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Friday, October 25, 2013

CPCB Order - Submission of Income Details & proof of savings for income tax financial year 13-14

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CPCB Order - Submission of Income Details & proof of savings for income tax financial year 13-14

Central Pollution Control Board, New Delhi
File No. AC-101/05/VG/2013-14/ 

September 24, 2013

CIRCULAR

Subject: Income details & proof of savings for tax calculation / deduction purposes for FY 2013-2014
The government of India imposes an income tax on taxable income of individuals. Levy of tax is separate on each of the persons. The levy is governed by the Indian Income Tax Act, 1961. The Indian Income Tax Department is governed by the Central Board for Direct Taxes (CBDT) and is part of the Department of Revenue under the Ministry of Finance, Govt. of India. Income tax is a key source of funds that the government uses to fund its activities and serve the public.

Section 192 of the I.T.Act, 1961 provides that every person (DDO in case of CPCB) responsible for paying any income which is chargeable under the head ‘salary, shall deduct income tax on the estimated income of the assessee under the head salaries. The tax is required to be calculated at the average rate of income tax as computed on the basis of the rates in force. The deduction is to be made at the time of the actual payment. However, no tax is required to be deducted at source, unless the estimated salary income exceeds the maximum amount not chargeable to tax applicable in case of an individual during the relevant financial year. The tax once deducted is required to be deposited in government account and a certificate of deduction of tax at source (also referred as Form No.16) is to be issued to the employee. Finally, the employer/deductor is required to prepare and file quarterly statements in form No.24Q with the Income-tax Department PAN and address are mandatory. If not furnished, tax at source is to be deducted at the prescribed rates or 20% whichever is higher without giving any rebate/deduction.

ArrangementsBy 30th November 2013By 15th February 2014
Annexure I & II along-with proof of the savings (self-attested) till Nov. 30th 2013. Only the documentary proof (Annexure need not be sent again) of the proposed savings (self-attested) declared in annexure II.
DeclarationDeclaration of Proposed savings in the prescribed column in annexure II which are proposed to be made after 30th November 2013 for 2013-2014.Proposed savings or proof of the savings will not be considered after this date, even if submitted.
Last Date 30th November 201315th February 2014)

In case, no declaration is received by November 30th 2013, due tax will be deducted as per the current tax structure.  soft copy of this circular & saving submission annexure are also available at the employees’ corner on the CPCB’s web-site i.e. http://www.cpcb.nic.in/employee/itcircular13-14.pdf & saving submission annexure http://www.cpcb.nic.in/employee/savingsubmission13-14.pdf at Intranet portal (http://10.24.84.156:8080/cpcb.htm).

(M.S. Bansal)
 Accounts Officer & I/C F&A

Income Tax Rates for the Financial Year 2013-2014

For All Assesses:
Upto Rs.2,00,000/- NIL
Rs.2,00,010/- to Rs.5,00,000/- @ 10% of (total income minus Rs.2,00,000)
Rs.5,00,010/- to Rs.10,00,000/- Rs.30,000/- + 20% of (total income minus Rs.5,00,000)
Rs.10,00,010/- & above Rs.1,30,000/- + 30% of (total income minus Rs.10,00,000)

Things one must know: 
1. As per new section 87A wef AY 2014-2015 onwards: 
An assessee, being an individual resident in India, whose total income does not exceed five hundred thousand rupees, shall be entitled to a deduction, from the amount of income-tax (as computed before allowing the deductions under this Chapter) on his / her total income with which he/she is chargeable for any assessment year, of an amount equal to hundred per cent of such income-tax or an amount of two thousand rupees, whichever is less. 

2. Education Cess 2% +Secondary and Higher Secondary Education Cess 1% Education Cess is applicable (2%+1%)@ 3% on income tax 

3. Threshold limit of exemption from personal income tax in the case of all assesses is Rs.2,00,000. The threshold limit for a resident woman assessee is also Rs.200,000, while for a resident senior citizen over 60 years is Rs.2,50,000 and for senior citizen over 80 years is Rs.500,000. 

4. The last date for filing of individual income tax return with the concerned ITO is 31st July 2014. For the Assessment year 2013-14, E-filing must for people with annual income above Rs 5 lakh. 

5. Tax payers with salary income of up to Rs.5 lakh and interest from savings bank accounts up to `10,000 is required to file income tax returns in either mode manually or e.filing.

(M.S. Bansal) 
Accounts Officer 
& I/C F&A

Source: /www.cpcb.nic.in
[http://www.cpcb.nic.in/employee/itcircular13-14.pdf]
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