G UIDELINES FOR P ROOF O F I NVESTMENT T O B E S UBMITTED F OR I NCOME T AX - FY 2015-
2016
Section 10 Exemptions:-
Exemptions Proofs to be submitted
Sec 1. Original Rent Receipts for all
10(13A) the months.
House Rent 2. PAN of Landlord if rent amount 2.
Allowance:- exceeds Rs 100000/- in a year.
3. In case the landlord does not
have a PAN, a declaration to this3. No need to produce Rent Receipts having rental
effect from the landlord along
with the name and address of
the landlord should be filed by
the employee.
4. Optional Documents depends
on company policy.
 Registered/Notorised Rent
Agreement
 Bank Statement
 Self Declaration from
employee
Exemption Criteria as
Guidelines as per income tax act and rules
per income tax act and
rules
1. Revenue stamp is mandatory if rental amount is Exemption Criteria
more than Rs 5000/- in a month. 1. Actual HRA earned for
Rent receipt should contain the details like Licensor the year.
and Licensee name, date of payment, month, 2. Rent paid minus 10% of
address of rented house, signature of landlord. earned Basic
3. 40% of Basic or 50% of
expenditure up to Rs 3,000/- per month. However Basic (in case of Metro
in the regular assessment, the Assessing Officer cities,
will be free to make such enquiry as he fits for the Delhi/Mumbai/Kolkata/Ch
purpose of satisfying himself that the employee ennai)
has incurred actual expenditure on payment of
rent. Least of the above is
4. Landlord PAN is mandatory if annual rental amount Exempt for Tax
exceeds Rs 100000/-.
5. In case the landlord does not have a PAN, a
declaration to this effect from the landlord along
with the name and address of the landlord should
be filed by the employee.
6. 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.

Exemptions Proofs to be submitted
Sec 10(5) 1. Original Travel Bills (Rail
LTA Ticket/Air Ticket/Bus Ticket)
Reimburse 2. Boarding Pass if travel by air.
ment:- 3. Summary containing family
member’s details, travel details, 2. Family includes Spouse, children (Max 2 children
leave details require.
4. Optional Documents depends
on company policy.
 Leave Approval Record
Exemption Criteria as
Guidelines as per income tax act and rules
per income tax act and
rules
1. The amount exempt is the value of any travel Exemption Criteria
assistance received from his employer for himself 1. Twice in a block of 4
and his family in connection with his proceeding on calendar years.
leave to any place in India. 2. Current Block is Jan 2014
- Dec 2017
born after 01-10-1998 and No restriction for
children born before 01-10-1998), and fully and
wholly dependent Parents, brothers and sisters.
3. Only 2 Journeys in a block of 4 years is exempt
from Tax. Current Block is Jan 2014- Dec 2017
4. If an assessee has not availed leave assistance
during any of the specified four year block periods
on one of the two permitted occasions or on both
the occasions then exemption can be claimed in
the first calendar year of the next block but only in
respect of one journey.
5. The expenditure is limited to the actual expenses
incurred on the journey which in turn is strictly
limited to expenses on air fare, rail fare and bus
fare only. No other expenses like local conveyance,
sight-seeing expenses etc shall quality for
exemption.
6. The exemption is limited to actual expenses
incurred on the journey. In other words, without
performing any journey and incurring expenses
expense thereon, no exemption can be claimed.
7. Where the journey is performed in a circuitous
route, the exemption is limited to what is
admissible by the shortest route. Likewise, where
the journey is performed in a circular form
touching different places, the exemption is limited
to what is admissible for the journey from the
place of origin to the farthest point reached in
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 India, by shortest route.
8. No Exemption in case of Foreign Travel.
9. Bills should be of the current financial year only.

Different Situations Amount of Exemption

Where Journey is performed by air
Where Journey is performed by rail
Where the place of origin of journey and destination are
connected by rail and journey is performed by any other
mode of transport
Where the place of origin of journey and destination are
not connected by rail
a) Where is recognized public transport system exists
b) Where no recognized public transport system
exists
Amount of air economy fare of the national carrier by
the shortest route to the place of destination
Amount of first class rail fare by the shortest route to
the place of destination
Amount of first class rail fare by the shortest route or
amount spend whichever is less.
First class or deluxe class fare by the shortest route or
the amount spent whichever is less.
Amount of first class rail fare by the shortest route or
amount spend whichever is less.

