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INCOME TAX RATES FOR THE FINANCIAL YEAR 2011-2012.

1. TAX SLABS: FOR MEN Upto Rs 180,000 Rs 180,001 to Rs 500,000 Rs 500,001 to Rs 800,000 Rs 800,001 and above FOR WOMEN Upto Rs 1,90,000 Rs 190,001 to Rs 500,000 Rs 500,001 to Rs 800,000 Rs 800,001 and above TAX RATES Nil 10% 20% 30% CESS Cess is applicable @ 3% on the total tax payable

INCOME TAX EXEMPTIONS 2. HOUSE RENT ALLOWANCE EXEMPT U/S 10(13A) a. HRA received from the company b. Rent paid in excess of 10% of the Basic c. 40% of Basic Whichever is lower will be exempted

a. The Rental receipts should be from April, 11 (New joiners can submit from the month of
joining) to March, 11.

b. Please submit the rent receipts duly signed. Revenue stamp is required if Receipt
amount (not rent per month) exceed Rs.5000.

c. Copy of the Rental Agreement has to be submitted if the Rent is Rs.15,000 & above per
Month. Rental Receipts are mandatory in all cases.

d. Rental Deed should be executed before commencement of the Month from which Rent is
claimed.

e. Rental Agreement should be on a Stamp Paper. Copy of the Pan Card of the Owner is to
be submitted.

f. Married Women employee cannot claim H.R.A if her Husband is claiming H.R.A
exemption. If her Husband is not claiming H.R.A and she wants to claim H.R.A, then she had to submit a declaration to this extent. (The Declaration is in Intranet with name “Declaration from Married Women Employee”).

For claiming Interest paid on Housing Loan. b.e. e. Gifts etc) please fills the same in the details in Annexure -II. Those who are claiming the Interest on housing loan (self occupied / let out) should fill the Forms Income from House Property & Annexure –II and submit the same. i. Employees cannot claim HRA and Housing Loan Interest benefit if the own house is in the same city. then only principal part can be claimed under sec 80 C. (Interest cannot be claimed) f.5 Lakhs can be claimed as a deduction after the house is constructed or bought and occupied. If you have other income (Interest on Bank accounts. If the total loan is not disbursed. Housing loan exemption will be given based on the ownership ratio. .3. but the EMI payment has started. In the case of housing loan taken on a joint account. PRE EMI INTEREST can be claimed in five equal installments starting from the year in which the house was occupied. INCOME FROM HOUSE PROPERTY a. Declaration providing the ownership (share holding) has to be provided. following documents are Mandatory:Possession Letter of the House issued by the builder Loan Sanction Letter and the Complete Loan Disbursement Letter from the bank Certificate from bank for Interest and Principal amount for the Financial Year 2011-2012. Sale Deed (Please ignore if already submitted). j.. h. Self occupied can be considered for only one house. ( Applicable if more than one owner for a house ) g. Proof of ownership of the property i. For Self Occupied Properties Interest paid up to Rs 1. c. d. Dividends.

Any repayment of Principal including the Principal payment Self in pre-construction or pre-occupancy period can be claimed Stamp Duty. Registration fee the Purchase of House Self amount. Investments paid in respect of Self. Passbook copy has to be submitted. Statements of the Fund should state that investment in the respective scheme is eligible for deduction U/S 80 C.4. The deduction is available for a maximum of two children. a. NSC VII issue Children Tuition Fee payment Self Children(s) NSC purchased only in self-name or minor child is eligible for deduction. Should be claimed if it is taken on self name. DEDUCTIONS U/S.1.00. b. . Spouse or Children are eligible for deduction. the statement for such investment from the Bank or Mutual fund will be Mutual Funds Self taken as proof (bank statement is not accepted).000) [Including Employee Contribution of PF deducted from salary] Name of the Saving Contribution to 15 Years Public Provident Fund (PPF) Life Insurance Premium ULIP Premium Details Self/ Spouse/ Children Self/ Spouse/ Children Self/ Spouse/ Children PPF paid in respect of Self. a. Life Insurance premium(s) paid in respect of Self. Spouse or Children are eligible for deduction. Receipt from School for Tuition fees paid. Statements of the Fund should state that investment in the respective scheme is eligible for deduction U/S 80C. In case investment is done through SIP (Systematic investment Plan). Spouse or Children are eligible for deduction. 80C (Maximum upto RS. Copy of the receipt. c. Registration fee and other expenses for the purchase of House in the name of the employee. b. Deduction is specifically available for tuition fees only and the receipt submitted should clearly mention the tuition fees Repayment of Principal Amount towards Housing Loan Stamp Duty.

