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TMI BlogIncome-tax deduction from salaries under section 192 during the financial year 2012-13X X X X Extracts X X X X X X X X Extracts X X X X ..... rom income chargeable under the head "Salaries" for the financial year 2012-13 (i.e. Assessment Year 2013-14) at the following rates: 2.1 Rates of tax A. Normal Rates of tax: Sl.No. Total Income Rate of tax 1 Where the total income does not exceed Rs. 2,00,000/-. Nil 2 Where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000/-. 10 per cent of the amount by which the total income exceeds Rs. 2,00,000/- 3 Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 30,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-. 4 Where the total income exceeds Rs. 10,00,000/-. Rs. 1,30,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/- B. Rates of tax for every individual, resident in India, who is of the age of sixty years or more but less than eighty years at any time during the financial year: Sl.No Total Income Rate of tax 1 Where the total income does not exceed Rs. 2,50,000/-. Nil 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d to be deducted at source in any case unless the estimated salary income including the value of perquisites, for the financial year exceeds Rs. 2,00,000/- or Rs.2,50,000/- or Rs. 5,00,000/-, as the case may be, depending upon the age of the employee. (Some typical examples of computation of tax are given at Annexure-I ). 3.2 Payment of Tax on Non-monetary Perquisites by Employer: An option has been given to the employer to pay the tax on non-monetary perquisites given to an employee. The employer may, at his option, make payment of the tax on such perquisites himself without making any TDS from the salary of the employee. The employer will have to pay such tax at the time when such tax was otherwise deductible i.e. at the time of payment of income chargeable under the head "salaries" to the employee. 3.3 Computation of Average Income Tax: For the purpose of making the payment of tax mentioned in para 3.2 above, tax is to be determined at the average of income-tax computed on the basis of rate in force for the financial year, on the income chargeable under the head "salaries", including the value of perquisites for which tax has been paid by the employer himself. IL ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by or under a Central, State or Provincial Act, and includes an institution declared under section 3 of the University Grants Commission Act, 1956(3 of 1956), to be University for the purposes of the Act. 3.5.2 With effect from 1-4-2010 (AY 2010-11), no such relief shall be granted in respect of any amount received or receivable by an assessee on his voluntary retirement or termination of his service, in accordance with any scheme or schemes of voluntary retirement or in the case of a public sector company referred to in section 10(10C)(i) ( read with Rule 2BA ), a scheme of voluntary separation, if an exemption in respect of any amount received or receivable on such voluntary retirement or termination of his service or voluntary separation has been claimed by the assessee under section 10(10C) in respect of such, or any other, assessment year. 3.6 Income under any Other head: (i) Section 192(2B) enables a taxpayer to furnish particulars of income under any head other than "Salaries" (not being a loss under any such head other than the loss under the head income from house property") received by the assessee for the same financial year and of any tax deducted at sourc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mployer in respect of loss claimed under the head "Income from house property" separately for each house property: (a) Gross annual rent/value (b) Municipal Taxes paid, if any (c) Deduction claimed for interest paid, if any (d) Other deductions claimed (e) Address of the property (f) Amount of loan, if any; and (g) Name and address of the lender (loan provider) 3.7.1 Conditions for Claim of Deduction of Interest on Borrowed Capital for Computation of Income From House Property Section 24(b): Section 24(b) of the Act allows deduction from income from house property on interest on borrowed capital as under:- (i) the deduction is allowed only in case of house property which is owned and in the occupation of the employee for his own residence. However, if it is not actually occupied by the employee in view of his place of the employment being at other place, his residence in that other place should not be in a building belonging to him. (ii) The quantum of deduction allowed as per table below: Sl. No Purpose of borrowing capital Date of borrowing capital Maximum Deduction allowable 1 Repair or renewal o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sponsible for paying". 4.2 The tax determined as per para 8 should be deducted from the salary u/s 192 of the Act. 4.3. Deduction of Tax at Lower Rate: If the jurisdictional TDS officer of the Taxpayer issues a certificate of No Deduction or Low Deduction of Tax under section 197 of the Income Tax Act , subsequent to the application filed before him in Form No 13 by the Taxpayer; then the DDO should take into account such certificate and deduct tax on the salary payable at the rates mentioned therein. (See Rule 28AA ). 4.4. Deposit of Tax Deducted: Rule 30 prescribes time and mode of payment of tax deducted at source to the account of Central Government. 4.4.1. Prescribed time of payment/deposit of TDS made to the credit of Central Government account is as under: (a) In case of an Office of Government: Sl. No. Description Time up to which to be deposited. 1 Tax deposited without Challan [Book Entry] SAME DAY 2 Tax deposited with Challan 7TH DAY NEXT MONTH 3 Tax on perquisites opt to be deposited by the employer. 7TH DAY NEXT MONTH (b) In any case other th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thin the time specified in Table 4.4.1 above into any branch of the Reserve Bank of India or of the State Bank of India or of any authorized bank; (ii) In case of a company and a person (other than a company), to whom provisions of section 44AB are applicable, the amount deducted shall be electronically remitted into the Reserve Bank of India or the State Bank of India or any authorised bank accompanied by an electronic income-tax challan. The amount shall be construed as electronically remitted to the Reserve Bank of India or to the State Bank of India or to any authorized bank, if the amount is remitted by way of: (a) internet banking facility of the Reserve Bank of India or of the State Bank of India or of any authorized bank; or (b) debit card (Notification No.41/2010, dated 31st May, 2010) 4.5 Interest, Fee, Penalty Prosecution for Failure to Deposit Tax Deducted: If a person fails to deduct the whole or any part of the tax at source, or, after deducting, fails to pay the whole or any part of the tax to the credit of the Central Government within the prescribed time as under: 4.5.1 He shall be liable to action in accordance with the provisions of section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It may be noted that under the new TDS procedure, the accuracy and availability of TAN, PAN and receipt number of TDS statement filed by the deductor will be unique identifier for granting online credit for TDS. Hence due care should be taken in filling these particulars. Due care should be also be taken in indicating correct CIN/ BIN in TDS certificate. If the DDO fails to issue these certificates to the person concerned, as required by section 203, he will be liable to pay, by way of penalty, under section 272A(2)(g), a sum which shall be Rs. 100/-for every day during which the failure continues. It is, however, clarified that there is no obligation to issue the TDS certificate in case tax at source is not deductible/deducted by virtue of claims of exemptions and deductions. 