Sec 17(2) 1. Original bills are required. 1. Medical Expenses exceeding Rs 15000/- is taken as Exemption Criteria
Medical 2. Summary containing family perquisite. 1. Rs 15000/- per annum
Reimburse member’s details, expenses 2. The types of expenses which would be considered against bills.
ment:- details require. are:
5. Optional Documents depends  Doctors bills
on company policy.  Medicine bills
 Doctors Prescription is  Hospitalization bills
required. 3. The types of expenses which would not be
considered are:
 Any toiletry bills.
 Any cosmetic bills.
 Credit card slips in lieu of bills
4. The medical bills for self and dependents like
father, mother, spouse and children are
acceptable.
5. Purchase of medicines form anywhere in India is
eligible for payment under this component.
6. Bills should be of the current financial year only.

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 Exemption Criteria as
Exemptions Proofs to be submitted Guidelines as per income tax act and rules
per income tax act and
rules
Sec 10 1. Depending on company policy:- 1. It is exempt on production of telephone bills. Exemption Criteria
Telephone  Original Bills are required. 2. Bills should be of the current financial year only. 1. Fully exempt against
Reimburse  Bills should be in the name bills.
ment:- of employee himself.
 Declaration to be taken in
case bill is in the name of
family member.
 Registration of Telephone
number.
 Only Post paid bills are
considered.
 Mobile, Telephone and
Internet charges will be
accepted for exemption and
charges other than above
will not be taken into
consideration.
Sec 10 1. Fuel and Maintenance Bills are 1. Bills should be of the current financial year only. Exemption Criteria
Vehicle required along with the 2. 1. Actual amount incurred
Reimburse summary. Nature of Value of perquisite as per by Employer as reduced
ment:- 2. Car should be in the name of benefit provided by Rs 1,800 where Car
employee himself or declaration CC is up to 1600 and Rs
to be obtain in case of car is in (a) Car used No value provided the specified
2,400 per month where
the name of family members. exclusively in documents are maintained Car CC is more than
3. Registration of Vehicle. performance of by employer. 1600 (plus Rs 900 if
4. (a) Employer has maintained official duties chauffeur is provided)
complete details of journey (b) Car used partly Actual amount incurred by
undertaken for official purpose for official duties Employer as reduced by
which may include date of and partly for Rs 1,800 where Car CC is up
journey, destination, mileage, personal purpose to 1600 and Rs 2,400 per
and the amount of expenditure by him or any month where Car CC is more
incurred thereon member of his than 1600 (plus Rs 900 if
(b) The employer gives a household chauffeur is provided)
certificate to the effect that the Rule3(2)(A)(2)(ii)
expenditure was incurred.
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 Exemption Criteria as
Exemptions Proofs to be submitted Guidelines as per income tax act and rules
per income tax act and
rules
Sec 10 1. Books purchase bills required 1. If actual bills are provided it forms nature of Exemption Criteria
Professiona along with the summary. reimbursement which is not taxable if it can be 1. Fully exempt against
l proved that acquisition of books is necessary for bills.
Developme the purpose of the business.
nt :- 2. Bills should be of the current financial year only.

5
 Chapter VIA deductions:-

Deductions Criteria as
Deductions Proofs to be submitted Guidelines as per income tax act and rules
per income tax act and
rules
80D 1. Photocopy of receipt issued by 1. Receipts should be of the current financial year Deduction Criteria
Medical the Insurance Company. only. 1. Self/Spouse/Children: -
Insurance 2. Policy should be in the name of individual, spouse, Rs 25000/-
children.
3. The payment of aforesaid premium required to be 2. Parents: - Rs 25000/- in
paid by any mode other than cash. case Senior Citizen is
4. Rs 25000/- is allow as deduction in case of No.
self/spouse and children. Rs 30000/- In case
5. Includes any payment made on account of Senior Citizen is Yes.
preventive health check-up of the assessee or his
family or parents up to Rs.5000/- in cash or any Actual Premium
mode. Receipt or Above
6. Additional benefit of Rs 25000/- in case parents is Limits whichever is
covered. And Rs 30000/- in case parents covered less is the deduction
is senior citizen.

(Maximum limit is Rs: 55000/-)

1. Photocopy of certificate in Form 1. Where condition of disability requires Deduction Criteria

80DD 10(IA) issued by the competent reassessment, fresh certificate to be obtained after 1. Handicapped Dependent with
Handicappe medical authority in a its expiry to continue claiming the deduction disability (less than 40 %.) –
d Government Hospital. then Nil exemption
Dependents 2. Dependent means Spouse, Children, Parents, 2. Handicapped Dependent with
:- brothers and sisters of the individual. disability (more than 40% but
less than 80%) – then 75000/-
exemption.
3. Handicapped Dependent with
Severe disability (more than
80%) – then 125000/-
exemption.

