Thursday, February 28, 2013

Budget 2013 :- Highlights of Budget 2013-14

  •  Little room to give away tax revenues or raise tax rates in a constrained economy.
  •  No case to revise either the slabs or the rates of Personal Income Tax. Even a moderate increase in the threshold exemption will put hundreds of thousands of Tax Payers outside Tax Net.
  •  However, relief for Tax Payers in the first bracket of `2 lakhs to ` 5 lakhs. A tax credit of ` 2000 to every person with total income upto `5 lakhs.
  • Surcharge of 10percent on persons (other than companies) whose taxable income exceed ` 1 crore to augment revenues.
  •  Increase surcharge from 5 to 10 percent on domestic companies whose taxable income exceed ` 10 crore.

  • In case of foreign companies who pay a higher rate of corporate tax, surcharge to increase from 2 to 5 percent, if the taxabale income exceeds ` 10 crore.
  • In all other cases such as dividend distribution tax or tax on distributed income, current surcharge increased from 5 to 10 percent.
  • Additional surcharges to be in force for only one year.

  • Education cess to continue at 3 percent.

  • Permissible premium rate increased from 10 percent to 15 percent of the sum assured by relaxing eligibility conditions of life insurance policies for persons suffering from disability and certain ailments.
  • Contributions made to schemes of Central and State Governments similar to Central Government Health Scheme, eligible for section 80D of the Income tax Act.
  • Donations made to National Children Fund eligible for 100 percent deduction.

  • Investment allowance at the rate of 15 percent to manufacturing companies that invest more than ` 100 crore in plant and machinery during the period 1.4.2013 to 31.3.2015.
  • Eligible date’ for projects in the power sector to avail benefit under Section 80- IA extended from 31.3.2013 to 31.3.2014.
  • Concessional rate of tax of 15 percent on dividend received by an Indian company from its foreign subsidiary proposed to continue for one more year.
  • Securitisation Trust to be exempted from Income Tax. Tax to be levied at specified rates only at the time of distribution of income for companies, individual or HUF etc. No further tax on income received by investors from the Trust.
  •  Investor Protection Fund of depositories exempt from Income-tax in some cases.
  • Parity in taxation between IDF-Mutual Fund and IDF-NBFC.
  • A Category I AIF set up as Venture capital fund allowed pass through status under Income-tax Act.
  • TDS at the rate of 1 percent on the value of the transfer of immovable properties where consideration exceeds ` 50 lakhs. Agricultural land to be exempted.
  • A final withholding tax at the rate of 20 percent on profits distributed by unlisted companies to shareholders through buyback of shares.

  • Proposal to increase the rate of tax on payments by way of royalty and fees for technical services to non-residents from 10 percent to 25 percent.
  • Reductions made in rates of Securities Transaction Tax in respect of certain transaction.
  • Proposal to introduce Commodity Transaction Tax (CTT) in a limited way. Agricultural commodities will be exempted.
  • Modified provisions of GAAR will come into effect from 1.4.2016.
  • Rules on Safe Harbour will be issued after examing the reports of the Rangachary Committee appointed to look into tax matters relating to Development Centres & IT Sector and Safe Harbour rules for a number of sectors.
  • Fifth large tax payer unit to open at Kolkata shortly.
  • A number of administrative measures such as extension of refund banker system to refund more than ` 50,000, technology based processing, extension of e-payment through more banks and expansion in the scope of annual information returns by Income-tax Department.

Wednesday, February 27, 2013

Railway Budget :-Highlights


1. Safety; 2. Consolidation; 3. Passenger Amenities; 4. Fiscal Discipline.
Some Achievements/Initiatives

  • IR enters the one billion tonne Select Club joining Chinese, Russian and US Railways;
  • IR also joins Select Club running freight trains of more than 10000 tonne load;
  • ‘Fuel Adjustment Component’ concept to be implemented linking tariffs with movement of fuel prices;
  • Target of Rs 1000 crore each fixed for Rail Land Development Authority and IR Station Development Corporation to be raised through PPP in 2013-14;
  • New fund – Debt Service Fund – to be set up to meet committed liabilities of debt servicing for WB and JICA loans for DFC and other future liabilities.
Measures for improving Safety & Security