4.6.2 If an assessee is employed by more than one employer during the year, each of the employers shall issue Part A of the certificate in Form No. 16 pertaining to the period for which such assessee was employed with each of the employers and Part B may be issued by each of the employers or the last employer at the option of the assessee. 4.6.3 The employer may issue a duplicate certificate in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the Central Government and specify the amount so paid, the rate at which tax has been paid and certain other particulars in the amended Form 16. 4.6.5.3 The obligation cast on the employer under Section 192(2C) for furnishing a statement showing the value of perquisites provided to the employee is a crucial responsibility of the employer, which is expected to be discharged in accordance with law and rules of valuation framed there under. Any false information, fabricated documentation or suppression of requisite information will entail consequences thereof provided under the law. The certificates in Forms 16 and/or Rule 12BA specified above, shall be furnished to the employee by 31st May of the financial year immediately following the financial year in which the income was paid and tax deducted. If he fails to issue these certificates to the person concerned, as required by section 192(2C), he will be liable to pay, by way of penalty, under section 272A(2)(i), a sum which shall be Rs. 100/- for every day during which the failure continues. 4.7 Mandatory Quoting of PAN and TAN: 4.7.1 Section 203A of the Act makes it obligatory for all persons responsible for deductin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te the average rate of income-tax based on rates in force as provided in sec 192. If the tax so calculated is below 20%, deduction of tax will be made at the rate of 20% and in case the average rate exceeds 20%, tax is to be deducted at the average rate. Education cess @ 2% and Secondary and Higher Education Cess @ 1% is not to be deducted, in case the TDS is deducted at 20% u/s 206AA of the Act. 4.9 Statement of deduction of tax under section 200(3) [Quarterly Statement of TDS]: 4.9.1 . The person deducting the tax (employer in case of salary income), is required to file duly verified Quarterly Statements of TDS in Form 24Q for the periods [details in Table below] of each financial year, to the Director General of Income Tax (Systems), ARA centre, Jhandewalan Extn., New Delhi or TIN/facilitation Centres authorized by DGIT (System's) which is currently managed by M/s National Securities Depository Ltd. (NSDL). The requirement of filing an annual return of TDS has been done away with w.e.f. 1-4-2006. The quarterly statement for the last quarter filed in Form 24Q (as amended by Notification No. S.O.704(E), dated 12-5-2006) shall be treated as the annual return of TDS. Due date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r or caused to be delivered a statement within the time prescribed in section 200(3) in respect of tax deducted at source on or after 1-7-2012, he shall be liable to pay, by way of penalty a sum which shall not be less than Rs. 10,000/- but which may extend to Rs 1,00,000/-. However, the penalty shall not be levied if the person proves that after paying TDS with the fee and interest, if any, to the credit of Central Government, he had delivered such statement before the expiry of one year from the time prescribed for delivering the statement. 4.9.6 Penalty for furnishing incorrect information (section 271H) If a person furnishes incorrect information in the statement in respect of tax deducted at source on or after 1-7-2012, he shall be liable to pay penalty which shall not be less than Rs. 10,000/- but which may extend to Rs. 1,00,000/-. 4.9.7. At the time of preparing statements of tax deducted, the deductor is required to mandatorily quote: (i) his tax deduction and collection account number (TAN) in the statement; (ii) quote his permanent account number (PAN) in the statement except in the case where the deductor is an office of the Government including State Go ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e to the employee after he has already left India and has no bank account in India by the time the assessment orders are passed, the refund can be issued to the employer as the tax has been borne by it [Circular No. 707, dated 11-7-1995]. 4.12.2 In respect of non-residents, the salary paid for services rendered in India shall be regarded as income earned in India. It has been specifically provided in the Act that any salary payable for rest period or leave period which is both preceded or succeeded by service in India and forms part of the service contract of employment will also be regarded as income earned in India. 5. Computation of Income Under the Head "Salaries" 5.1 Income chargeable under the head "Salaries": (1) The following income shall be chargeable to income-tax under the head "Salaries" : (a) any salary due from an employer or a former employer to an assessee in the previous year, whether paid or not; (b) any salary paid or allowed to him in the previous year by or on behalf of an employer or a former employer though not due or before it became due to him. (c) any arrears of salary paid or allowed to him in the previous year by or on behalf of an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... espect of any accommodation provided to the employee by his employer; III. The value of any benefit or amenity granted or provided free of cost or at concessional rate in any of the following cases: (i) By a company to an employee who is a director of such company; (ii) By a company to an employee who has a substantial interest in the company; (iii) By an employer (including a company)to an employee, who is not covered by (i) or (ii) above and whose income under the head 'Salaries' (whether due from or paid or allowed by one or more employers), exclusive of the value of all benefits and amenities not provided by way of monetary payment, exceeds Rs.50,000/-. [What constitutes concession in the matter of rent have been prescribed in Explanation 1 to 4 below section 17(2)(ii) of the Income Tax Act, 1961] IV. Any sum paid by the employer in respect of any obligation which would have been paid by the assessee. V. Any sum payable by the employer, whether directly or through a fund, other than a recognized provident fund or an approved superannuation fund or other specified funds u/s 17, to effect an assurance on the life of an assessee or to effect a contract for an