of individual only.
4. Shares/Bonds in the name of family members and Parents are not
allowed as deduction.
1. Photocopy of Receipt or Certificate or 1. Photocopy of Receipt should be of the current financial year only. Deduction Criteria
Sec 80C
photocopy of the counterfoil given by the 2. Photocopy should contain the Name, Date and Premium amount and 1. Maximum Deduction capped is Rs.1.5
Fixed Deposit scheduled banks or Post Office. Receipt number. Lacs for Sec 80C.
in Banks / Post 3. Fixed Deposit should be in the name of individual only.
Office:- 4. Fixed Deposit of family members and Parents is not allowed as
deduction.
5. Term deposits for a minimum period of 5 years with a scheduled
bank/Post office are eligible in accordance with the scheme framed and
notified by the Central Government for deduction.
6. Receipt should contained specific clause of IT deduction u/s 80 C. (For
the period not less than 5 yrs)

Deductions Proofs to be submitted Guidelines as per income tax act and rules

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 Deductions Criteria as per income tax
act and rules
1.Stamp Duty & Registration fees paid at the time of purchases of new house Deduction Criteria
Sec 80C 1. Photocopy of Index II & Registration
property. 1. Maximum Deduction capped is Rs.1.5
Certificate required.
Registration/St 2. Stamp Duty and Registration should be of the current Financial Year. Lacs for Sec 80C.
amp Duty:- 3. Photocopy should contain the Name, Date, Amount, address of the
property, Loan amount.
4. Declaration from Co owner and Co borrowers in case property is in joint
name and claiming the benefit.

1. Photocopy of Front Page and Transaction 1. Any investment as five year time deposit in an account under the Post Deduction Criteria
Sec 80C
page of the Passbook. Office Time Deposit Rule 1981. 1. Maximum Deduction capped is Rs.1.5
Post Office 2. Post Office Time Deposit should be in the name of individual only. Lacs for Sec 80C.
Time Deposit:- 3. Photocopy of Receipt should be of the current financial year only.
4. Photocopy should contain the Name, Date and Premium amount.
1. Any investment in an account under the Senior Citizen Saving Scheme Deduction Criteria
Sec 80C Senior 1. Photocopy of Receipt or Certificate
Rule 2004. 1. Maximum Deduction capped is Rs.1.5
Citizen Saving
2. Senior Citizen Saving Scheme should be in the name of individual only. Lacs for Sec 80C.
Scheme:-
3. Photocopy of Receipt should be of the current financial year only.
4. Photocopy should contain the Name, Date and Premium amount.
1. Photocopy of Receipt should be of the current financial year only. Deduction Criteria
Sec 80C 1. Photocopy of Receipt or Certificate
2. Photocopy should contain the Name, Date and Premium amount. 1. Maximum Deduction capped is Rs.1.5
Sukanya
3. The account can be opened by Natural or legal guardian of girl child. Lacs for Sec 80C.
Samriddhi
4. The age of the girl at the time of opening of account should not be more
Scheme:-
than 10 year.

Previous Employment Income and Tax

Deductions Proofs to be submitted Guidelines as per income tax act and rules Deductions Criteria as per income tax
act and rules
Previous 1. Previous employer Form 16 1. Previous Employer income includes– Attach Previous employer full and final
Employment 2. Previous employer tax computation  Gross salary before Profession Tax tax calculation sheet along with this
Income and (F&F)  Previous Employer Profession Tax form.
Tax:- 3. Duly filled Form 12B signed from the  Previous Employer 80C investment
employee  Previous Employer Income Tax
 Previous Employer Interest on Housing Loan
 Previous Employer 80 D
 Previous Employer 80DD
 Previous Employer 80DDB
Format - Form  Previous Employer 80U
12B.xlsx
 Previous Employer 80E

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 Treatment of Previous Employment Income

Employee who has joined in current financial year has to submit Form 16, or a signed / sealed tax computation sheet, from the previous employer along with a declaration in
Form 12B.
Previous employment income, as per supporting, will be accounted for computing the tax liability for the year. While generating the Form16, There are 2 options either we can
remove the previous employment details. Or we can show the same in the Form 16. However there will be 2 separate Part A for each employer. Part B of Form 16 can be shown
as clubbed income of both the employer by the current employer.