  •  Making a Corporate Safety Plan for a ten year period (2014-2024).
  • Elimination of 10797 level crossings during the 12th Plan and no addition of new LCs to the IR system henceforth.
  • Introduction of Train Protection Warning System on Automatic Signalling Systems.
  • Rigorous trials of the indigenously developed Train Collision Avoidance System.
  • Using 60 kg rails, 260 meter long welded rail panels and improved flash butt welding technology.
  •  Introduction of 160/200 kmph Self Propelled Accident Relief Trains.
  •  Induction of crash worthy LHB coaches with anti-climb feature.
  • Rehabilitation of identified 17 distressed bridges over next one year.
  • Provision of comprehensive fire and smoke detection systems.
  • Provision of portable fire extinguishers in Guard-cum-Brake Vans, AC Coaches and Pantry Cars in all trains.
  • Use of fire retardant furnishing materials in coaches.
  • Measures initiated to deal with elephant related accidents.
  • Four companies of women RPF personnel set up and another 8 to be set up to strengthen the security of rail passengers, especially women  2 passengers.
  • Recruitment to RPF with 10% vacancies reserved for women.
Rail Based Industries
New factories/workshops to be set up:

  • a new Forged Wheel Factory at Rae Bareli in collaboration with Rashtriya Ispat Nigam Limited.
  • a Greenfield Mainline Electrical Multiple Units (MEMU) manufacturing facility at Bhilwara (Rajasthan) in collaboration with State Government and BHEL.
  •  a Coach Manufacturing Unit in Sonepat District (Haryana) in collaboration with State Government.
  • a Midlife Rehabilitation Workshop at Kurnool (Andhra Pradesh) in collaboration with the State Government.
  • Bikaner and Pratapgarh workshops to undertake POH of BG wagons.
  •  a workshop for repair and rehabilitation of motorized bogies at Misrod (Madhya Pradesh).
  •  a new wagon maintenance workshop in Kalahandi (Odisha).
  •  a modern signaling equipment facility at Chandigarh through PPP route
Green Initiatives

  • Setting up of Railway Energy Management Company (REMC) to harness potential of solar and wind energy.
  • Setting up of 75 MW capacity windmill plants and energizing 1000 level crossings with solar power.
  • Deployment of new generation energy efficient electric locomotives and EMUs.
  •  More usage of agro-based and recycled paper and ban use of plastic in catering.
Passenger/Rail Users’ Amenities

  •  Identification of 104 important stations for immediate attention to all
  • aspects related to cleanliness.
  • Progressive extension of bio-toilets on trains.
  • Provision of concrete aprons on platforms with mechanized cleaning  3 facilities.
  • Extension of On Board Housekeeping Scheme and Clean Train Stations to more stations and trains.
  • Extension of Unreserved Ticketing System (UTS), Automatic Ticket Vending Machines (ATVMs), Coin-operated Ticket Vending Machines (CO-TVMs) and schme of Jan-Sadharan Ticket Booking Sevaks (JTBSs).
  • Setting up of six more Rail Neer bottling plants at Vijayawada, Nagpur, Lalitpur, Bilaspur, Jaipur and Ahmedabad.
  • Pilot project on select trains to facilitate passengers to contact on board  staff through SMS/phone call/e-mail for coach cleanliness and real time feedback.
  • 8-10 more mechanized laundries for quality washing of linen.
  • Provision of announcement facility and electronic display boards in trains.
  • Providing free Wi-Fi facilities on several trains.
  • Upgrading another 60 stations as Adarsh Stations in addition to 980 already selected.
  • Associate voluntary organizations for providing first aid services at railway stations.
  • Introduction of an ‘Anubhuti’ coach in select trains to provide excellent ambience and latest facilities and services.
  • 179 escalators and 400 lifts at A-1 and other major stations to be installed facilitating elderly and differently abled.
  • Affixing Braille stickers with layout of coaches including toilets, provision of wheel chairs and battery operated vehicles at more stations and making coaches wheel-chair friendly.
  • Some JTBS to be reserved for disabled people.
  • Curbing malpractices in reserved tickets including tatkal scheme.
  • Third party audit and tie up with food testing laboratories for food quality control; ISO certified state-of-the-art base kitchens to be set up in railway premises.
  • Centralized Catering Services Monitoring Cell set up with a toll free number (1800 111 321)
Rail Tourism