annuit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cence fee charged for such accommodation as reduced by the rent actually paid by the employee. (ii) For all others, i.e., those salaried taxpayers not in employment of the Central Government and the State Government, the valuation of perquisite in respect of accommodation would be at prescribed rates, as discussed below: (a) Where the accommodation provided to the employee is owned by the employer: Sl No. Cities having population as per the 2001 census Perquisite 1 Exceeds 25 lakh 15% of salary 2 Exceeds 10 lakhs but does not exceed 25 lakhs 10% of salary 3 For other places 7.5 % of salary (b) Where the accommodation so provided is taken on lease/ rent by the employer: The prescribed rate is 15% of the salary or the actual amount of lease rental payable by the employer, whichever is lower, as reduced by any amount of rent paid by the employee. Meaning of 'Salary 'for the purpose of calculation of perquisite in respect of Residential Accommodation : a. Basic Salary; b. Dearness Allowance, if terms of employment so provide ; c. Bonus ; d. Commission ; e. Fees ; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. Such accommodation is provided on an employee's transfer from one place to another place. It may be clarified that while services provided as an integral part of the accommodation, need not be valued separately as perquisite, any other services over and above that for which the employer makes payment or reimburses the employee shall be valued as a perquisite as per the residual clause. In other words, composite tariff for accommodation will be valued as per the Rules and any other charges for other facilities provided by the hotel will be separately valued under the residual clause. D. If on account of an employee's transfer from one place to another, the employee is provided with accommodation at the new place of posting while retaining the accommodation at the other place, the value of perquisite shall be determined with reference to only one such accommodation which has the lower value as per the table prescribed in Rule 3 of the Rules, for a period up to 90 days. However, after that the value of perquisite shall be charged for both accommodations as prescribed. E. However, the value of any accommodation provided to an employee working at a mining site or an on-sho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be reduced from the above amount. IV Free or concessional education : Perquisite on account of free or concessional education shall be valued in a manner assuming that such expenses are borne by the employee, and would cover cases where an employer is running, maintaining or directly or indirectly financing the educational institution. Any amount paid by the employee for such facilities or services shall be reduced from the above amount. However, where such educational institution itself is maintained and owned by the employer or where such free educational facilities are provided in any institution by reason of his being in employment of that employer, the value of the perquisite to the employee shall be determined with reference to the cost of such education in a similar institution in or near the locality if the cost of such education or such benefit per child exceeds Rs.1000/- p.m. V Interest free or concessional loans : It is common practice, particularly in financial institutions, to provide interest free or concessional loans to employees or any member of his household. The value of perquisite arising from such loans would be the excess of interest payable at prescrib ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hey do not include household appliance (i.e. white goods) like washing machines, microwave ovens, mixers, hot plates, ovens etc. Similarly, in case of cars, the value of perquisite shall be worked out by reducing 20% of its actual cost by the reducing balance method for each completed year of use. VIII Membership fees and Annual Fees Credit Card : Any membership fees and annual fees incurred by the employee (or any member of his household), which is charged to credit card (including any add-on card) is taxable on the following basis: Amount of expenditure incurred by the employer XXX Less : Expenditure on use for official purposes XXX Less : Amount, if any, recovered from the employee XXX XXX Amount taxable as non- monetary perquisite XXX IX Club Expenditure : Any annual or periodical fees, on Club facility used by the employee (or any member of his household), which is paid or reimbursed by the employer is taxable on the following basis: Amount of expenditure incurred by the employer XXX Less : Expenditure on use for official purposes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cle maintenance reimbursement falls within the purview of section 17(2). Hence, this exemption is not available to the employees claiming vehicle reimbursement for official purposes. Conveyance allowance to the extent of Rs 800/- p.m. or Rs. 1600 p.m (for a blind person) is allowable to all employees other than those claiming Vehicle reimbursement to meet the expenditure for the purpose of commuting between place of residence and place of office. XII House Cleaning reimbursement: The value of benefit to the employee (or any member of the household), shall be the actual cost to the employer as reduced by the amount if any recovered from the employee. If a domestic servant is engaged by the employee, the perquisite is taxable in the hands of all employees (Whether specified or not). If a domestic servant is engaged by the employer, the perquisite is taxable in the hands of only specified employees. If Domestic Servant allowance is given to the employee, it is chargeable to tax as perquisite even if the allowance is used for engaging a domestic servant. XIII Book Grant reimbursement : If actual bills are provided it forms nature of reimbursement which is not taxable if it c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be available in respect of 2 journeys performed in the block of 4 calendar years. On declaration basis - Without performing any journey and incurring expenses thereon, no exemption can be claimed. On Non-declaration basis - The quantum of exemption will be subject to the following maximum limits for journeys performed on or after 1-10-1997: Sl.No Journey Performed by Exemption Limit 1 Air Air Economy fare of the national carrier (Air India) by the shortest route to the place of destination 2 Places connected by rail and journey performed by any mode other than by air. First Class Air conditioned rail fare by the shortest route to the place of destination 3 Place of origin and destination or part thereof not connected by rail. (a) Where public transport system exists, first class or deluxe class fare on such transport by the shortest route to the place of destination. (b) Where no public transport system exists, first class A/C rail fare, for the distance of the journey by the shortest route, as if the journey has been performed by rail ○ This exemption is l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as perquisite. It is further clarified that the rule position regarding valuation of perquisites are given at Section 17(2) of the Act and at Rule 3 of the Rules. The deductors may look into the above provisions carefully before they determine the perquisite value for deduction purposes. It is pertinent to mention that benefits specifically exempt u/s 10(13A), 10(5), 10(14), 17 etc. of the Act would continue to be exempt. These include benefits like travel on tour and transfer, leave travel, daily allowance to meet tour expenses as prescribed, medical facilities subject to conditions. 