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Deductions Proofs to be submitted
80DDB 1. Copy of necessary certificate
Medical No. 10(I) issued by the Govt.
Treatment Medical Authority.
of Specified 2. Bills/Receipt stating the actual
Diseases:- expenditure made for the
treatment of the specified
disease or the certificate should
include the same.
Deductions Criteria as
Guidelines as per income tax act and rules
per income tax act and
rules
1. Medical treatment of self/dependent specified Deduction Criteria
disease/ailment. 1. Amount of deduction is
2. The certificate in respect of the diseases or Rs. 40000/- or (amount
ailments specified in sub-rule (1) shall be issued actually paid less
by the following specialists working in a amount received from
Government hospital. insurance company)
3. Copy of necessary certificate No. 10(I) issued by whichever is lower is
the Govt. Medical Authority and the bills/receipt eligible for deduction.
stating the actual expenditure made for the 2. In case of Senior Citizen
treatment of the specified disease or the & Dependent Sr. Citizen
certificate should include the same. – then Rs. 60000/- or
4. Eligible for Self, Spouse, Children & Parents. (amount actually paid
5. Amount of deduction is Rs. 40000/- or amount less amount received
actually paid whichever is lower. from insurance
6. In case of Senior Citizen (Above 60yrs of age) & company) whichever is
Dependent Sr. Citizen – then Rs. 60000/- or lower is eligible for
actual Expenditure incurred whichever is lower. Is deduction.
eligible for exemption.
7. Bills should be of the current financial year only.
8.

1. Photocopy of certificate in Form 1. Where condition of disability requires Deduction Criteria

80U 10(IA) issued by the competent reassessment, fresh certificate to be obtained after 1. Physically Handicapped with
Physically medical authority in a its expiry to continue claiming the deduction. disability (less than 40 %.) –
Handicap Government Hospital. Then Nil exemption.
Self:- 2. Physically Handicapped with
disability (more than 40% but
less than 80%) – then 75000/-
exemption.
3. Physically Handicapped with
Severe disability (more than
80%) – then 125000/-
exemption.

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
80E 1. Letter / certificate from the 1. Interest paid on Loan taken for Higher Education Deduction Criteria
Education Bank / Financial Institution such as Engineering / Medical/ etc. are allowed. 1. No capping of maximum
Loan specifying the following: 2. “Higher Education” means full-time studies for any limit – Actual interest
Interest  Said loan is an graduate or post-graduate course in engineering, paid by the employee is
Benefit Educational Loan. medicine, management or for post-graduate allowed as deduction.
 Amount of interest paid course in applied sciences or pure sciences
on the loan in the including mathematics and statistics.
current year. 3. This is applicable for education loan, for education
of self, spouse and children.
4. Loans availed only from Financial Institution /
Bank is eligible.
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.

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

8
 Deductions Criteria as
per income tax act and
rules
Sec 80CCG 1. The Assessee shall provide a 1. Section 80CCG provides deduction w.e.f. Deduction Criteria
Rajiv consolidated statement of assessment year 2013-14 in respect of investment 1. 50% of the amount
Gandhi details in the electronic format, made under notified equity saving scheme. The invested and maximum
Equity as specified in Form C, on all deduction under this section is available if Rs 25000/-.
Saving the Rajiv Gandhi Equity following conditions are satisfied:
Scheme:- Savings Scheme beneficiaries.  The assessee is a resident individual (may
be ordinarily resident or not ordinarily
resident).
 His gross total income does not exceed
Rs. 12 lacs.
 He has acquired listed shares in accordance
with a notified scheme.
 The assessee is a new retail investor as
specified in the above notified scheme and
opened a demat account.
 The investment is locked-in for a period of 3
years from the date of acquisition in
accordance with the above scheme.
 The assessee satisfies any other condition
as may be prescribed.
 While making the initial investments up to
fifty thousand rupees, the total cost of
acquisition of eligible securities shall not
include brokerage charges, Securities
Transaction Tax, stamp duty, service tax
and all taxes, which are appearing in the
contract note.
2. Amount of deduction:-
 The amount of deduction is at 50% of
amount invested in equity shares. However,
the amount of deduction under this
provision cannot exceed Rs. 25,000.
 If any deduction is claimed by a taxpayer
under this section in any year, he shall not
be entitled to any deduction under this
section for any subsequent year.

