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Tuesday, March 02, 2010

New Income Tax Slab for FY 2010-11

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Income upto Rs.1.6 lakh Nil
Income above Rs.1.6 lakh and upto Rs.5 lakh 10 per cent
Income above Rs.5 lakh and upto Rs.8 lakh 20 per cent
Income above Rs.8 lakh 30 per cent




Particulars Taxable/Non-Taxable Exemption/Rebate Limit
Taxable Items: - - -
Basic Pay Fully Taxable - -
Dearness Pay Fully Taxable - -
Grade Pay Fully Taxable - -
Dearness Allowance Fully Taxable - -
House Rent Allowance Fully Taxable - -
City Compensate Allowance Fully Taxable - -
Medical Allowance Fully Taxable - -
Family Planning Allowance Fully Taxable - -
Arrear Amount Fully Taxable - -
Maturity Amount of NSC Fully Taxable - -
Total amount withdrawn from NSS Fully Taxable - -
Transport Allowance Partially Taxable Rebate Maximum upto Rs.800 PM
Children Education Allowance Partially Taxable Rebate Maximum upto Rs.100 PM
Deductions:
Less-Allowance U/S 10(13A) Actual Rent Paid - Exempt Actual amount of HRA received or Expenditure on rent in excess of 1/10th of the salary or 50% of Salary, which ever is less Rent Paid
Interest on HBA U/S 24 - Deduction Maximum Rs.1,50,000
Reimbursement of Medical Exp. U/S 17(2)V - Deduction Maximum Rs.15,000
U/S 80C - Deduction Maximum Rs.1,00,000
Refund of loan taken for the construction of House - Deduction Maximum Rs.1,00,000
C.P.F / G.P.F - Deduction Maximum Rs.1,00,000
G.I.S - Deduction Actual
LIC Premium - Deduction Maximum Rs.1,00,000
Subscription of N.S.C. / P.P.F - Deduction Maximum Rs.1,00,000
Interest Occurred on investment in N.S.C. - Deduction Maximum Rs.15,000
C.T.D. / L.I.P. / ULIP (Mutual Fund) - Deduction Maximum Rs.1,00,000
Unit Linked Plan - Deduction Maximum Rs.1,00,000
Tuition Fee (Limited to 2 children) & (After XII th full time course) - Deduction Maximum Rs.1,00,000
5 Years Fixed deposit & 5 years time deposit scheme - Deduction Maximum Rs.1,00,000
U/S 80D CCC - Deduction Maximum Rs.10,000
U/S 80CCD - Deduction Maximum 10% of BP & DA (Recruited on or after 1.1.2004)
Medi Claim Premium U/S 80D - Deduction Maximum Rs.15,000 (Other than above Rs.1,00,000)
Premium paid for Self, Spouse & Children - Deduction Maximum Rs.15,000 (other than above Rs.1,00,000)
Premium paid for Parents (If parent is not senior citizen) - Deduction Maximum Rs.20,000 (Other than above Rs.1,00,000)
Premium paid for Parents (If parent is senior citizen) - Deduction Maximum Rs.20,000 (Other than above Rs.1,00,000)
U/S 80DD - Deduction Handicapped dependents :spouse, son / daughter, parents and brother / sister - Deduction Rs.75,000 to Rs.1,00,000
U/S 80DDB - Deduction Maximum Rs.400,00 (other than above Rs.1,00,000)
U/S 80E - Deduction Entire amount (Interest on higher Education/Study loans)
U/S 80 G - Deduction Deduction for contribution to charitable organization
U/S 80U - Deduction Disability Deduction Rs.75,000 to Rs.1,00,000
Tax Relief - Additional savings in Infrastructure Bonds : Rs.20,000
CGHS subscription will be exempted u/s 80D

Source: CGStaffNews

Deduction for Contribution to CGHS

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Deduction for Contribution to Central Government Health Scheme The Central Government Health Scheme (CGHS) is a medical facility available to serving the retired government employees. The CGHS facility is similar to the hospitalization and other healthcare facilities covered under insurance policies issued by health insurance companies.

As per the provisions of the Act, an individual can claim deduction for payment of health insurance premium of Rs 15,000 if the insurance is for himself, spouse and dependant children. The individual will get an additional deduction of Rs 15,000 if the contribution is made for his parents. The deduction in case of a senior citizen is Rs 20,000.

The government has now sought to extend the benefit of deduction to contributions made under the CGHS and is welcome change for the retired government employees. This deduction shall be covered within the overall limit of existing deductions under the Act which was not there earlier.
Source: Economic Times



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