Mediclaim Policy premium paid for parents is allowed as deduction to the extent of Rs. Mediclaim Policy premium paid for self.20.a.Deduction in respect of Medical Treatment. DEDUCTIONS U/S. b. 6. (This would be over and above the existing limit of Rs.000/. U/s. U/s. . 8.Fixed Deposits in Bank (Tax saving FD’s) Pension Scheme u/s 80CCC NABARD Bonds Time Deposit Scheme in Post Office Self Self Self Self Any Tax Saving Fixed Deposit in Bank for a period of 5 Years or more (as notified by Central Government) Pension Policy premiums paid in the name of self is allowed as deduction Purchase of NABARD Bonds is allowed as deduction Amount deposited in Five Year Time Deposit Scheme in post office.80 D . 7. is allowed as deduction. 80 DD . 80CCF: Long-Term Infrastructure Bonds Self Deduction of an additional amount of Rs. c.) Note: Proofs of other dependent are not allowed. spouse & Children is allowed as deduction to the extent of Rs. The Employees should claim the same from the Income tax Department while filling their Income Tax Return. U/s.15000 p.15000 p.20000 p.for investment in long-term infrastructure bonds only as notified by the Central Government.a.a.1 Lakh on tax savings u/s 80C. in excess to the above. Where any member is a senior citizen who is atleast 65 years of age then Mediclaim paid to the extent of Rs.80 DDB .Mediclaim Policy a.Maintenance including medical treatment of a handicapped Dependent who is a person with disability The Employees should claim the same from the Income tax Department while filling their Income Tax Return. 5.

34 Army Central Welfare Fund.9. 80 G – Donations Only following donations will be allowed in the Form 16. subject to certain conditions. 10. Chief Minister's Earthquake Relief Fund . The Africa (Public Contributions .Education Loan Deduction is allowed for the repayment of Education Loan taken after the A. U/s. 2008-09. d.Y.Maharashtra. a. c. The National Illness Assistance Fund. b. Air Force Central Welfare Fund.1996. National Blood Transfusion Council. b. State Blood Transfusion Council. or 10% of Gross Total income. i. The Prime Minister's Drought Relief Fund The National Children's Fund The Indira Gandhi Memorial Trust The Rajiv Gandhi Foundation.80 E .India) Fund. The donations to the following institutions are allowed to the extent of 50% of the contribution. whichever is earlier. of any State or Union Territory as the case may be. The deduction is available only person starts repaying the loan. g. c. e. d. f. h. The Prime Minister's Armenia Earthquake Relief Fund. The deduction is available for a max of 8 years or till the principal amount of such loan together with interest is liquidated. Donations to the following institutions are allowed to the extent of 100%. The National Foundation for Communal Harmony. e.Y. Indian Naval Benevolent Fund. National Defence Fund or the Prime Minister's National Relief Fund. 1995-96 from financial Institution for pursing higher education. The Andhra Pradesh Chief Minister's Cyclone Relief Fund . a. m. U/s. k. spouse or children from the A. j. The Chief Minister's Relief Fund or Lieutenant Governor's Relief Fund in respect . l. The deduction is available for the education loans taken in the name of self. Jawaharlal Nehru Memorial Fund.

Cerebral Palsy. q. Mental Retardation and Multiple disabilities. The National Sports Fund to be set up by Central Government. . Pay slip / form 16. In case. Note: Above income tax exemption & tax rates are subject to approval of Finance Bill 2011. This document should be duly certified by his former employer. The National Cultural Fund set up by the Central Government. 11.n.e. Previous Income Details Employees joining in between a financial year are required to submit their previous employee salary details i. this certificate cannot be provided. (Details of the income under the head “Salaries” due or received and tax deducted at source from the previous employer). you are required to fill the attached form 12B giving the declaration of income drawn from previous employer in financial year 2011-2012. In the absence of above statement. The Fund for Technology Development and Application set by the Central Govt. The National Trust for Welfare of persons with Autism. r. o. The University or Educational Institution of national eminence approved by the Prescribed Authority. p. appropriate tax will be deducted based on your previous salary details given to HR department.