9
 3. Withdrawal of deduction:-
 If the assessee, after claiming the aforesaid
deduction, fails to satisfy the above
conditions, the deduction originally allowed
shall be deemed to be the income of the
assessee of the year in which default is
committed.

Sec 80TTA 1. Photocopy of the Interest 1. Section 80TTA has been introduced from the Deduction Criteria
Deduction Certificate from the Bank. financial year 2012-13. 1. Actual interest received
in respect 2. Interest on saving account is allow as deduction on saving account or Rs
of Interest maximum up to Rs 10000/-. 10000/- whichever is
on deposits 3. Interest on saving account is fully taxable and less.
in saving considered as additional income.
accounts:- 4. Interest received during current financial year is
only allowed.

1. Policy from any company approved by IRDA. Deduction Criteria

1. Photocopy of receipt issued by
Sec 2. Late payment fees and other charges will not be 1.Maximum Deduction
the Insurance Company.
80CCD(1B) considered as premium paid. capped is Rs.50,000 for Sec
– National 3. Photocopy of Receipt should be of the current 80CCD(1B).
Pension financial year only. 2. If invested amount more
Sheme 4. Photocopy should contain the Name, Date and than Rs. 50,000 then
Premium amount and Receipt number. additional amount will be
5. Policy should be in the name of individual, spouse, get exempted under sec
& children. 80C upto 1.5 L.
Proposal Deposit /Acknowledgement slips will not be
considered.

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 Loss on House Property
Exemptions Proofs to be submitted
Income / 1. Photocopy of Provisional
Loss on certificate from the Housing
House Finance Company / Bank.
Property 2. Photocopy of possession
certificate from the
builder / Electricity bill /
Municipal tax paid receipt
(any one document) if
property is acquired during
the current financial year.
3. Self-declaration by the
employee in case he is availing
both HRA / Housing Interest
benefit without property
being let out.
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 7.
signature.
Deductions Criteria as
Guidelines as per income tax act and rules
per income tax act and
rules
1. An Assessee can avail a deduction on repayment of Deduction Criteria
Interest on borrowed capital for construction, 1. Self Occupied: Capped
acquisition of a house property. to a maximum of
2. Interest paid in the current year is eligible for Rs.2, 00,000/- per annum.
deduction. Actual Interest or Rs
3. Document should contain the breakup of interest 200000/- whichever is less.
and principal component separately, Name of the 2. Let out Property: No
borrower, date, Loan account number and property limit, Interest to be
address. calculated after
4. The benefit of deduction is applicable only after considering the let out
occupancy of the house and Pre-EMI interest (EMI property income.
paid before occupation of the house) is deductible
in 5 equal installments starting from the year when
the construction is completed or property is
acquired.
5. Employee has to submit possession letter or
municipal tax receipt or electricity bill to avail
the interest benefit if the property is acquired
during current financial year.
6. In case the Loan taken is on Joint Name, a
declaration relating to percentage-wise benefit to
be claimed for Income Tax purpose should be
submitted.
In case of self-occupied property, employee
cannot claim both HRA exemption as well as
Interest on house property where the property is in
the same city / region. [e.g., if both properties are
at same place/region then you can’t claim
exemption on both.]
8. In case you are going to claim both the benefits of
HRA and Housing Loan and if both the properties
are situated in the same place, then the benefit of
HRA would be passed on only till the date of
possession of house property.
9. You can claim both the benefit, if you can prove
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 that you are staying in the rented house only for
the employment purpose and your house property
is located at other place which is far away from
your place of employment.
10. In case of Let out property, it is mandatory to
fill up the computation of Loss / Income. Format
attached for computing the net loss.

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 Section 80C deductions (Maximum Deduction capped to Rs.1.5 Lacs)

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

1. Provisional Certificate from the 1. Provisional Certificate should be of the current Deduction Criteria
Sec 80C
Financial Institution/Bank. Financial Year. 1. Maximum Deduction
Housing
2. Photocopy should contain the Name, Date, breakup capped is Rs.1.5 Lacs for
Principal:-
2. Declaration from Co owner and of Interest and Principal Amount, Loan account Sec 80C.
Co borrowers in case property number, address of the property, Loan amount.
is in joint name and claiming 3. Declaration from Co owner and Co borrowers in
the benefit. case property is in joint name and claiming the
benefit.