  • Launching multi-modal travel package in cooperation with Jammu & Kashmir state government.
  •  Issuing ‘Yatra Parchis’ to pilgrims travelling by rail to Mata Vaishno  Devi Shrine at the time of railway ticket booking.  4
  • Introduction of an educational tourist train with concessional fares - ‘Azadi Express’ – to connect places associated with freedom movement.
  • Introduction of executive lounge at 7 more stations, namely, Bilaspur,
  • Visakhapatnam, Patna, Nagpur, Agra, Jaipur and Bengaluru.
IT Initiatives

  • Aadhar’ to be used for various passenger and staff related services.
  •   Internet ticketing from 0030 hours to 2330 hours.
  •  e-ticketing through mobile phones.
  •  Project of SMS alerts to passengers providing updates on reservation status.
  • Covering larger number of trains under Real Time Information System.
  • Next-Gen e-ticketing system to be rolled out capable of handling 7200 tickets per minute against 2000 now & 1.20 lakh users simultaneously against 40,000 now.
Financial Performance 2012-13

  •  Loading target revised to 1007 MT against 1025 MT in BE.
  • Gross Traffic Receipts fixed at `1,25,680 cr in RE, short by `6,872 cr over Budget Estimates.
  • Ordinary Working Expenses retained at BE level of `84,400 cr; pension payments increased by `1,500 cr to `20,000 cr.
  • Dividend liability to government to be fully discharged.
  • Excess’ of `10,409 cr as against the budget amount of `15,557 cr.
  • Loan of `3,000 cr taken in 2011-12 fully repaid along with interest.
  • Operating Ratio of 88.8% as compared to 94.9% in 2011-12.
Budget Estimates 2013-14

  • Freight loading of 1047 MT, 40 MT more than 2012-13.
  • Passenger growth - 5.2%.
  • Gross Traffic Receipts - `1,43,742 cr i.e. an increase of 18,062 cr over RE, 2012-13.
  • Ordinary Working Expenses - `96,500 cr.
  • Appropriation to DRF at `7,500 cr and to Pension Fund at `22,000 cr.
  • Dividend payment estimated at `6,249 cr.
  • Operating Ratio to be 87.8%.
  • Fund Balances to exceed `12,000 cr.  5
Annual Plan 2013-14

  •  Highest ever plan outlay of `63363 cr.
  •  Gross Budgetary Support - `26,000 cr
  • Railway Safety Fund - `2,000 cr
  •  Internal Resources - `14,260 cr.
  • EBR - Market Borrowing - `15,103 cr;
  •  EBR - PPP - `6,000 cr.
  • 500 km new lines, 750 km doubling, 450 km gauge conversion targeted  in 2013-14.
Fiscal Discipline

  •  No supplementary Demands for Grants introduced in Monsoon Session or Winter Session of Parliament;
  •  Loan of `3,000 cr repaid fully;
  •  347 projects prioritized with assured funding;
  •  Operationally important projects and also last mile projects to receive liberal funding;
  •  A new fund – Debt Service Fund – set up to meet committed liabilities;
  • Stringent targets for efficiencies in maintenance of rolling stock and fuel consumption;
  •  Target to create fund balance of `30,000 cr in the terminal year of the 12th Plan.
Staff Welfare

  •  Fund allocation for staff quarters enhanced to Rs 300 cr.
  • Provision of hostel facilities for single women railway employees at all divisional headquarters.
  • Extending treatment facility in case of medical emergency to RELHS beneficiaries to all cities in hospitals empanelled with CGHS and Railways.
  •  Condition of barracks to be improved for RPF personnel.
  • Provision of water closets and air conditioners in the locomotive cabs to avoid stress being faced by loco pilots.
Training and Recruitment

