Featured Post

TNTET 2017 BREAKING NEWS

TNTET 2017 BREAKING NEWS | ஆசிரியர் தகுதித்தேர்வு நடத்த அனைத்து ஏற்பாடுகளும் தயார்...ஓரிரு நாட்களில் முறையான அறிவிப்பு வெளியாகிறது...| விண்ண...

Thursday, May 19, 2016

DIRECT TAX ALLOWANCES

     

Allowances
Top of Form
Bottom of Form

4.
10(13A)read with Rule 2A
House rent allowance
Least of the following is exempt:
a) Actual HRA Received
b) 40% of Salary (50%, if house situated in Mumbai, Calcutta, Delhi or Chennai)
c) Rent paid minus 10% of salary
* Salary = Basic + DA (if part of retirement benefit) + Turnover based Commission
Note:
i. Fully taxable, if HRA is received by an employee who is living in his own house or if he does not pay any rent
ii. It is mandatory for employee to report PAN of the landlord to the employer if rent paid is more than Rs. 1,00,000 [Circular No. 08 /2013 dated 10-10-2013].
5.
10(14)
Children education allowance
Up to Rs. 100 per month per child up to a maximum of 2 children is exempt
6.
10(14)
Hostel expenditure allowance
Up to Rs. 300 per month per child up to a maximum of 2 children is exempt
7.
10(14)
Transport allowance granted to an employee to meet expenditure on commuting between place of residence and place of duty
Up to Rs. 1600 per month (Rs. 3200 per month for blind and handicapped employees) is exempt
8.
Sec. 10(14)
Allowance granted to an employee working in any transport business to meet his personal expenditure during his duty performed in the course of running of such transport from one place to another place provided employee is not in receipt of daily allowance.
Amount of exemption shall be lower of following:
a) 70% of such allowance; or
b) Rs. 10,000 per month.
9.
10(14)
Conveyance allowance granted to meet the expenditure on conveyance in performance of duties of an office
Exempt to the extent of expenditure incurred for official purposes
10.
10(14)
Travelling allowance to meet the cost of travel on tour or on transfer
Exempt to the extent of expenditure incurred for official purposes
11.
10(14)
Daily allowance to meet the ordinary daily charges incurred by an employee on account of absence from his normal place of duty
Exempt to the extent of expenditure incurred for official purposes
12.
10(14)
Helper/Assistant allowance
Exempt to the extent of expenditure incurred for official purposes
13.
10(14)
Research allowance granted for encouraging the academic research and other professional pursuits
Exempt to the extent of expenditure incurred for official purposes
14.
10(14)
Uniform allowance
Exempt to the extent of expenditure incurred for official purposes
15.
10(7)
Any allowance or perquisite paid or allowed by Government to its employees (an Indian citizen) posted outside India
Fully Exempt
16.
-
Allowances to Judges of High Court/Supreme Court (Subject to certain conditions)
Fully Exempt.
17.
10(45)
Following allowances and perquisites given to serving Chairman/Member of UPSC is exempt from tax:
a) Value of rent free official residence
b) Value of conveyance facilities including transport allowance
c) Sumptuary allowance
d) Leave travel concession
Fully Exempt
18.
-
Allowances paid by the UNO to its employees
Fully Exempt
19.
10(45)
Allowances to Retired Chairman/Members of UPSC (Subject to certain conditions)
Exempt subject to maximum of Rs. 14,000 per month for defraying the services of an orderly and for meeting expenses incurred towards secretarial assistant on contract basis.
20.
Sec. 10(14)read with Rule 2BB
Special compensatory Allowance (Hilly Areas) (Subject to certain conditions and locations)
Amount exempt from tax varies from Rs. 300 to Rs. 7,000 per month.
21.
Sec. 10(14)read with Rule 2BB
Border area, Remote Locality or Disturbed Area or Difficult Area Allowance (Subject to certain conditions and locations)
Amount exempt from tax varies from Rs. 200 to Rs. 1,300 per month.
22.
Sec. 10(14)read with Rule 2BB
Tribal area allowance in (a) Madhya Pradesh (b) Tamil Nadu (c) Uttar Pradesh (d) Karnataka (e) Tripura (f) Assam (g) West Bengal (h) Bihar (i) Orissa
Up to Rs. 200 per month is exempt
23.
Sec. 10(14)read with Rule 2BB
Compensatory Field Area Allowance. If this exemption is taken, employee cannot claim any exemption in respect of border area allowance (Subject to certain conditions and locations)
Up to Rs. 2,600 per month is exempt
24.
Sec. 10(14)read with Rule 2BB
Compensatory Modified Area Allowance. If this exemption is taken, employee cannot claim any exemption in respect of border area allowance (Subject to certain conditions and locations)
Up to Rs. 1,000 per month is exempt
25.
Sec. 10(14)read with Rule 2BB
Counter Insurgency Allowance granted to members of Armed Forces operating in areas away from their permanent locations. If this exemption is taken, employee cannot claim any exemption in respect of border area allowance (Subject to certain conditions and locations)
Up to Rs. 3,900 per month is exempt
26.
Sec. 10(14)read with Rule 2BB
Underground Allowance to employees working in uncongenial, unnatural climate in underground mines
Up to Rs. 800 per month is exempt
27.
Sec. 10(14)read with Rule 2BB
High Altitude Allowance granted to armed forces operating in high altitude areas (Subject to certain conditions and locations)
a) Up to Rs. 1,060 per month (for altitude of 9,000 to 15,000 feet) is exempt
b) Up to Rs. 1,600 per month (for altitude above 15,000 feet) is exempt
28.
Sec. 10(14)read with Rule 2BB
Highly active field area allowance granted to members of armed forces (Subject to certain conditions and locations)
Up to Rs. 4,200 per month is exempt
29.
Sec. 10(14)read with Rule 2BB
Island Duty Allowance granted to members of armed forces in Andaman and Nicobar and Lakshadweep group of Island (Subject to certain conditions and locations)
Up to Rs. 3,250 per month is exempt
30.
10(14)
City Compensatory Allowance
Fully Taxable
31.
10(14)
Fixed Medical Allowance
Fully Taxable
32.
10(14)
Tiffin, Lunch, Dinner or Refreshment Allowance
Fully Taxable
33.
10(14)
Servant Allowance
Fully Taxable
34.
10(14)
Project Allowance
Fully Taxable
35.
10(14)
Overtime Allowance
Fully Taxable
36.
10(14)
Telephone Allowance
Fully Taxable
37.
10(14)
Holiday Allowance
Fully Taxable
38.
10(14)
Any Other Cash Allowance
Fully Taxable