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

13
 Deductions Criteria as
per income tax act and
rules
Sec 80C 1. Photocopy of all premium 1. Policy from any company approved by IRDA. Deduction Criteria
Life receipts issued by the 2. Late payment fees and other charges will not be 1. Maximum Deduction
Insurance Insurance Company. considered as premium paid. capped is Rs.1.5 Lacs
Premium:- 2. Photocopy of Premium 3. Photocopy of Receipt should be of the current for Sec 80C.
Statement from the LIC financial year only.
4. Photocopy should contain the Name, Date and
Premium amount and Receipt number.
5. Policy should be in the name of individual, spouse,
& children.
6. Proposal Deposit /Acknowledgement slips will not
be considered.
7. Policy of Parents is not allowed as deduction.

1. Photocopy of Receipt should be of the current Deduction Criteria

Sec 80C 1. Photocopy of Certificate or
financial year only. 1. Maximum Deduction
National photocopy of the counterfoil
2. Photocopy should contain the Name, Date and capped is Rs.1.5 Lacs for
Saving given by the post office at the
Premium amount and Receipt number. Sec 80C.
Certificate:- 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.
1. NSC Accrued interest will show as income and also Deduction Criteria
Sec 80C 1. Photocopy of all the NSC
as deduction under Section 80 C. 1. Maximum Deduction
Accrued certificates for which interest is
2. Photocopy should contain the Name, Date and capped is Rs.1.5 Lacs
Interest on being claimed.
Premium amount and Receipt number. for Sec 80C.
National
3. NSC certificate should be in the name of individual
Saving
only.
Certificate:-
4. NSC certificate of family members and Parents is
not allowed as deduction.

Deductions Proofs to be submitted Guidelines as per income tax act and rules
Deductions Criteria as
14
 per income tax act and
rules
1. Public Provident fund can be in the name of Deduction Criteria
Sec 80C 1. Photocopy of the counterfoil
individual, spouse & children. 1. Maximum Deduction
Public given by the bank at the time of
2. Photocopy of Receipt should be of the current capped is Rs.1.5 Lacs for
Provident making payment.
financial year only. Sec 80C.
Fund:-
2. Photocopy of Front Page and 3. Photocopy should contain the Name, Date and
Transaction page of the PPF Premium amount.
Passbook.
1. Photocopy of all premium 1. Late payment fees and other charges will not be Deduction Criteria
Sec 80C
receipts/ or Certificates or considered as premium paid. 1. Maximum Deduction
Unit Linked
Statement issued by the 2. Photocopy of Receipt should be of the current capped is Rs.1.5 Lacs for
Insurance
Insurance Company. financial year only. Sec 80C.
Plan
3. Photocopy should contain the Name, Date and
(ULIP ):-
Premium amount and 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).
6. Only Investments in Specified Plans is allowed as
deduction.

1. Photocopy of all premium 1. Photocopy of Receipt should be of the current Deduction Criteria
Sec 80C
receipts/ or Certificates or financial year only. 1. Maximum Deduction
Mutual
Statement issued by the 2. Photocopy should contain the Name, Date and capped is Rs.1.5 Lacs for
Fund
Insurance Company. Premium amount and Receipt number. Sec 80C.
(Approved)
3. Policy should be in the name of individual only.
:-
4. Policy of family members and Parents is not
allowed as deduction.
5. Proposal Deposit /Acknowledgement slips should
have proper seal & signatures by the Bank/ Asset
Management Company (AMC).
6. Only Investments in Specified Funds is allowed as
deduction.

Deductions Proofs to be submitted Guidelines as per income tax act and rules
Deductions Criteria as
15
 per income tax act and
rules
1. Tuition Fees, whether at the time of admission or Deduction Criteria
Sec 80C 1. Photocopy of the receipts
thereafter, paid to any university, college, school 1. Maximum Deduction
Children’s issued by the school, college,
or other educational institution situated in India, capped is Rs.1.5 Lacs for
Tuition university or educational
for the purpose of full time education of any two Sec 80C.
Fee:- institution.
children of 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.