  • 1.52 lakh vacancies being filled up this year out of which 47000 vacancies have been earmarked for weaker sections and physically challenged.
  •  Imparting skills to the youth in railway related trades in 25 locations.  6
  • Setting up of a multi-disciplinary training institute at Nagpur for training in rail related electronics technologies.
  • Setting up of a centralized training institute at Secunderabad – Indian Railways Institute of Financial Management (IRIFM).
  • Five fellowships in national universities to be instituted to motivate students to study and undertake research on IR related issues at M.Phil and Ph.D. levels.
  • Setting up of a chair at TERI promoting railway related research to reduce carbon footprint.

  •  Railway Teams won 9 National Championships in 2012.
  • Railway Sports Promotion Board awarded the ‘Rashtriya Khel Protsahan Puraskar – 2012’.

  • Complimentary card passes to recipients of Rajiv Gandhi Khel Ratna & Dhyan Chand Awards to be valid for travel by 1st Class/2nd AC.
  • Complimentary card passes to Olympic Medalists and Dronacharya Awardees for travel in Rajdhani/Shatabadi Trains.
  • Travel by Duronto Trains permitted on all card passes issued to sportpersons having facility of travel by Rajdhani/Shatabadi Trains.
  • Facility of complimentary card passes valid in 1st class/2nd AC extended to parents of posthumous unmarried awardees of Mahavir Chakra, Vir Chakra, Kirti Chakra, Shaurya Chakra, President’s Police Medal for Gallantry and Police Medal for Gallantry.
  • Police Gallantry awardees to be granted one complimentary pass every  year for travel along with one companion in 2nd AC in Rajdhani/Shatabadi Trains.
  • Passes for freedom fighters to be renewed once in three years.

  • 67 new Express trains to be introduced.
  • 26 new passenger services, 8 DEMU services and 5 MEMU services to be introduced.
  • Run of 57 trains to be extended.
  • Frequency of 24 trains to be increased.  7
Metropolitan Projects/Sub-urban Services

  •  Introduction of first AC EMU rake on Mumbai suburban network in 2013-14.
  • Introduction of 72 additional services in Mumbai and 18 in Kolkata.
  • Rake length increased from 9 cars to 12 cars for 80 services in Kolkata and 30 services in Chennai.
Tariff Proposals

  • Proposal for setting up of Railway Tariff Regulatory Authority formulated and at inter-ministerial consultation stage.
  • Fuel Adjustment Component (FAC) linked revision for freight tariff to be implemented from 1st April 2013.
  • Supplementary charges for super fast trains, reservation fee, clerkage charge, cancellation charge and tatkal charge marginally increased.
  • Enhanced reservation fee abolished.

Railway Budget :- 106 New Trains

 Railway Minister Pawan Kumar Bansal  announced 106 new trains, including 67 express trains and 26 passenger trains, in the railway budget for 2013-14.

Some of the new express trains are between Ahmedabad and Jodhpur, Ajni (Nagpur) and Lokmanya Tilak (Mumbai), Amritsar and Lalkuan (Nainital), Bandra Terminus (Mumbai) and Ramnagar (Uttarkhand) and Bandra and Jaisalmer.

The major passenger trains include services between Bathinda and Dhuri (Punjab), Bikaner and Ratangarh (Rajasthan), Bhavnagar and Palitana (Gujarat), Bhavnagar and Surendranagar (Gujarat) and Bareilly and Lalkuan (UP).

The minister further said five mainline electrical multiple unit (MEMU) and eight diesel multiple unit (DEMU) commuter passenger service will be started.

In addition, 57 trains will be extended and the frequency of 24 services would be increased, the minister said.

The minister said railways remained the single most important catalyst in India's growth story and were a vital organisation integrating the nation from Baramulla in the North to Kanyakumari in the South, and from Dwarka in the West to Ledo in the East.