5.2.3 'Profits in lieu of salary' shall include I. the amount of any compensation due to or received by an assessee from his employer or former employer at or in connection with the termination of his employment or the modification of the terms and conditions relating thereto; II. any payment (other than any payment referred to in Section 10 of (10), (10A), (10B), (11), (12) (13) (13A) due to or received by an assessee from an employer or a former employer or from a provident or other fund, to the extent to which it does not consist of contributions by the assessee or [interest on such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... received in cases other than above on retirement, termination etc. is exempt up to the limit as prescribed by the Board. Presently the limit is Rs. 10 lakhs w.e.f. 24-5-2010 [Notification no. 43/2010 S.O. 1414(E) F.No. 200/33/2009-ITA-l, dated 11th, June 2010]. (3) Any payment in commutation of pension received under the Civil Pension(Commutation) Rules of the Central Government or under any similar scheme applicable to the members of the civil services of the Union, or holders of civil posts/posts connected with defence, under the Union,or civil posts under a State, or to the members of the All India Services/Defence Services, or, to the employees of a local authority or a corporation established by a Central, State or Provincial Act, is exempt under Section 10(10A)(i). As regards payments in commutation of pension received under any scheme of any other employer, exemption will be governed by the provisions of section 10(10A)(ii). Also, any payment in commutation of pension from a fund referred to in Section 10(23AAB) is exempt under Section 10(10A)(iii). (4) Any payment received by an employee of the Central Government or a State Government, as cash-equivalent of the leave s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... logy Act, 1961; (h) Such Institute of Management as the Central Government may by notification in the Official Gazette, specify in this behalf. The exemption of amount received under VRS has been extended to employees of the Central Government and State Government and employees of notified institutions having importance throughout India or any State or States. It may also be noted that where this exemption has been allowed to any employee for any assessment year, it shall not be allowed to him for any other assessment year. (7) Any sum received under a Life Insurance Policy (Section 10(10D), including the sum allocated by way of bonus on such policy other than: (i) any sum received under section 80DD(3) or section 80DDA(3) or, (ii) any sum received under Keyman insurance policy or, (iii) any sum received under an insurance policy issued on or after 1-4-2003, but on or before 31-3-2012, in respect of which the premium payable for any of the years during the term of the policy exceeds 20 per cent of the actual capital sum assured. However, any sum received under such policy on the death of a person would still be exempt. (8) Any payment from a Provident Fund [sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... only for the purpose of tax-deduction at source, and, in the regular assessment of the employee, the Assessing Officer will be free to make such enquiry as he deems fit for the purpose of satisfying himself that the employee has incurred actual expenditure on payment of rent. Further if annual rent paid by the employee exceeds Rs. 2,00,000 per annum, it is mandatory for the employee to report PAN of the landlord to the employer. 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. (10) Section 10(14) provides for exemption of the following allowances :- (i) Any special allowance or benefit granted to an employee to meet the expenses incurred in the performance of his duties as prescribed under Rule 2BB subject to the extent to which such expenses are actually incurred for that purpose. (ii) Any allowance granted to an employee either to meet his personal expenses at the place of his posting or at the place he ordinarily resides or to compensate him for the increased cost of living, which may be prescribed and to the extent as may be prescribed. However, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spect of:- (a) the value of any medical treatment provided to an employee or any member of his family, in any hospital maintained by the employer; (b) any sum paid by the employer in respect of any expenditure actually incurred by the employee on his medical treatment or of any member of his family: (i) in any hospital maintained by the Government or any local authority or any other hospital approved by the Government for the purposes of medical treatment of its employees; (ii) in respect of the prescribed diseases or ailments as provided in Rule 3A(2) of the Rules in any hospital approved by the Chief Commissioner having regard to the prescribed guidelines as provided in Rule 3(A)(l)of the Rules. (c) premium paid by the employer in respect of medical insurance taken for his employees (under any scheme approved by the Central Government or Insurance Regulatory and Development Authority) or reimbursement of insurance premium to the employees who take medical insurance for themselves or for their family members (under any scheme approved by the Central Government or Insurance Regulatory and Development Authority); (d) reimbursement, by the employer, of the amount sp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc. (section 80C) Section 80C, entitles an employee to deductions for the whole of amounts paid or deposited in the current financial year in the following schemes, subject to a limit of Rs. 1,00,000/: (1) Payment of insurance premium to effect or to keep in force an insurance on the life of the individual, the spouse or any child of the individual. (2) Any payment made to effect or to keep in force a contract for a deferred annuity, not being an annuity plan as is referred to in item (7) herein below on the life of the individual, the spouse or any child of the individual, provided that such contract does not contain a provision for the exercise by the insured of an option to receive a cash payment in lieu of the payment of the annuity; (3) Any sum deducted from the salary payable by, or, on behalf of the Government to any individual, being a sum deducted in accordance with the conditions of his service for the purpose of securing to him a deferred annuity or making provision for his spouse or children, in so far as the sum deducted does not exceed 1/5th of the salary; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nits of any Mutual Fund, of section 10(23D), or from the Administrator or the specified company referred to in Unit Trust of India (Transfer of Undertaking Repeal) Act, 2002 under any plan formulated in accordance