Thank You

FORM NO. 15H

FORM NO. 15H

[See section 197A(1C) and rule 29C(1A)]

Declaration under section 197A(1C) of the Incometax Act, 1961 to be made by an individual who is of the age of sixty years or more claiming certain receipts without deduction of tax.

PART - I

1] Name of Assessee (Declareant) :
2] PAN :



3] Age:
4] Assessment Year 2013-14 


5] Flat / Door / Block No. :
6] Name of Premises :
7] Assessed in which Ward / Circle





8] Road / Street / Lane :
9] Area / Locality :
10] AO Code (under whom assessed last time) :



Area Code
AO Type
Range Code
AO No.

11] Town / City / District :
12] State :






14] Last Assessment Year in which assessed :
 2012-13

13] PIN


15] Email :
16] Telephone / Mobile No :
17] Present Ward / Circle





18] Name of Business / Occupation :
19] Present AO Code (if not same as above):



20] Jurisdictional Chief Comm. of Income Tax or Comm. of Income Tax (if not assessed to income tax earlier):
Area Code
AO Type
Range Code
AO No.






21] Estimated total income from the sources mentioned below:
(Please tick the relevant box)

 Dividend from shares referred to in Schedule - I


 Interest on securities referred to in Schedule - II


 Interest on sums referred to in Schedule - III
a 

 Income from units referred to in Schedule - IV


 The amt of withdrawal referred in sec-80CCA(2)(a) from National Savings Scheme referred to in Schedule - V


22] Estimated total income of the previous year in income mentioned in Col - 22 to be included :


23] Details of investments in respect of which the declaration is being made :

SCHEDULEI

(Details of shares, which stand in the name of the declarant and beneficially owned by him)

No. of
Class of shares & face
Total value
Distinctive numbers
Date on which the shares were acquired

shares
value of each share
of shares
of the shares
by the declarant (dd/mm/yyyy)














SCHEDULEII

(Details of the securities held in the name of declarant and beneficially owned by him)

Description of
Number of
Amount of
Date(s) of
Date(s) on which the securitues were

securities
securities
securities
securities (dd/mm/yyyy)
acquired by declarant (dd/mm/yyyy)














SCHEDULEIII

(Details of the sums given by the declarant on interest)

Name and address of the person to
Amount of sums
Date on which sums given
Period for which sums
Rate of

whom the sums are given on interest
given on interest
on Interest (dd/mm/yyyy)
were given on interest
interest



















SCHEDULE IV

(Details of the mutual fund units held in the name of declarant and beneficially owned by him)

Name and address of the
Number of
Class of units & face
Distinctive number
Income in

mutual fund
units
value of each unit
of units
respect of units














SCHEDULEV

(Details of the withdrawal made from National Savings Scheme)

Particulars of the Post Office where the account under the
Date on which the account
The amount of withdrawal

National Savings Scheme is maintained and the account number
was opened (dd/mm/yyyy)
from the account










x


Signature of the Declarant

Declaration / Verification


I .................................................... do hereby declare that I am resident in India within the meaning of section 6 of the Income –tax Act, 1961. I also, hereby declare that to the best of knowledge and belief what is stated above is correct, complete and truly stated and that the incomes referred to in this form are not includible in the total income of any other person u/ss 60 to 64 of the Income Tax Act, 1961. I further, declare that tax on my estimated total income, including *income / incomes referred to in column 21 above, computed in accordance with provisions of the Income Tax Act 1961, for the previous year ending on 31.03.20... relevant to the assessment year 2013-14 will be nil.


Place :

x


Date  :

Signature of the Declarant


PART - II

[For use by the person to whom the declaration is furnished]

1] Name of the person responsible for paying the income referred to in Column 21 of Part I :
2] PAN of the person indicated in Column 1 of Part II




3] Complete Address :
4] TAN of the person indicated in


Column 1 of Part II :




5] Email :
6] Telephone / Mobile No :
7] Status :






8] Date on which Declaration is Furnished (dd/mm/yyyy) :

9] Period in respect of which the dividend has been declared or the income has been paid / credited :
10] Amount of income paid :
11] Date on which the income has been paid / credited (dd/mm/yyyy) :




12] Date of declaration, distribution or payment of dividend/withdrawal under the National Savings Scheme(dd/mm/yyyy) :
13] Account Number of National Saving Scheme from which withdrawal has been made :




Forwarded to the Chief Commissioner or Commissioner of Incometax  ____________





Place :

Signature of the person responsible for paying the

Date  :

income referred to in Column 21 of Part I


Thank You