"Negotiating and overcoming all the difficulties, the vast railway family is determined to play its historic role as a national carrier with resolute sincerity of purpose and strive to be a veritable vehicle of inclusive growth," Bansal said in his budget speech in the Lok Sabha, the lower house of parliament.

"A detailed exercise has been carried out to assess availability of track capacity, terminal facilities and maintenance infrastructure within the available resources."

India's railroad network, ranked among the top five in the world, is spread over 64,000 km with 7,083 stations. It ferries 23 million travellers and 2.65 million tonnes of goods daily on 12,000 passenger and 7,000 freight trains.

Wednesday, February 20, 2013

e-filing Income Tax Return :- Time Limit of ITR-V extended upto 31-03-2013

The ITR-V relates to Assessment Year 2010-11 to Assessement Year 2012-13 can be submitted upto 31-03-2013.   This time has been exteneded by department vide Notification No. SO 16(E) dated 4.1.12 for those who have submitted their income tax returns electronically without digital siganture certificae.  Detail of press release is given below :-

                       The Director General of Income Tax (System) as per powers assigned to it  under clause (ii) of Para 14 read with clause (7) of Para 4 of the ‘Centralized  Processing of Returns Scheme, 2011’, issued as per C B D T Notification No. SO  16(E) dated 4.1.2012, has decided to extend the time limit for filing ITR-V forms relating  to Income Tax Returns filed electronically (without digital signature Certificate) for A.Y.  2010-11 [filed during F.Y.2011-12] and for ITRs of A.Y. 2011-12 [filed on or after 1.4.2011]  till 28th February, 2013.  In respect of returns filed for A.Y. 2012-13 for which  ITR-V forms  are yet to be received at CPC and time of 120 days has also elapsed, time limit for filing  of ITR-V is extended upto 31st March, 2013 or within a period of 120 days from the date  of uploading of the electronic return data, whichever is later

2.  The Relaxation has been made since there are still a large number of electronic  returns relating to A.Y. 2010-11, 2011-12 and 2012-13 for which the ITR-V forms have not  yet been received at the Centralized Processing Centre (CPC), Bengaluru.  These  taxpayers are being given an opportunity to send ITR-V forms to the CPC, Bengaluru by  the date mentioned in para 1 above. March, 2013 or within a period of 120 days from the date  of uploading of the electronic return data, whichever is later.

3. Taxpayers can also verify their status of receipt of ITR-V at e-filing website They can also download the ITR-V from the same  website from sub-menu  My Return under main-menu of  My account after login into  abovementioned website.

4. The ITR-V forms should be sent by ordinary post or speed post addressed to CPC,  Post Bag No.1, Electronic City Post Office, Bengaluru-560100.

Monday, February 11, 2013

Salary :- Taxability of Contribution by employer in New Pension Scheme

                 It is known by every employee that New Pension Scheme(NPS) has been implemented w.e.f. 01.04.2006.   In the other word, NPS is mandatory for all employees who have been appointments after 01.04.2006.   

                   Now, question is that whether amount of contribution paid by employer is taxable in the hand of employee or not.   To clarify the answer of this question, it is necessary to know meaning of salary.  Meaning of salary has been explained below :-

Salary included :-

 (i)  wages;
(ii)  any annuity or pension;
(iii)  any gratuity4;
(iv)  any fees4, commissions, perquisites or profits4 in lieu of or in addition to any salary or wages;
(v)  any advance of salary;
5[(va)  any payment received by an employee in respect of any period of leave not availed of by him;]
(vi)  the annual accretion to the balance at the credit of an employee participating in a recognised provident fund, to the extent to which it is chargeable to tax under rule 6 of Part A of the Fourth Schedule;
(vii)  the aggregate of all sums that are comprised in the transferred balance as referred to in sub-rule (2) of rule 11 of Part A of the Fourth Schedule of an employee participating in a recognised provident fund, to the extent to which it is chargeable to tax under sub-rule (4) thereof; and
6[(viii)  the contribution made by the Central Government 7[or any other employer] in the previous year, to the account of an employee under a pension scheme referred to in section 80CCD;]

                                             On reading above meaning of salary, it is very much clear that the contribution made by employer under a pension scheme is part of salary which is  taxable and deduction under section 80CCD will be allowed for the amount which has been contributed by the employer in new pension section.  Therefore complete knowledge regarding section 80CCD is also required in the interest of employee.