with any scheme as the Central Government, may, by notification in the Official Gazette, specify in this behalf; [The Central Government has since notified the Equity Linked Saving Scheme, 2005 for this purpose vide Notification S.O. No. 1563(E), dated 3-11-2005] The investments made after 1-4-2006 in plans formulated in accordance with Equity Linked Saving Scheme, 1992 or Equity Linked Saving Scheme, 1998 shall also qualify for deduction under section 80C. (9) Any contribution made by an individual to any pension fund set up by any Mutual Fund referred to in section 10(23D), or, by the Administrator or the specified company referred to in Unit Trust of India (Transfer of Undertaking Repeal) Act, 2002, as the Central Government may, by notification in the Official Gazette, specify in this behalf; [The Central Government has since notified UTI-Retirement Benefit Pension Fund vide Notification S.O. No. 1564(E) dated 3-11-2005.] (10) Any subscription made to an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hare or initial deposit or the cost of any addition or alteration to, or, renovation or repair of the house property which is carried out after the issue of the completion certificate by competent authority, or after the occupation of the house by the assessee or after it has been let out. Payments towards any expenditure in respect of which the deduction is allowable under the provisions of section 24 of the Act will also not be included in payments towards the cost of purchase or construction of a house property. Where the house property in respect of which deduction has been allowed under these provisions is transferred by the tax-payer at any time before the expiry of five years from the end of the financial year in which possession of such property is obtained by him or he receives back, by way of refund or otherwise, any sum specified in section 80C(2)(xviii), no deduction under these provisions shall be allowed in respect of such sums paid in such previous year in which the transfer is made and the aggregate amount of deductions of income so allowed in the earlier years shall be added to the total income of the assessee of such previous year and shall be liable to tax acco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ital sum assured From 1-4-2013 actual capital sum assured in relation to a life insurance policy means the minimum amount assured under the policy on happening of the insured event at any time during the term of the policy, not taking into account - i. the value of any premiums agreed to be returned, or ii. any benefit by way of bonus or otherwise over and above the sum actually assured which may be received under the policy by any person. 5.5.2 Deduction in respect of contribution to certain pension funds (Section 80CCC) Section 80CCC allows an employee deduction of an amount paid or deposited out of his income chargeable to tax to effect or keep in force a contract for any annuity plan of Life Insurance Corporation of India or any other insurer for receiving pension from the Fund referred to in section 10(23AAB). However, the deduction shall exclude interest or bonus accrued or credited to the employee's account, if any and shall not exceed Rs. 1 lakh. However, if any amount is standing to the credit of the employee in the fund referred above and deduction has been allowed as stated above and the employee or his nominee receives this amount together with the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the new pension scheme shall be deemed not to have received in the previous year if such amount is used for purchasing an annuity plan in the previous year. It is emphasized that as per the section 80CCE the aggregate amount of deduction under sections 80C, 80CCC and Section 80CCD(1) shall not exceed Rs. 1,00,000/-. However the contribution made by the Central Government or any other employee to a pension scheme u/s 80CCD(2) shall be excluded from the limit of Rs.1,00,000/- provided under this Section. 5.5.4 Deduction in respect of subscription to Long Term Infrastructure Bonds: Section 80CCF has been withdrawn from FY 2012-13. Hence no deduction is allowable under this section for the current FY onwards. 5.5.5 Deduction in respect of investment made under an equity savings savings (Section 80 CCG): Newly inserted Section 80CCG provides deduction w.e.f. assessment year 2013-14 in respect of investment made under notified equity saving scheme. The deduction under this section is available if following conditions are satisfied: (a) The assessee is a resident individual (may be ordinarily resident or not ordinarily resident) (b) His gross total income does not exc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e spouse and dependent children of the employee. (ii) Senior citizen" means an individual resident in India who is of the age of sixty years {For AY 2013-14 onwards] or more at any time during the relevant previous year. The DDO must ensure that the medical insurance referred to above shall be in accordance with a scheme made in this behalf by- (a) the General Insurance Corporation of India formed under section 9 of the General Insurance Business (Nationalization) Act, 1972 (57 of 1972) and approved by the Central Government in this behalf; or (b) any other insurer and approved by the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999(41 of 1999). 5.5.7 Deductions in respect of expenditure on persons or dependants with disability 5.5.7.1 Deductions in respect of maintenance including medical treatment of a dependent who is a person with disability (section 80DD): Under section 80DD, where an employee, who is a resident in India, has, during the previous year- (a) incurred any expenditure for the medical treatment (including nursing), training and rehabil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in Rule 11A(1) in the prescribed form as per Rule 11A(2) of the Rules. The DDO has to allow deduction only after seeing that the Certificate furnished is from the Medical Authority defined in this Rule and the same is in the form as mentioned therein. 2. Further In cases where the condition of disability is temporary and requires reassessment of its extent after a period stipulated in the aforesaid certificate, no deduction under this section shall be allowed for any subsequent period unless a new certificate is obtained from the medical authority as in 1 above and furnished before the DDO. 3. For the purposes of section 80DD and 80 U some of the terms defined are as under:- (a) "Administrator" means the Administrator as referred to in clause (a) of section 2 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002) ; (b) "dependant" means (i) in the case of an individual, the spouse, children, parents, brothers and sisters of the individual or any of them; (ii) in the case of a Hindu undivided family, a member of the Hindu undivided family, dependant wholly or mainly on such individual or Hindu undivided family for his support and mai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g and Repeal) Act, 2002 (58 of 2002). 