Year End Document 2009-2010(revised

INSTRUCTIONS FOR SUBMITTING THE INVESTMENT PROOFS: Note: 1. Employee ID and Name should be mentioned on each proof/document submitted for easy identification. Proofs without this identification are liable to misinterpretation/exclusion. 2. Proofs should be secured in a proper manner (stapled) to the Proof Submission Form in order to prevent loss. 3. Employees should Sign all EPS form. Employees should take Acknowledgement copy for EPS submission.

Section 10 Exemptions Exempti ons HRA

Proof Submission format

Proofs to be submitted

Guidelines

Proof of occupation of the rented house for the period when the house is occupied (Rule 2A read with Section 10(13A))

• Original receipts only. Photocopies will not be accepted. • Receipt should be signed by and specify the name of the owner & address of the property. C:\Documents and Settings\Raghavend • Rent agreement alone does not constitute proof of payment of rent • Receipts should be of the current year only (April 2009 – March 2010) • Receipts should be for the period with the current employer only. Exemptions for the period not with the current employer cannot be considered. • Exemption allowed for travel undertaken within India only. • In case of travel by Train / Flight - Travel agent’s bill without tickets does not constitute valid proof • In case of travel by Taxi – First class a/c train fare for the distance of C:\Documents and Settings\Raghavend the journey by the shortest route will be considered. • Exemption cannot exceed the amount paid as LTA in the year by the current employer. • Employee should be on paid leave during the period of travel (to be verified by the employer / HR) • Original medical bills only • Bills for cosmetics not allowed. • Authenticity of the bills and total of all bills submitted will be C:\Documents and employees responsibility Settings\Raghavend • Bills should be of the current year only (April 2009 – March 2010) • Receipts should be for the period with the current employer only. Exemptions for the period not with the current employer cannot be considered.

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Original monthly rent receipts from April 2009 till March 2010. Receipt should specify the month, amount of rent paid, landlord name & address of the rented property.

LTA

Leave Travel Concession shall be supported by original tickets / receipts / Boarding Passes (Section 10(5) read with Rule 2B) 1. Original train tickets / flight tickets along with boarding passes. 2. In case of car rentals / travel by Taxi’s – original bill clearly showing the places traveled, number of dependents traveled and the kilometers covered. 3. Declaration in the attached format is mandatory.

Medical

Actual expenditure incurred by the employee on medical treatment.

Confidential

Chapter VIA deductions Deductions

Proofs to be submitted

80D Medical Copy of receipt issued by the Insurance Company Insurance

80DD Treatment to Handicapped Dependents

80DDB Treatment to Specified Deceases

80 E

80U

Copy of certificate issued by the competent medical authority in a Government Hospital, with a selfdeclaration, certifying amount spent on treatment, training or rehabilitation of the handicapped dependent, or receipt of the amount paid to LIC/UTI for the policy. Copy of certificate issued by the competent medical authority in a Government Hospital.

Guidelines • Limited to Rs.15000. Rs.20000 in case of Senior citizens, accumulative amount for year max would be Rs.35000 (15000+20000). • Receipts should be of the current year only (Apr’09 – Mar’10) • Policy can be in the name of individual, spouse, dependant parents and children. • Limited to Rs.50000 (<=80% disability), Rs.75000 (>80% disability) • Where condition of disability requires reassessment, fresh certificate to be obtained after its expiry to continue claiming the deduction • Certification should be obtained by only Govt. Doctors.

• Actual amount Spent on such treatment is eligible for deductions. • Original Bills should be produced along with the Certificates. • Certification should be obtained by only Govt. Doctors.

Letter / certificate from the Bank / Financial • Interest paid for the first 8 years on loans taken for Higher Institution specifying the following: Education such as Engineering / Medical etc • Said loan is an Educational loan • Eligible only if loan is availed by the employee for pursuing his / • Amount of interest paid on the loan in the current her higher education year (Apr’09–Mar’10) • Loans availed only from FI / Bank is eligible. • No Limit • Interest paid in the current year only (Apr’09 – Mar’10) Copy of certificate issued by the medical authority • Limited to Rs.50000 (<=80% disability), Rs.75000 (>80% severe along with the return of income. disability) • Where condition of disability requires reassessment, fresh certificate to be obtained after its expiry to continue claiming the deduction. • Certification should be obtained by only Govt. Doctors.

Proof Submission format

True copy of Current Financial Premium Receipts to be provided.