28[Deduction in respect of contribution to pension scheme of Central Government.29
80CCD. (1) Where an assessee, being an individual employed by the Central Government 30[or any other employer] on or after the 1st day of January, 2004,31[or any other assessee, being an individual] has in the previous year paid or deposited any amount in his account under a pension scheme notified or as may be notified by the Central Government, he shall, in accordance with, and subject to, the provisions of this section, be allowed a deduction in the computation of his total income, of the whole of the amount so paid or deposited 32[as does not exceed,—
(a)  in the case of an employee, ten per cent of his salary in the previous year; and
(b)  in any other case, ten per cent of his gross total income in the previous year.]
(2) Where, in the case of an assessee referred to in sub-section (1), the Central Government 33[or any other employer] makes any contribution to his account referred to in that sub-section, the assessee shall be allowed a deduction in the computation of his total income, of the whole of the amount contributed by the Central Government 33[or any other employer] as does not exceed ten per cent of his salary in the previous year.
(3) Where any amount standing to the credit of the assessee in his account referred to in sub-section (1), in respect of which a deduction has been allowed under that sub-section or sub-section (2), together with the amount accrued thereon, if any, is received by the assessee or his nominee, in whole or in part, in any previous year,—
(a)  on account of closure or his opting out of the pension scheme referred to in sub-section (1); or
(b)  as pension received from the annuity plan purchased or taken on such closure or opting out,
the whole of the amount referred to in clause (a) or clause (b) shall be deemed to be the income of the assessee or his nominee, as the case may be, in the previous year in which such amount is received, and shall accordingly be charged to tax as income of that previous year.
34[(4) Where any amount paid or deposited by the assessee has been allowed as a deduction under sub-section (1),—
(a)  no rebate with reference to such amount shall be allowed under section 88 for any assessment year ending before the 1st day of April, 2006;
(b)  no deduction with reference to such amount shall be allowed under section 80C for any assessment year beginning on or after the 1st day of April, 2006.]
35[(5) For the purposes of this section, the assessee shall be deemed not to have received any amount in the previous year if such amount is used for purchasing an annuity plan in the same previous year.]
Explanation.—For the purposes of this section, "salary" includes dearness allowance, if the terms of employment so provide, but excludes all other allowances and perquisites.]

Thursday, February 7, 2013

UIDAI :- Check Status of your Aadhaar Card

Friends,    If you have applied for Aadhaar card and wish to check status of your Aadhaar card you may check it through below link :

Requirements for checking :-  Enrolment No. and Date time, Resident Name (to whom aadhaar card was applied) and  Pin code are required. 

Sunday, February 3, 2013

Deduction of Rent under section 80GG

Friends,   Deduction under section is important for those employees who are getting consolidated salary.  There is no breakup of HRA, he can claim deduction maximum 2000.00 p.m. or Rent paid in excess of 25% of his total income  whichever is less.   Detailed deduction under section 80GG is given below :-

53[Deductions in respect of rents paid.54
80GG. In computing the total income of an assessee, not being an assessee having any income falling within clause (13A) of section 10, there shall be deducted any expenditure incurred by him in excess of ten per cent of his total income towards payment of rent (by whatever name called) in respect of any furnished or unfurnished accommodation occupied by him for the purposes of his own residence, to the extent to which such excess expenditure does not exceed two thousand rupees per month or twenty-five per cent of his total income for the year, whichever is less, and subject to such other conditions or limitations as may be prescribed55, having regard to the area or place in which such accommodation is situated and other relevant considerations :
Provided that nothing in this section shall apply to an assessee in any case where any residential accommodation is—
 (i)  owned by the assessee or by his spouse or minor child or, where such assessee is a member of a Hindu undivided family, by such family at the place where he ordinarily resides or performs duties of his office or employment or carries on his business or profession; or
(ii)  owned by the assessee at any other place, being accommodation in the occupation of the assessee, the value of which is to be determined 56[under clause (a) of sub-section (2) or, as the case may be, clause (a) of sub-section (4) of section 23].
Explanation.—In this section, the expressions "ten per cent of his total income" and "twenty-five per cent of his total income" shall mean ten per cent or twenty-five per cent, as the case may be, of the assessee's total income before allowing deduction for any expenditure under this section.]