5.5.8. Deduction in respect of medical treatment, etc. (Section 80DDB) : Section 80DDB allows a deduction in case of employee, who is resident in India, during the previous year, actually paid any amount for the medical treatment of such disease or ailment as may be specified in the rules HDD (1) (see Annexure) for himself or a dependant. The deduction allowed is equal to the amount actually paid or Rs. 40,000 whichever is less. Further the amount paid should also be reduced by the amount received if any under insurance from an insurerer or reimbursed by an employer. In case of a senior citizen (an individual resident in India who is of the age of sixty years or more at any time during the relevant previous year) the amount of deduction allowed is Rs. 60,000/-. DDO must ensure that the employee furnishes a certificate in Form 10-I from a neurologist, an oncologist, a urologist, nephrologist, a haematologist, an immunologist or such other specialist, as mentioned in proviso rule 11(2) of the Rules. For the purpose of this section in the case of an employee "dependant" means individual, the spouse, children, parents, brothers and sisters ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m deduction under section 80G. It is, hereby, clarified that the claim in respect of such donations as indicated above will be admissible under section 80G on the basis of the certificate issued by the Drawing and Disbursing Officer (DDO)/Employer in this behalf- Circular No. 2/2005, dated 12-1-2005. No deduction under this section is allowable in case of amount of donation if exceeds Rs. 10000/- unless the amount is paid by any mode other than cash. 5.5.11 Deductions is respect of rents paid (Section 80GG): Section 80GG allows the employee to a deduction in respect of house rent paid by him for his own residence. Such deduction is permissible subject to the following conditions:- (a) the employee has not been in receipt of any House Rent Allowance specifically granted to him which qualifies for exemption under section 10(13A) of the Act; (b) the employee files the declaration in Form No. 10BA. ( Annexure VIII ) (c) He will be entitled to a deduction in respect of house rent paid by him in excess of 10% of his total income, subject to a ceiling of 25% thereof or Rs. 2,000/- per month, whichever is less. The total income for working out these percentages will be com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y or a local authority or to an association or institution approved by the National Committee, for carrying out any eligible project or scheme. furnishes the certificate u/s 35AC(2)(a) National Committee for Promotion of Social Economic Welfare 7 To a rural development fund notified u/s 35CCA (1)(c) set up and notified by the Central Government 8 To National Urban Poverty Eradication Fund notified u/s 35CCA(l)(d) set up and notified by the Central Government No deduction under this section is allowable in case: (i) The employee has gross total income which includes income which is chargeable under the head "Profits and gains of business or profession". (ii) The amount of donation exceeds Rs. 10000 and is paid in cash. The Drawing and Disbursing Authorities should satisfy themselves that all the conditions mentioned above are satisfied before such deduction is allowed by them to the employee. They should also satisfy themselves in this regard by insisting on production of evidence of actual payment of donation and a receipt from the person to whom donation has been made and ensure that the approval/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... than three years, when he was member of the fund. The deductor shall remain liable to deduct tax on any sum paid on account of returned contributions (including interest, if any) even if a fund or part of a fund ceases to be an approved Superannuation fund. 7. DDOs to satisfy themselves about the genuineness of claim: The Drawing and Disbursing Officers should satisfy themselves about the actual deposits/ subscriptions / payments made by the employees, by calling for such particulars/ information as they deem necessary before allowing the aforesaid deductions. In case the DDO is not satisfied about the genuineness of the employee's claim regarding any deposit/ subscription/ payment made by the employee, he should not allow the same, and the employee would be free to claim the deduction/ rebate on such amount by filing his return of income and furnishing the necessary proof etc., therewith, to the satisfaction of the Assessing Officer. 8. Calculation Of Income-Tax To Be Deducted ; 8.1 Salary income for the purpose of Section 192 shall be computed as follow:- (a) First compute the gross salary as mentioned in para 5.1 including all the incomes mentioned in para 5.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cluding those under the control of the Central/ State Governments. 9.4 Copies of this Circular are available with the Director of Income-tax(Research, Statistics Publications and Public Relations), 6th Floor, Mayur Bhavan, Connaught Place, New Delhi-110 001 and at the following websites: www.finmin.nic.in www.incometaxindia.gov.in ANNEXURE-I SOME ILLUSTRATIONS Example 1 For Assessment Year 2013-14 (A) Calculation of Income tax in the case of an employee below the age of sixty years and having gross salary income of: (i) Rs. 1,50,000/-, (ii) Rs.2,00,000/-, (iii) Rs.5,00,000/-, (iv) Rs. 10,00,000/-and (v) Rs.20,00,000/-. (B) What will be the amount of TDS in case of above employees, if PAN is not submitted by them to their DDOs/Offices: Particulars Rupees (i) Rupees (ii) Rupees (iii) Rupees (iv) Rupees(v) Gross Salary Income (including allowances) 1,50,000 2,00,000 5,00,000 10,00,000 20,00,000 Contribution of G.P.F. 10,000 45,000 50,000 1,00,000 1,00,000 Computation of Total Income and tax payable thereon Par ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the case of an employee below age of sixty years where medical treatment expenditure was borne by the employer ( With valid PAN furnished to employer). S.No. Articulars Rupees 1 Gross Salary 3,00,000 2 Medical Reimbursement by employer on the treatment of self and dependent family member 30,000 3 Contribution of GPF 20,000 4 LIC Premium 20,000 5 Repayment of House Building Advance 25,000 6 Tuition fees for two children 60,000 7 Investment in Unit-Linked Insurance Plan 20,000 Computation of Tax S.No. Particulars Rupees 1 Gross Salary 3,00,000 Add: Perquisite in respect of reimbursement of Medical Expenses In excess of Rs. 15,000/- in view of Section 17(2)(v) 15,000 2 Taxable income 3,15,000 Less: Deduction U/s 80C (i) GPF Rs. 20,000/- (ii) LIC Rs. 20,000/- (iii) Repayment of House Building Advance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9,373 Rounded off to 9370 Example 5 For Assessment Year 2013-14 Illustrating valuation of perquisite and calculation of tax in the case of an employee below age of sixty years of a private company in Mumbai who was provided accommodation in a flat at concessional rate for ten months and in a hotel for two months ( With valid PAN furnished to employer). S.No. Particulars Rupees 1 Salary 7,00,000 2 Bonus 1,40,000 3 Free gas, electricity, water etc. (Actual bills paid by company) 40,000 4(a) Flat at concessional rate (for ten month). = Rs. 3,60,000 3,60, 000 4(b) Hotel rent paid by employer (for two month) 1,00,000 4(c) Rent recovered from employee 60,000 4(d) Cost of furniture. 