Deductions Proofs to be submitted Guidelines as per income tax act and rules Deductions Criteria as per income tax
act and rules
Form 12BB This form can be generated after feeding “26C. Furnishing of evidence of claims by employee for deduction of tax Attached Form12BB copy for your ref.
investments on web portal under Actual under section 192.—
Investment tab. (1) The assesse shall furnish to the person responsible for making
payment under sub-section (1) of section 192, the evidence or
the particulars of the claims referred to in sub-rule (2), in Form 12BB.pdf
Form No.12BB for the purpose of estimating his income or
computing the tax deduction at source. For more details attached Form
(2) Following information need to fill-up in form 12BB. 12BB IT department notification for
(A) House Rent Allowance (Name, Address and your ref.
PAN of the landlord/landlords where the
aggregate rent paid during the current year
exceeds rupees one lakh. Form 12 BB
(B) Deduction of interest under the head “ -Notification.pdf
income from house property”( Name, Address
and PAN of the lender)
(C) Deduction under chapter VI-A.(Evidence of
investment or expenditure)

Important Note:-
 In case the due date of any insurance premium is after schedule date then please attach previous year’s/ last quarter receipts for authentication and submit the same
once received it.
 Proposal Deposit receipts will not be accepted in case of insurance/pension/mediclaim policies.
 Tax Benefit for donations given in personal capacity need to be claimed while filing the indusial tax returns.
 In the case of Mutual fund investment under Systematic Investment Plan, the installments for the month of Jan to March 2020 will be considered based on the payments
till 15th Dec.2020 as per the documents submitted (the documents should clearly specify that scheme has been availed).
 NSC Accrued interest will show as income and also as deduction under Section 80 C.
 Do not attach password protected files.
 Enter only one line item for one policy for LIC, ULIP. Mutual funds. Enter Annual premium paid amount
 Every document should be self attested.

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FY 2020- 2021-TAX SLABS FOR OLD TAX REGIME
After providing necessary exemptions and deductions as per rules defined above, ‘Net Taxable Income’ is arrived. On the ‘Net Taxable
Income’ the following tax slabs are applied to arrive at the ‘Tax Payable’ for the year.

Taxable Income Tax Rate

0 to 2,50,000 Nil
2,50,000 to 5,00,000 5%
5,00,001 to 10,00,000 20%
Above 10,00,000 30%

Senior Citizen Employees

Taxable Income Tax Rate

0 to 3,00,000 Nil
3,00,001 to 5,00,000 5%
5,00,001 to 10,00,000 20%
Above 10,00,000 30%

Very Senior Citizen Employees

Taxable Income Tax Rate

0 to 5,00,000 Nil
5,00,001 to 10,00,000 20%
Above 10,00,000 30%

* Additional 4% Health and Education Cess on income tax amount.

* Rebate under sec 87A is available up to Rs. 12500/-
* Changes in Surcharge as per below.

Income From (Rs.) Income To (Rs.) Surcharge Rate

0 50 Lakhs 0%
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 50 Lakhs 1 Crore 10%
1 Crore 2 Crore 15%
2 Crore 5 Crore 25%
5 Crore Any income above 5 Crore 37%

Male / Female Employees (NEW TAX REGIME)

Income Tax Rate    

Income Range Old - Tax rate New -  Effective Tax rate
0 - 2.5 Lakhs Nil Nil
2.5 - 5 Lakhs 5% 5%
5 - 7.5 Lakhs 20% 10%
7.5 - 10 Lakhs 20% 15%
10 -12.5 Lakhs 30% 20%
12.5 - 15 Lakhs 30% 25%
15 Lakhs – 50 Lakhs and above 30% 30%

Surcharge on Income Tax (Presuming that the income consists only of Salary)

Total Income Surcharge on Tax – Old Surcharge on Tax - New

50 L – 1 Cr 10% 10%
1 Cr – 2 Cr 15% 15%
2 Cr – 5 Cr 25% 25%
Above 5 Cr 37% 37%
     
Health and Education Cess: - 4% of income tax and surcharge. 

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From TDS perspective, once the tax regime is selected it CANNOT be changed till the end of the financial year. For assesse having business income, changing of
options per year is also not available.

Taxpayers who opted for the new scheme will not be able to obtain benefits of certain income tax exemptions
and deductions like
 HRA(Sec 10(13A), / LTA (Sec 10(5)),
 Sec 80C - Deduction in respect of Life Insurance Premium, contribution to provident fund etc, 
 Sec 80D deduction in respect of health insurance premium,
 Standard deductions of Rs.50,000 u/s 16
 Interest on self-occupied property of 2 Lakhs u/s 24(b)
 Donation u/s 80G, 80GGC, etc.
A resident individual is entitled for rebate under section 87A if his total income does not exceed Rs. 5, 00, 000.
The amount of rebate shall be 100% of income-tax or Rs. 12,500, whichever is less.

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