Saturday, February 2, 2013

Deduction for Salaried Employees

 Deduction is major question for salaried employees.  Each employee wants to know that what type of deduction can be claimed by him to avoid deduction of Income Tax from his salaries.  Keeping in view of these things all Deductions are framed below to watch the All deductions relating to Salaried Employees. 

Deductions at a Glance to Salaried assessee
Serial No’s
Assessee to whom allowed
Quantum of Deduction
Deduction in respect of contribution to certain pension funds
Only Individuals
Max. Rs. 1,00,000
Deduction in respect of contribution to new pension scheme
Any employee or a self-employed person
In case of employees maximum 10% of salary and in case of self-employed persons 10% of Gross Total Income
Limit of deduction u/s. 80C,80CCC and 80CCD (only employees contribution to New Pension Scheme to be included for the limit of Rs. 1,00,000)
Individual or HUF
Max. Rs. 1,00,000
Deduction in respect of Long-Term infrastructure bonds.
Individuals or HUF
Max. Rs. 20,000.  Removed w.e.f.  F.Y. 2012-13
Deduction in respect of medical insurance premia w.e.f. A.Y. 2011-12 any contribution made to the Central Government Health Scheme (CGHS) shall also be eligible for deduction
Individual or HUF whether resident or non-resident.
In Case of Individuals
(i) For individual himself, spouse and dependent children   Rs. 15,000
For parents of the individuals, whether dependent or not. RS. 15,000
In case of HUF   Rs. 15,000
Note:- Addl. Rs. 5,000 if any of the above person insured is a senior citizen.
Rule 11A
Deduction in respect of maintenance including medical treatment of person with physical disability.
Individual or HUF resident in India:
1)      With disability

2)      With severe disability.

Rs. 50,000

Rs. 1,00,000

Rule 11DD
Deduction in respect of medical treatment etc.
Individual or HUF resident in India
For senior citizen
Rs. 40,000

Addl. Rs. 20,000

Deduction for interest paid on loan taken for pursuing his higher education or for the purpose of higher education of his relative.  Higher education shall cover all post schooling courses.
“Relative” means the spouse and children of the individual.
Individual whether resident or not.
Actual amount paid.
80G/Rules 11AA & 18AAA
Deduction in respect of donations to certain funds, charitable institutions, etc.
All assesses
(a)    100% or 50% of eligible donations, without applying qualifying limit in certain cases.
(b)   100% or 50% of eligible donations, after applying Qualifying limit of 10% of adjusted GTI.
80GG and Rule 11B
Deductions in respect of Rent Paid
Individual only
Max. Rs. 2,000 p.m.
Deduction in respect of certain donations for scientific research or rural development, etc. w.e.f A.Y. 2011-12 donations to any research association will be eligible for deduction.
All assesses no having business income.
100% of sum donated.
Deduction in respect of contribution to political parties/Electoral Trust
All assesses (except local authority and artificial judicial person)
100% of sum contributed.
Deduction in respect of royalty income, etc. of authors of certain books other than text books.
Individuals who are residents in India and are authors.
Actual income or Rs. 3,00,000 whichever is less.
Deduction in respect of royalty on patents.
Individual who is resident in India and is a patentee.
100% of such income or Rs. 3,00,000 whichever is less.
80U/Rule 11D
Deduction in the case of permanent physical disability (including blindness)
Resident Individual:
Rs. 50,000 in case of a per with disability.
Rs. 1,00,000 in case of a person with a severe disability.

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