Guidelines for submission of Income Tax Investment Proofs for F.Y. 12-13 Note: 1.

The income tax benefit will be allowed strictly on the basis of adherence to following guidelines. 2. The Income Tax benefit will be allowed only on the basis of actual investment proofs submitted. In any case it will not be allowed on Self Declaration basis.
HRA Housing Rent benefit Original rent receipts should be submitted for the period from April 12 to December 12 Photocopies shall not be accepted. The rent receipts should be signed by the landlord The rent receipts should specify rented property address. The rent receipts should show employee name If the monthly rent is paid by cash and monthly rent amount exceeds Rs.5000/- then rent receipt should bear revenue stamp.

Exemption Criteria Actual HRA earned for the year. Rent paid minus 10% of Basic 40% of Basic Least of above is exempt from tax Medical Expense Reimbursement The original bills of Medical expenses are be submitted The medical bills should be for F.Y.12-13 The bills can be towards medical expenses incurred on employee or his spouse or children or parents.

Exemption Criteria Rs.15, 000/- or actual bills submitted, whichever is less. Exemption cannot exceed the amount paid as Medical Expense Reimbursement in the year by the current employer Leave Travel Allowance Exemption is allowed for travel within India only. Employee essentially should be part of the travel, to be able to claim exemption. In case of travel by air, original boarding pass is to be submitted In case of travel by railway, original tickets are to be submitted In case of travel by self owned car, original petrol bills are to be submitted In case of travel by rented car, original copy of travel agency bill are to be submitted

In case of LTA claim, the self declaration as per attached format is to be submitted.

Exemption Criteria Exemption cannot exceed the amount paid as LTA in the year by the current employer, even if the actual travel expenses are higher. In case of travel by Taxi Fare equivalent to the First Class A.C. train for the distance of the journey by the shortest route only will be considered as exemption

Housing Loan Interest Benefit The provisional certificate issued by bank for current year F.Y.12-13 is to be submitted. The Certificate should be issued on or after 1st December 2012 If the loan is in joint name, then self declaration as per the attached format is to be submitted.

Note: In case of submission of any other document issued by bank, the benefit is disallowed In case of non submission of self declaration, only 50% benefit will be allowed

Exemption Criteria Maximum deduction allowed is Housing Loan interest amount paid during the year or Rs.1, 50,000/- whichever is less

Educational Loan Note: The benefit is allowed only to the extent interest paid on educational loan for higher education of employee himself or his spouse or children Bank Certificate or Bank statement showing amount of interest is to be submitted

Exemption Criteria No capping of maximum limit Actual interest paid by the employee is allowed as deduction.

Mediclaim

 Note:

The policy copy of F.Y.12-13 is to be submitted

The policy should be in employee name. It can cover health of spouse, children and/or parents. If case of parents above 60 years of age, kindly mention the same on policy copy.

Exemption Criteria Rs.15000/- or actual paid whichever is less in case of individual employee, spouse and children Additional benefit of Rs.5000/- is allowed if parents are covered in the mediclaim policy Further additional benefit of Rs.15000/- is allowed if the parents covered under policy are above 60 years

Self Physical Disability Benefit Certificate issued by Medical Authority is to be submitted

Exemption Criteria Limited to Rs.50000/- (<=80% disability) Limited to Rs.100000/- (>80% disability)

Maintenance or medical treatment of handicapped dependant Photocopy of certificate issued by the competent medical authority in a Government Hospital, with a self-declaration, certifying amount spent on treatment, training or rehabilitation of the handicapped dependent, or receipt of the amount paid to LIC/UTI for the policy

Exemption Criteria Limited to Rs.50000/- (<=80% disability) Limited to Rs.100000/- (>80% disability)

Deductions under section 80 C and 80 CCC Maximum cumulative deduction available under different investments made under Sec.80 C and 80 CCC is limited to Rs.1.00 lakh

LIC/ULIP Note: The proposal depository receipt is not accepted as proof of LIC premium payment The benefit is allowed for investment made in name of employee or his spouse or children. Investment made in name of employee parents is not allowed as benefit The copy of premium receipt for F.Y.12-13 is to be submitted

Mutual Fund/ Pension Plan/ Infrastructure Bonds/ NSC Note: The benefit is allowed only for investment made in name of employee. The investments made in name of employee spouse or children or parents are not allowed as benefit. The investment statement or certificate of F.Y.12-13 is to be submitted In case of mutual fund, the investment should be made in Tax Saving Funds. The statement should show employee name.

Fixed Deposits Note: The benefit is allowed only in respect of investments made in scheduled banks for lock in period of 5 years The benefit is allowed only for investment made in name of employee. The investments made in name of employee spouse or children or parents are not allowed as benefit. The receipt/certificate copy for F.Y.12-13 is to be submitted

Time Deposits The passbook copy for F.Y.12-13 is to be submitted

Note: The benefit is allowed only in respect of investments made for lock in period of 5 years The benefit is allowed only for investment made in name of employee. The investments made in name of employee spouse or children or parents are not allowed as benefit.

PPF The PPF challan copy or PPF passbook copy for F.Y. 12-13 is to be submitted It should show name of the employee or spouse or children

Note: The benefit is allowed for investment made in name of employee or his spouse or children. Investment made in name of employee parents is not allowed as benefit

Tuition fees Note: The benefit is allowed only towards fees paid to the school under head - tuition fees or term fees or admission fees or school fees or monthly fees. Fees paid under any other head is not allowed as benefit. The original copy of school fee receipt for F.Y.12-13 are to be submitted

Housing Loan Principal Repayment Benefit The provisional certificate issued by bank for F.Y.12-13 is to be submitted. The Certificate should be issued on or after 1st December 12. If the loan is in joint name, then self declaration as per the attached format is to be submitted.

Note: In case of submission of any other document issued by bank, the benefit is disallowed In case of non submission of self declaration, only 50% benefit will be allowed

Housing loan Stamp Duty and Registration fees benefit It should be paid in F.Y.12-13 Payment Receipt should be submitted

Other Donation The benefit towards donation paid during the year is not allowed. It is to be claimed in individual capacity

Previous Employer Income

 Note:

Form 16 or a signed / sealed tax computation sheet issued by previous employer along with a declaration in Form 12B is to be submitted

Only Form 12B submitted will not be considered. The Taxable Salary Income, Professional Tax, Provident Fund and Income Tax deducted by previous employer will be considered while computing tax liability with current employer. The proofs pertaining to the period after joining current employer will only be considered for calculating tax liability with current employer.