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Income tax Declaration of Employees for FY 2016-17, With Automated All in One TDS on Salary for Government and Non-Government Employees for F.Y.2016-17 and A.Y.2017-18

According to the income tax guidelines, income tax is deductible annually for each financial year commencing from 1st of April and ending on the 31st March. The responsibility of the employer has been affixed by the Income-tax Department to deduct income tax from the salary of employees monthly on a proportionate basis and deposit before the due date ( Monthly) as prescribed and report same to Income tax Department (quarterly as well as annually). The aggregate tax calculated on the estimated projected income will be deducted proportionately in 12 months, thus the assessment needs to be done on at the start of the year.

Download All in One TDS on Salary for Private employees for F.Y.2016-17 & A.Y.2017-18 [ This Excel utility can prepare at a time Tax Compute Sheet ( Income tax Declaration )+ Automatic H.R.A. Exemption Calculation + Individual Salary Structure as per Private Concerned Salary Pattern + Automatic Form 16 Part A&B + Automatic Form 16 Part B for F.Y.2016-17 + Form 12 BA, as per Finance Budget 2016-17]


Therefore, all employees are requested to declare their proposed investments for the financial year 2016–17 ,so that proportionate income tax could be calculated & systematic deducted from the salary can be started early
It has to be noted that only the expenditure actually incurred on payment of rent in respect of residential accommodation occupied by the assessee subject to the limits laid down in Rule 2A, qualifies for exemption from income-tax. Thus, house rent allowance granted to an employee who is residing in a house/flat owned by him is not exempt from income-tax.

Download All in One TDS on Salary for Govt & Non Govt Employees for F.Y.2016-17 [This Excel utility can prepare at a time Tax Compute Sheet ( Income tax Declaration )+ Automatic H.R.A. Exemption Calculation + Individual Salary Structure as per Govt & Non -Govt Concerned Salary Pattern + Automatic Arrears Relief Calculator U/s 89(1) with Form 10E + Automatic Form 16 Part A&B + Automatic Form 16 Part B for F.Y.2016-17 as per Finance Budget 2016-17]


