Income tax amendment in respect of salary income
This query is : Resolved
03 May 2012
Dear Sir,
As I have to calculate the TDS on salary so request you to let me know about the all amendment in respect of 80C, 80CCF and all other sections where an employee can claim the exemption so that we can calculate the TDS on salary for the financial year 2012-13.
Kindly also give me the link for the same. I would be thankful to you.
As I have to calculate the TDS on salary so request you to let me know about the all amendment in respect of 80C, 80CCF and all other sections where an employee can claim the exemption so that we can calculate the TDS on salary for the financial year 2012-13.
Kindly also give me the link for the same. I would be thankful to you.
03 May 2012
You must be knowing the change in the slabs of taxation on income.
.
1. Section 80C- Limit has been retained to 1.00 lac. In case of LIC premium paid by the employee, in case the employee takes any new policy on or after 1.4.2012 on which premium payable exceeds 10% of the min. sum assured in that, excess premium paid will be not considered.
2. Section 80D- Limit of 15000/-. will include Rs. 5000/- for Preventive Health Check Up Expenses(PHC exp may be paid in cash)
3. Though donation is not considered for TDS, for the sake of information only, Section 80G- No deduction for Cash Donation if it exceeds Rs. 10000/-.
4. 80CCF has been withdrawn.
.
.
1. Section 80C- Limit has been retained to 1.00 lac. In case of LIC premium paid by the employee, in case the employee takes any new policy on or after 1.4.2012 on which premium payable exceeds 10% of the min. sum assured in that, excess premium paid will be not considered.
2. Section 80D- Limit of 15000/-. will include Rs. 5000/- for Preventive Health Check Up Expenses(PHC exp may be paid in cash)
3. Though donation is not considered for TDS, for the sake of information only, Section 80G- No deduction for Cash Donation if it exceeds Rs. 10000/-.
4. 80CCF has been withdrawn.
.
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03 May 2012
Respected Sir,
Thanks to you!!
One more thing here which is related to 80D if we pay amount of Rs 15000/- including medical check up of 5000 and balance of Rs 10000 for medical insurance. This ten thousand can be taken in 80D?
And in respect of LIC Premium if we paid more than 10% for previous policies can we take it for exemption.
Thanks to you!!
One more thing here which is related to 80D if we pay amount of Rs 15000/- including medical check up of 5000 and balance of Rs 10000 for medical insurance. This ten thousand can be taken in 80D?
And in respect of LIC Premium if we paid more than 10% for previous policies can we take it for exemption.
03 May 2012
"We" is confusing. If we means employee pays, then yes, it is deductible.
.
For previous policies Restriction of Premium had been nailed to 20% of Sum Assured and that will prevail.
.
For previous policies Restriction of Premium had been nailed to 20% of Sum Assured and that will prevail.
03 May 2012
Respected Sir,
Thank you!!
I got it if employees pay amount of Rs 15000 in any mode cash or cheque including medical check up employee can claim the exemption.
Thanks to you.
Thank you!!
I got it if employees pay amount of Rs 15000 in any mode cash or cheque including medical check up employee can claim the exemption.
Thanks to you.
03 May 2012
Cash Payment can be made for check up. Premium has to be paid by cheque only.
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