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Friday, December 25, 2009

Rule 21A of Income Tax Rules 1962 - Form 10E

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ILLUSTRATION TO RE-ASSESS THE INCOME TAX OF THIS YEAR (FIN YEAR 2009-10) BY SUBMITTING FORM 10-E

As per Rule 21A of Income Tax Rules 1962, we can submit Form 10E as we have received pay commission arrears pertaining to the years 2005-06, 2006-07, 2007-08 and 2008-2009. (January 2006 to August 2008). An example is given below which explains the eligibility for getting relief.

IT PAYABLE IF FORM 10-E IS NOT SUBMITTED (TABLE A)

Sl No Details Amount
1. Income chargeable under "Salaries" (including 60% of
6th Pay Commission arrears of Rs 81,508)
Rs 4,51,508
2. Deductions under savings
(Section 80C, 80CCC, 80CCD, 80D etc)
Rs 1,00,000
3. Net Taxable income Rs 3,51,508
4. 10% Tax for below 3,00,000 Rs 14,000
4. 20% Tax for above 3,00,000 Rs 10,302
4. Tax Payable on Sl 3 Rs 24,302
4 (a) Education Cess Rs 729
5. Total Tax Payable Rs 25,031

IT PAYABLE AFTER SUBMITTING FORM 10-E (TABLE B)

Sl No Details Amount
1. Income chargeable under "Salaries"
excluding the 60% arrears
Rs 3,70,000
2. Deductions under savings
(Section 80C, 80CCC, 80CCD, 80D etc)
Rs 1,00,000
3. Net Taxable income Rs 2,70,000
4. Tax Payble on Sl 3 Rs 11,000
4(a) Education cess Rs 330
5 Total Tax Payable Rs 11,330
6 Excluding arrear amount for tax calculated as Rs 13,701
6 Tax Payable for previous year (After revising income of
previous year - as per Form 10E)
Rs 6,940
8 Relief eligible Rs 6,761
How to calculate Income Tax 10E / 89(1) Relief

Previous Year(s) Net Taxable income of the relevant previous years Distribution of 60% arrears to the relevant years Total income with arrears during the relevant years (2+3) Tax on total income without latest arrears distributed (tax on 2) Tax on total income with latest arrears distributed (tax on 4) Difference in tax during relevant years on account of arrears (6-5)
2005-06 134080 7565 141645 3476 4248 772
2006-07 122370 31662 154032 2282 5922 3640
2007-08 92250 29595 121845 0 1221 1221
2008-09 215860 12686 228546 6784 8091 1307

Interest on General Provident Fund(GPF) for the year 2009-10

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Interest on General Provident Fund(GPF) for the year 2009-10

(PUBLISHED IN PART I SECTION 1 OF GAZETTE OF INDIA)
F.NO.5(1)-B(PD)/2009
Government of India
Ministry of Finance
(Department of Economic Affairs)

New Delhi, the 15th October, 2009

RESOLUTION

It is announced for general information that during the year 2009-2010, accumulations at the credit of subscribers to the General Provident Fund and other similar funds shall continue to carry interest at the rate of 8% (Eight per cent) per annum. This rate will be in force during the financial year begining on 1.4.2009. The funds concerned are :-

1. The General Provident Fund (Central Services).

2. The Contributory Provident Fund (India).

3. The All India Services Provident Fund.

4. The State Railway Provident Fund.

5. The General Provident Fund (Defence Services).

6. The Indian Ordnance Department Provident Fund.

7. The Indian Ordnance Factories Workmen’s Provident Fund.

8. The Indian Naval Dockyard Workmen’s Provident Fund.

9. The Defence Services Officers Provident Fund.

10. The Armed Forces Personnel Provident Fund.

2. Ordered that the Resolution be published in Gazette of India.

(Ritesh Kumar Singh)
Deputy Secretary (Budget)

 


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