There were the various anomaly as well as ambiguity in relation to the declaration as well as the submission of details and supporting so CBDT issued Form No 12BB so as to standardize same.
Rent Paid / Payable for:
PARTICULARS
MAX BENEFIT PERMISSIBLE (RS.)
REMARKS
Dcouments Required
Life Insurance Premium
   Maximum amount eligible for Deduction under section 80C & 80CCC Categories is Rs.1,50,000/-
Self , Spouse & Children only
Copy of PremiumPayment Receipt
Public Provident Fund (PPF)
Self , Spouse & Children only, Submit PPF challan or PPF passbook front page with entries
Copy of Payment Receipt / Passbook
Provident Fund (PF)
Deducted from salary
EPF No If any To be mentioned
Pension Fund Contribution
Self only
Copy of Premium Payment Receipt
National Savings Certificate (NSC)
Self only
Copy of NSS Certificate/s
Interest Accrued on NSC (Reinvested)
Self only
Copy of NSS Certificate/s
Unit Linked Insurance Policy (ULIP)
Self , Spouse & Children only
Statement of Holding along With Purchase dates
ELSS or a Specified Tax Saver Plan  (Lock in period of 3 years)
Self only
Statement of Holding along With Purchase dates
Payment of Tuition fees for Children                (Max 2 Children) for Full Time Education only.
Two children only
Copy of Payment Receipt from School
Sukanya Samriddhi Account (SSY)
Only Girl Children
Copy of Payment Receipt / Passbook
Principal repayment of Housing Loan
Self & Joint a/c holder
Certificate from Bank / Financial Institution
Registration charges incurred for Buying House   (I year Only)
Self only
Copy of Stamp Duty Paid/ Copy of Registration
Scheduled Bank Fixed Deposit for 5 Years & above
Self only, Stipulated Bank Stamp Required
Copy of FD Receipt
Term Deposit for 5 years & above
Marked as “for Income Tax purpose only”
PARTICULARS
MAXIMUM LIMIT (RS.)
REMARKS
Documents Required
Sec. 80CCD (1B) National Pension Scheme 
Rs. 50000/-
Amount contributed to National Pension Scheme by employee
Copy of Payment Receipt / Passbook
Sec 80D (Medi Claim Policy & Preventive health check up)
Rs. 25000/- (or) Rs.30000/-)
Medical Insurance Premium PAID by Employee:
Mediclaim Policy Copy or Premium Certificate/ Original Medical Bills for preventive Checkup ( Payment has to be Made by Cheque Only
(Overall limit proposed in Budget 2016 – Rs.30000/-)
– on the health of employee, spouse, and dependent children (Payment must be made by cheque only).
[Rs.30,000/- In case an employee is a Senior Citizen] (i.e., 60 years or more).
Payment made by an employee  for preventive health check-up of self, spouse, dependent children during the financial year is eligible for the maximum deduction of Rs 5000.
The amount  paid is within the overall limits ( Rs.25000/Rs.30000)
Rs. 25000/- (or) Rs.30000/-)
Medical Insurance Premium PAID by Employee:-on the health of parents (even not dependent on employee) (Payment must be made by cheque only)
Mediclaim Policy Copy or Premium Certificate/ Original Medical Bills for preventive Checkup ( Payment has to be Made by Cheque Only
[Rs.30,000/- In the case  parents are  Senior Citizen]i.e., 60 years or more
payment made by an employee  for preventive health check-up of  parents during the financial year is eligible for the maximum deduction of Rs 5000.
The amount  paid is within the overall limits ( Rs.25000/Rs 30000).
Sec 80DD (Maintenance including Medical treatment of the dependent person with the disability)
Rs. 75,000/- and Rs. 1,25,000 for severe disability)
Here Employee gets  fixed amount of deduction.If the employee has incurred any expenditure/deposited in specified policy.
Certificate from Prescribed Authority in Form No. 10-I Sec. 80 DDB
Sec 80E (Education Loan)
No limit
Interest on Loan taken for Higher Education:
Certificate from Bank / Financial Institution
Please mention Initial Year  (Year in which Interest payment started)
(only Interest Portion)
Amount paid by employee during the financial year on loan taken for higher education of
– Employee, spouse or children of employee or students for whom employee is a legal guardian
Benefit Period:
Upto 8 years from initial year
Donations
Under Section 80G
Receipt should have Name, Pan No of donee and section under which the benefit is available.( Subject Various Limits & Exclusions )
Copy of PAN Card of Institutions, Copy Of Cheque, Bank Statement Reflecting Clearing of Cheque, Original Receipts ( Duly Stamped and Approved, with Full Details of Validity of 80G exemptions, address,etc)
Sec 80U (For the person with a disability)
75,000/- and Rs. 1,25,000 for severe disability)
Here Employee gets fixed amount of deduction.
ARTICULARS
Please Fill in
Remarks
Documents Required
Complete Details of the ccommodation
Please enter your Monthly Rent details as per the Rent Receipt / Lease Deed, with necessary details as Tenant Name, Owner name, rented property address, PAN no of owner, payment details, revenue stamp.
Original Rent Receipts every month (with Revenue Stamp if amount paid is above Rs. the 4999/-) and Rent Agreement. Receipt should contain PAN of Landlord if Rent for the year exceeds 8300/ p.m.     Copy of Landlord PAN and Registered Lease agreement Copy of Rent Paid Exceed 8300 p.m.           
Apr-16
Note:-
May-16
Name of Landlord
Jun-16
Jul-16
Aug-16
Address of Landlord
Sep-16
Oct-16
Nov-16
Dec-16
PAN of Landlord
Jan-17
Feb-17
Mar-17
TOTAL
 Sum  of 12 Months mentioned Above
Medical Bill Reimbursement
1250/- every month
Applicable upto the extent of the CTC/Gross SalaryComponent, if any
Original Medical Bills (including Parents, Wife/Husband, Children)
Medical Expenditure for Parents (Very Senior Citizen) (not having Mediclaim Policy) -80D
Rs.30000
Applicable upto the extent of the CTC/ Gross Salary Component, if any
Original Medical Bills

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