2,00,000 5 Subscription to Unit Linked Insurance Plan 50,000 6 Life Insurance Premium 10,000 7 Contribution to recognized P.F. 42,000 8 Investment in long term infrastructure bonds (80CCF) 20,000 COMPUTAT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for house hired by her 1,20,000 9 Repayment of House Building Loan (Principal) 60,000 10 Tuition Fees for three children (Rs. 10,000 per child) 30,000 Computation of total income and tax payable thereon S.No. Particulars Rupees 1 Gross Salary (Basic+DA+HRA+SDA) 5,92,000 Less: House rent allowance exempt U/s 10 (13A) Least of: (a). Actual amount of HRA received. :Rs. 1,80,000 (b). Expenditure on rent in excess of 10% of salary (Including D.A.)assuming D.A. is including for retirement benefits (1,20,000- 40,000) :Rs. 80,000 (c). 50% of salary (including D.A) : Rs. 2,00,000 80,000 2 Gross Total Taxable Income 5,12,000 Less: Deduction U/s 80C (i). Provident Fund : 60,000 (ii). LIP : 10,000 (iii). NSC VIII Issue : 30,000 (iv). Repayment of HBA : 60,000 (v). Tuition Fees (Restricted to two children) : 20,000 Total : 1,80,000 Restricted to 1,00,000 1,00,000 Total Income 4,12,000 Income Tax thereon/payable 21,200 Add: (i) Education ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TDS under sec. 206AA in case where PAN is not furnished by the employee Nil 1,46,000 Annexure-II Form No. 12BA (See rule 26A(2)(b) Statement showing particulars of perquisites, other fringe benefits or amenities and profits in lieu of salary with value thereof (1) Name and address of employer : (2) TAN (3) TDS Assessment Range of the employer: (4) Name, designation and PAN of employee : (5) Is the employee a director or a person with : substantial interest in the company (where the employer is a company) (6) Income under the head "Salaries" of the employee : (other than from perquisites) (7) Financial Year : (8) Valuation of Perquisites S.No Nature of perquisite (see rule 3) Value of perquisite as per rules (Rs.) Amount, if any recovered from the employee (Rs.) Amount of perquisite chargeable to tax Col(3) - Col(4) (Rs.) (1) (2) (3) (4) (5) 1. Accommodation 2. Cars/Other automotive 3. Sweeper, gardener, watchman or personal attendant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ements Furnished Through TIN-FC: After preparing and validating the quarterly e-TDS/TCS, the deductor/collector shall furnish the same at any TIN-FC managed by NSDL. Deductor/collector shall ensure that: 1.1.1 Each quarterly e-TDS/TCS statement (Form 24Q, 26Q, 27Q and 27EQ) is in a separate computer media. 1.1.2 Computer media to be used for furnishing e-TDS/TCS statements will be as defined by e-TDS Intermediary with approval of e-filing Administrator. 1.1.3 Each quarterly e-TDS/TCS statement is accompanied by a duly filled and signed (by an authorized signatory) Form 27A in physical form. 1.1.4 Each quarterly e-TDS/TCS statement is in one computer media, it should not span across multiple computer media. 1.1.5 Quarterly e-TDS/TCS statement should be compressed, if required, only by using licensed version of Winzip 8.1 or ZipItFast 3.0 (or higher version) compression utility to ensure quick and smooth acceptance of the file. 1.1.6 There is no overwriting/striking on Form 27A. If there is any, then the same should be ratified by an authorized signatory. 1.1.7 No bank challan or copy of TDS/TCS certificate or physical copies of certificates or no/low ded ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 27.50/- Rs. 30/- 101 to 1000 deductee records Rs. l65/- Rs. 182/- More than 1000 deductee records Rs. 550/- Rs. 606/- 2.1.1.3 TIN-FC will return the computer media containing the e-TDS/TCS statement to the deductor/collector 2.1.1.4 TIN-FC will retain physical Form 27A along with other documents, if any, furnished by the deductor/collector. The retained physical Form 27A along with documents, if any, shall be stored by the TIN-FC for a period of one year from date of receipt of the statement. 2.1.2 Non-Acceptance : TIN-FC will not accept the quarterly e-TDS/TCS statement furnished by deductor/collector if: 2.1.2.1 each quarterly e-TDS/TCS statement (Form 24Q, 26Q, 27Q or 27EQ) is not furnished in a separate computer media along with duly filled and signed Form 27A in physical form; 2.1.2.2 separate Form 27A is not quarterly e-TDS/TCS statement furnished for each striking and overwriting, if any, on Form 27A are not duly ratified by the person who has signed Form 27A; 2.1.2.3 more than one quarterly e-TDS/TCS statement is furnished in one computer media; 2.1.2.4 more than one computer media is u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Accounts Officers (PAOs)/District Treasury Officers (DTOs)/Cheque Drawing and Disbursing Officers(CDDOs) 1. Under what income tax rule should Form 24G be filed? Income-tax Department Notification no. 41/2010, dated May 31. 2010 amended the Income Tax Rule 30 which mandates that in case of an office of the Government, where tax has been paid to the credit of Central Government without the production of a challan (associated with deposit of the tax in a bank), the relevant PAO / CDDO / DTP or an equivalent office of the Government (herein after called as AO in this document) is required to file Form 24G on monthly basis. 2. Who is the relevant PAO/CDDO/DTO who is liable for filing Form 24G? A relevant PAO/CDDO/DTO is that office to whom the Deductor/DDO (TAN holder) reports remittance of TDS/TCS through book adjustment. Generally, the Central Government DDOs report TDS through book entry to their respective Pay and Accounts Officers (PAOs) and the State Government DDOs report TDS through book entry to their respective District Treasury Officers(DTOs). Such PAOs and DTOs are required to file Form 24G on monthly basis. There are also cases of Cheque Drawing and Disbursin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... How to register for online facility? Registration for AO Account is mandatory for filing Form No. 24G online through TIN website, vvww.tin-nsdl.com. Registration AO Account is required once only. AO required to submit the Form No. 24G at TIN-FC at least once to comply with the Know Your Customer (KYC) norms for registration of the AO Account. After registration, it is optional for AO either to submit the Form No.24G in CD/Pen drive at TIN-FC or online. 9. What are the functionalities available with AO Account? Through the AO Account, the AO can view the status of Form No. 24G filed, obtain BIN (Book Identification Number) details, update AO profile and upload Form No. 24G. The status tracking is based on AIN and concerned Provisional Receipt Number (PRN) of Form 24G. 10. Can the AO furnish Form No. 24G in paper form? No. Form 24G is to be filed only in electronic form. 11. Can the AO submit the electronically prepared Form No.24G at the Income Tax Office? No. Electronically prepared Form No.24G can only be submitted at TIN-FC or online . 12. What does Form 24G contain? Every Form 24G should be prepared in accordance with the data structure prescribed b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... / Win 2K Server/ Win NT 4.0 Server/ Win XP Prof. To run the 'Form 24G Preparation Utility', click on the '24GRPU.bat' file. If JRE is not installed on the computer, then on clicking '24GRPU.bat', a message will be displayed. In such cases, install JRE and try again. If appropriate version of JRE is installed, then the 'Form 24G Preparation Utility' will be displayed. 