PRTU-GUNTUR

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(vide E.No. TDS/clarification/1011 dt. 15.12.11 of Addl. Commissioner

I. T. Dept., Hyderabad)
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PRTU

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PRTU-GUNTUR
INCOME TAX MODEL CALCULATION
FINANCIAL YEAR 2012-13 (A. Y. 2013-14)

Details of income Tax Calculation for the salaried for the

Financial Year 2012-13, Assessment Year 2013-14
a) Income Tax Slabs
For Men employees
Upto Rs. 2 Lakhs
Nil
From Rs. 2 to 5 Lakhs @ 10%
From Rs. 5 to 10 Lakhs @20%
Above Rs. 10 Lakhs
@30%

For Women employees

Upto Rs. 2 Lakhs
Nil
From Rs. 2 to 5 Lakhs @ 10%
From Rs. 5 to 10 Lakhs @20%
Above Rs. 10 Lakhs
@30%

b) Surcharge & Cessess :

i)
Surcharge @ 0% will be levied
ii)
Education Cess @3% on I.T. paid.
c) 100% Exemption from Income :
i) HRA as per formula U/s 10, (ii) conveyance allowance U/s
10 (iii) Medical Reimbursement, (iv) P.T. U/s 16, (v) Housing
Loan interest upto Rs. 1.5 Lakh U/s 24 (borrowed after 1-499) (vi) Interest on Education loan taken for self or dependents (spouse, son, daughter, brother) U/s 80E, (vii)
contributuin to CMRF/PMRF/U/s 80G, (viii) P.P.F. Interest,
(ix) Retirement benefits.(x) LTC
d) deductions allowed under chapter VIA from Income :
i) Health Insurance premium of self & Dependent upto
Rs.15,000/ p.a. U/s 80D
ii) Expenses of Medical Treatment of Handicapped Depen
dent upto Rs. 50,000/ 80DD (for disability 80% or more
deduction in Rs.1,00,000/)
iii) Expenses of Medical Treatment pf cancer, Heart, Nuero
for self or dependent upto Rs. 40,000/- U/s 80DDB (Form
10-1 should be enclosed from the Govt. Civil Surgeon)
Rs. 60,000/- for senior citizen (DDOs CAN NOT ALLOW
IT)
iv) Physically Handicapped assessee (proper certificate
should be enclosed) for First Assessment year upto Rs.
50,000/- (for more than 80% disability Rs. 75,000/-) may
be exempted from income U/s 80U.

Pay
D.A.
H.R.A.
C.C.A.

Rs.
Rs.
Rs.
Rs.

5,36,400
1,58,500
78,000
840

Total

Rs.

7,73,740

H.R.A. (as per formula)

(-)
Rs.
62,000
P.T.
(-)
Rs.
2,400
Housing loan interest
(-)
Rs.
NIL
CMRF/PMRF
(-)
Rs.
NIL
PH allowance
(-)
Rs.
NIL
Medical Reimbursement
(-)
Rs.
NIL
EWF/SWF
(-)
Rs.
70
Interest on educational loan U/s 80E
(-)
Rs.
42,500
Health insurance premium U/s 80D
(-)
Rs.
13,400
Total
(-)
Rs.
1,20,370
Gross Income
Rs.
6,53,370
Deductions under chapter VIA
1)
U/s 80CC
NIL
2)
U/s 80CCD
NIL
3)
U/s 80U
NIL
4)
U/s 80C
a) Housing loan principle
NIL
b) P.F.
63,000
c) GIS
720
d) APGLI
12,000
e) LIC
38,460
f) PLI
5,400
g) NSC Bonds
12,000
h) PPF
12,000
i) Tuition Fees (2 children)
32,000
Total
1,75,580
limited to (-) 1,00,000
5)
U/s 80CCG (RGESS)
(-)
25,000
Net Income Chargeable under Head salaries
(Gross Income - Total deductions allowed) Rs.
5,28,370

PRTU

v) Total deductions upto 1 Lakh only

i) Amount deposited for getting pension scheme upto Rs.
1,00,000/- U/s 80CC (Ex. LIC, Pension Fund)
ii) Premium to Contributory pension scheme upto 10% of
the salary U/s 80CCD
iii) U/s 80C SAVINGS (Total Rs. 1 Lakh only)
LIC + PF + APGLI + NABARD BONDS + TAX SAV
INGS + FIXED DEPOSITS FOR MORE THAN 5 YEARS
+ HOUSING LOAN PRINCIPLE + GIS + PLI + ICICI
BONDS + IDBI BONDS + TUITION FEES OF TWO
CHILDREN (limited to 1 Lakh) MAY BE EXEMPTED
FROM INCOME UPTO Rs. 1 Lakh (savings, U/s
80CC+80CCD+80C should be less than Rs. 1,00,001/- only.
IV)New Section 80CCG from this financial year:
Maximum savings @ Rs. 25,000/- ( on 50% of Rs. 50,000/
- investment) for savings under Rajiv Gandhi equity share
U/s 80CCG from this financial Year . Hence the limit of
80C + 80CC + 80CCD + 80CCG = 1.25 lakhs)
for Free messages send sms to 53000 as
FOLLOW PRTUGNT
VISIT :
www.gunturbadi.com or
www.prtu7.com or
for
INCOME TAX CALCULATION SOFTWARE PROGRAMME

IT to be paid
No Tax upto 2 Lakhs

For Women
NIL

For Men
NIL

IT from 2 to 5 lakhs @10%

30,000

30,000

IT from 5 to Rs. 5.28370 @ 20%

5,674

5,674

Total

35,674

35,674

Educational cess @3%

1,146

1,146

Gross IT to be paid
36,820
36,820
NOTE:
1.
IT to be paid through IT Department challan/salary cutting
2.
TDS e-filing may be made from any Registered IT Practitio
ner by DDOs
3.
TAN & PAN should be taken by DDO. Any Returns to be
filed with reference to TAN & PAN
4.
Every employee should take PAN Cards (MANDATORY)
5.
ALL employees NEED to file IT returns in SAHAJ FORM
ONLY IF NET INCOME EXCEEDS 5 LAKHS
6.
Every employee should submit FORM - 16 along with
calculation sheet to DDO in 1/2013 so as to enable him to
make arrangements for TDS before 2/2013
7.
Salary includes Pay, DA, HRA, IR, CCA, PH allowance,
Addl. FP increments, arrears, surrender leave taken as per
the acquittance from 03/2012 to 2/2013 and also PRC &
Notional/AAS/DA/HRA/ STEP UP arrears etc.
Prepared by :
C.V.S.Mani
District President, PRTU, GUNTUR
Cell : 98494 70886, e-mail : maniprtu@gmail;com
best compliments from
D. Srinivasa Reddy, General Secretary, PRTU, Guntur Dist.
Cell : 94934 45710,