Income Tax calculations for the financial year 2016-17

Last updated: 19 October 2016

Notice Date : 13 October 2016

No.30011/1/2016-Cash
Government of India
Ministry of Corporate Affairs
Shastri Bhawan, 5th Floor,
‘A’ Wing, New Delhi
Dated 13th October, 2016

CIRCULAR

Subject:- Income Tax calculations for the financial year 2016-17.

Cash Section is in the process of calculation of Income Tax for the financial year 2016-17. In view of this, all the officers/members of the staff, whose annual income exceeds Rs.2,50,000/- are requested to furnish the information in the enclosed proforma (Annexure-I,II &III) relating to the investments/savings proposed to be made during the current financial year 2016-17 (any individual who attains the age of 60 during the current financial year is considered as Senior Citizen and the exemption limit is Rs.3,00,000/-). The required information may please be furnished to Cash Section as early as possible but in any case not later than 25th October, 2016. In case no information is received by the due date, it would be presumed that the officer has no savings other than GPF, CGEGIS and CGHS available in this Section. Only on the basis of the above details Cash Section will be in a position to compute the correct income tax liability for effecting TDS from the salary for the remaining months of the current financial year. For availing the rebate on LIC/NSCS/BANK TERM DEPOSIT SCHEME/ TUITION FEE etc. photocopy of the receipts may please be submitted to this Section positively by 31′ December, 2016. Rebate on savings made after 31.12.2016, if any, may be obtained from the Income Tax Department directly through their returns.

2. Quoting of PAN is mandatory u/s 139A of the Income Tax Act. The same may be provided in the Annexure-I. If the PAN is not provided, the TDS shall be deducted @20% or at the applicable rate, whichever is higher (section 206AA).

(Deen Dayal Singh)

Drawing & Disbursing Officer

Tel No. 23385382

To,

1. All Officers/Staff– Office of CAM, MOS

2. All Officers/Staff of MCA, HQ, Shastri Bhawan (5th Floor, 4th Floor & 3rd Floor)

3. All Officers/Staff of Cost Audit Branch, MCA, Paryavaran Bhawan, CGO Complex.

4. All Officers/Staff of R&A Division, MCA Paryavaran Bhawan, CGO Complex.

5. Cash Section (50 spare copies)

Please refer to the attached file for details