15. What are the steps to download and install Form 24G Preparation Utility? For assistance in downloading and using Form 24G Preparation Utility, please read the instructions provided in 'Help' in the Form 24G Preparation Utility. This utility can be used for preparation of Form 24G with up to 75,000 records. Form 24G Preparation Utility (version 1.2) should be used for regular and correction statements. 16. What is File Validation Utility (FVU)? The AO should pass the Form 24G (Regular/Correction) file generated using Preparation Utility through the File Validation Utility (FVU) to ensure format level accuracy of the file. This utility is also freely downloadable from TIN website. In case the Form 24G contains any errors, the AO should rectify the same. After rectifying the errors, user should pass the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iving details for deductions under different form type with respect to the same AIN, FY and month). However, any mistake made in an original accepted statement can be rectified by submitting a 'correction statement'. For correction, the latest version of the RPU should be downloaded from TIN website. Form 24G corrections can also be uploaded directly at the TIN website. For direct upload at TIN Central system, AO has to first register AIN at TIN website and upload the Form 24G correction. 19. What are the different kinds of correction statements allowed? There are two different types of correction statements that can be furnished by the AO. These are listed below. M (Modify) -: For any modification in the existing Form 24G statement. X (Cancel) -: For cancellation of an existing Form 24G statement. For preparation of correction statement, the receipt number of the original statement and receipt number of the previous statement is mandatory. In case of first correction, PRN of original statement should be provided in field "Receipt number of Original Statement" and also in the field "Receipt number of Previous Statement ". In case a correction statement has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TDS deposited without production of challan. As it is a verification key, it is advised that valid BIN disseminated by AO to the respective DDO should be correctly filled in TDS statement. 23. When is BIN generated? On processing of accepted Form 24G statement, BIN is generated for each DDO record (with valid TAN) present in Form 24G statement. BIN are generated at TIN Central System and intimated to the PAOs with details of TAN and Form Type. DDOs can also download the same from TIN portal after TAN registration with TIN portal for online view. 24. What do the PAO and DDO have to do with the BIN? PAOs have to disseminate the BINS to respective DDOs. While preparing the quarterly TDS/TCS statement, DDO has to quote the said BIN details, if tax has been paid through transfer voucher (book adjustment). BINs generated for a particular 24G are mailed to the AO on the e-mail id provided in Form 24G. In addition, AO may also download the BIN details through AO login at TIN site. The DDOs can obtain the respective BIN either from PAO directly or can download from the TIN website www.tin-nsdl.com through the TAN account. Detailed procedure for registration of TAN on the TIN ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oad Book Identification Number (BIN) generated on the basis of 24G statement. vi. To disseminate BIN to the respective DDOs. 29. What are the duties of DDOs? i. To provide correct TAN to their PAOs/DTOs/CDDOs to whom the DDO/Deductor reports the tax so deducted who is responsible for crediting such sum to the credit of the Central Government. ii. To report to PAOs/DTOs/CDDOs, the details of tax deducted and credited to the Central Government account through book adjustment. iii. To quote BIN in the quarterly TDS/TCS Statement (24Q, 26Q, etc) for the tax deducted and credited through book adjustment. 30. What are the consequences of non-quoting of BIN details in quarterly TDS/TCS statement? (a) BIN details and amount of TDS reported in the quarterly TDS/TCS Statement filed by the DDO will be matched with the details filed in Form No.24G filed by the PAO at the TIN Central System for accepting TDS/TCS Statement and for verification purpose. (b) Any wrong information reported by the DDOs in TDS/TCS Statement may lead to mismatch in the TIN Central System due to which credit to the respective deductee will not be "finally booked" in the deductee's Form 26AS. ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... utilize in any manner. Individuals would have the flexibility to leave the pension system prior to age 60. However, in this case, the mandatory annuitisation would be 80% of the pension wealth. Architecture of the new Pension System (i) It will have a central record keeping and accounting (CRA) infrastructure, several pension fund managers (PFMs) to offer three categories of schemes viz. option A, B and C. (ii) The participating entities (PFMs and CRA) would give out easily understood information about past performance, so that the individual would be able to make informed choices about which scheme to choose. 2. The effective date for operationalization of the new pension system shall be form 1st of January, 2004. ANNEXURE-VI MINISTRY OF FINANCE (Department of Revenue) (Central Board of Direct Taxes) Notification New Delhi, the 24th November, 2000 INCOME- TAX S.O.1048 (E) - In exercise of the powers conferred by sub-clause (i) of clause (18) of Section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government, hereby specifies the gallantry awards for the purposes of the said Section, mentioned in column 2 of the table below awa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation, in the Table, against serial numbers 1,2 and 3 under cloumn (3) relating to "Circumstances for eligibility" the words "to civilians" shall be omitted. (Notification No.22/F.No.142/29/99-TPL) ANNEXURE-VIII FORM NO. 10BA (See rule 11B) DECLARATION TO BE FILED BY THE ASSESSEE CLAIMING DEDUCTION U/S 80 GG I/We....................................................................................................... (Name of the assessee with permanent account number) do hereby certify that during the previous Year..............I/We had occupied the premise..............(full address of the premise) for the purpose of my/our own residence for a period of...........months and have paid Rs.................... In cash/through crossed cheque, bank draft towards payment of rent to Shri/Ms/M/s..........(name and complete address of the landlord). It is further certified that no other residential accommodation is owned by (a) me/my spouse/my minor child/our family (in case the assessee is HUF), at .................where I/we ordinarily reside/perform duties of officer or employment or carry on business or profession, or (a) me/us at any other place, being ..... X X X X Extracts X X X X X X X X Extracts X X X X
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