1. Photocopy of Receipt should be of the current Deduction Criteria

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

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

16
 per income tax act and
rules
1. Photocopy of Receipt or 1. Photocopy of Receipt should be of the current Deduction Criteria
Sec 80C
Certificate or photocopy of the financial year only. 1. Maximum Deduction
Tax Saving
counterfoil given if bond is not 2. Photocopy should contain the Name, Date and capped is Rs.1.5 Lacs for
Shares/Bon
issue. Premium amount and Receipt number. Sec 80C.
d:-
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 1. Photocopy of Receipt should be of the current Deduction Criteria

Sec 80C
Certificate or photocopy of the financial year only. 1. Maximum Deduction
Fixed
counterfoil given by the 2. Photocopy should contain the Name, Date and capped is Rs.1.5 Lacs for
Deposit in
scheduled banks or Post Office. Premium amount and Receipt number. Sec 80C.
Banks /
3. Fixed Deposit should be in the name of individual
Post
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)

1.Stamp Duty & Registration fees paid at the time of Deduction Criteria
Sec 80C 1. Photocopy of Index II &
purchases of new house property. 1. Maximum Deduction
Registration Certificate
Registratio 2. Stamp Duty and Registration should be of the capped is Rs.1.5 Lacs for
required.
n/Stamp current Financial Year. Sec 80C.
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.

Deductions Proofs to be submitted Guidelines as per income tax act and rules
Deductions Criteria as
17
 per income tax act and
rules
1. Photocopy of Front Page and 1. Any investment as five year time deposit in an Deduction Criteria
Sec 80C
Transaction page of the account under the Post Office Time Deposit Rule 1. Maximum Deduction
Post Office
Passbook. 1981. capped is Rs.1.5 Lacs for
Time
2. Post Office Time Deposit should be in the name of Sec 80C.
Deposit:-
individual only.
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 Deduction Criteria
Sec 80C 1. Photocopy of Receipt or
Citizen Saving Scheme Rule 2004. 1. Maximum Deduction
Senior Certificate
2. Senior Citizen Saving Scheme should be in the capped is Rs.1.5 Lacs for
Citizen
name of individual only. Sec 80C.
Saving
3. Photocopy of Receipt should be of the current
Scheme:-
financial year only.
4. Photocopy should contain the Name, Date and
Premium amount.
1. Photocopy of Receipt should be of the current Deduction Criteria
Sec 80C 1. Photocopy of Receipt or
financial year only. 1. Maximum Deduction
Sukanya Certificate
2. Photocopy should contain the Name, Date and capped is Rs.1.5 Lacs for
Samriddhi
Premium amount. Sec 80C.
Scheme:-
3. The account can be opened by Natural or legal guardian
of girl child.
4. The age of the girl at the time of opening of account should
not be more than 10 year.

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 Previous Employment Income / Tax

Deductions Criteria as
Deductions Proofs to be submitted Guidelines as per income tax act and rules
per income tax act and
rules
Previous 1. Form 16 or 1. Previous Employer income includes– Attach Previous
Employmen 2. A signed and sealed tax  Gross Salary before Profession Tax employer full and final
t Income computation sheet along with  Previous Employer Profession Tax tax calculation sheet
and Tax:- duly filled Form 12B signed  Previous Employer 80C investment along with this form.
from the employee.  Previous Employer Income Tax
 Previous Employer Interest on Housing Loan
 Previous Employer 80 D
 Previous Employer 80DD
 Previous Employer 80DDB
 Previous Employer 80U
 Previous Employer 80E

Treatment of Previous Employment Income

Employee who has joined on current financial year has to submit Form 16, or a signed / sealed tax computation
sheet, from the previous employer or 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.

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Important Note:-

In case the due date of any insurance premium is after then please attach previous year’s/ last quarter receipts for
authentication.

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 tax returns.

In the case of Mutual fund investment under Systematic Investment Plan, the installments for the month of Feb and
March 2016 will be considered based on the payments till 10th Jan. 2016 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.

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 2015-2016 TAX SLABS

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.

Category Taxable Income Tax %

Non Senior Male & Female Up to 250,000 0
Senior Citizen (above 60 yrs) Up to 300,000 0
Super Senior Citizen (above 80 yrs) Up to 500,000 0

Non Senior Male & Female 250,001 TO 500,000 10%

Senior Citizen (above 60 yrs) 300,001 TO 500,000 10%

All 500,001 TO 1,000,000 20%

All Above 1,000,000 30%

Education Cess (2%) and S&H (1%) will be charged on the tax amount.
If Taxable income exceeds Rs 1 Crore then Surcharge at the rate of 12% will be charged
on Tax.
Employees having Taxable income up to Rs 500000 are eligible for Rebate of Rs 2000 or
Actual amount whichever is less from income tax before education cess under section
87A.

Thank You

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