C:\Documents an Settings\Raghave

C:\Documents an Settings\Raghave

True copy of Bank statement of Current Financ ial year to be provided.

C:\Documents an Settings\Raghave

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Loss or Income from House Property

Income/ Loss Loss on House Property

Proof Submission format

Proofs to be submitted

Guidelines

Letter / Provisional certificate from the Housing Finance Company / Bank and calculation of loss clearly specifying the Interest, Principal and Pre-EMI interest separately.

• Calculation of loss is necessary in case of let-out properties. • Interest paid in the current year only (Apr’09 – Mar’10) is eligible. • Pre-EMI interest is deductible in 5 equal installments starting from the C:\Documents an year when the construction is completed or property is acquired. The Settings\Raghave relevant proof and the calculations is to be attached. • In case of jointly availed property loan, the employee to declare only the amount paid by him/her in the EPSF. • In case of Joint, employees should specify their % of loan repayment on EPS form (Mandatory). • Form 12C declaration should be provided by the employee along with computation statement. • If any housing loan availed by the employee on this particular property C:\Documents an then the true copy of such bank loan statement need to be provided Settings\Raghave (Current Financial Year).

Income Letter / Provisional certificate from the Housing From House Finance Company / Bank and calculation of loss Property clearly specifying the Interest, Principal and Pre-EMI interest separately.

Section 80C deductions Investment

Proofs required to be submitted

80CCC Copy of receipt issued by the Insurance Company (Pension Policy) Copy of all premium receipts issued by the Life Insurance Insurance Company. Intimation letters provided Premium by employee will not be considered as proofs.

Guidelines • Policy from any approved company by IRDA. • Late payment fees will not be considered as premium paid. • Receipts should be of the current year only (Apr’09 – Mar’10) • • • • •

Policy from any approved company by IRDA. Late payment fees charged will not be considered as premium paid. Receipts should be of the current year only (Apr’09 – Mar’10) Policy can be in the name of individual, spouse, & children. Any Premium due during Feb and March Latest Premium Receipts of such polices should provide as Proof along with LIC payment Declaration form and copy of cheques which are payable LIC

Proof Submission format True copy of Premium Receipts of Current Financial year True copy of Premium Receipts of Current Financial year

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PPF

Copy of stamped challan or PPF passbook

VPF

Voluntary PF deducted through salary.

department with their respective premium amount that were due in Feb and March. True Copy of • Provident fund can be in the name of individual, spouse & children. Bank pass book. • Maximum contribution allowed under this scheme is Rs.70000/• Maximum contribution allowed under this scheme is Rs.100000/-

Fixed Deposit • Copy of the Receipt/certificate issued by the scheduled bank in a Scheduled Bank ULIP

Copy of Receipts / Statement

• Term deposits for a minimum period of 5 years with a scheduled bank True copy of FD Certificate. are eligible for deduction. • Receipt should be of the current year only (Apr’09 – Mar’10) •

True copy of Receipts / Statements / Bonds / Certificates should be of the current year only (Apr’09 – Mar’10)

Mutual Funds / Copy of Receipts / Statement – Specified funds ELSS only. Postal Deposits Children Education fees

Copy of the stamped challan or Passbook True copy of Fees Tuition fees paid supported by receipts issued by • Receipts should be of the current year only (Apr’09 – Mar’10) Receipts. • Donations, Capitation fess, Building funds, Van fees etc are not the school, college, university or educational allowed. institution. • Max of 2 Children’s per Year.

Previous Employment Income / Tax

Proofs to be submitted

Guidelines

Proof Submission format

Previous Form 16 or a signed / sealed tax computation sheet, • Only Form 12B submitted will not be considered. Employment from the previous employer along with a declaration • The Income after Sec 10 exemption, Professional Tax / Provident Fund Income / in Form 12B. Income tax deducted will be accounted for while computing the tax C:\Documents an Tax Settings\Raghave liability. • Where the previous employer has granted Deduction’s for Investments made – proofs of such investments will have to be re-submitted. Treatment of Previous Employment Income Employee has to submit Form 16, or a signed / sealed tax computation sheet, from the previous employer along with a declaration in Form 12B. Form 16 or the signed tax sheet from the previous employer is mandatory. Only Form 12B submitted will not be considered. Previous employment income, as per supporting, will be accounted for computing the tax liability for the year. While generating the Form16, the previous employment details will be removed. This treatment is supported by the below circular from the IT department. 4

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