Deductions under chapter VI-A of Income Tax

Ø    Section 80C, 80CCC and 80CCD – Investments:

v    The overall limit of investments qualifying for deduction under the sections is Rs.1,00,000/- including PF contribution deducted by the employer from the salary of the employee and deposited with PF Authority . An employee can invest full amount in any of the schemes mentioned under Part-III of the Investment Proof Submission form or taken together. However, the total amount of investments taken together will be eligible for deduction under the sections up to a maximum of Rs. 1,00,000/-(Rupees One

Lakh Only).

v    Life Insurance Premium (LIP) / Other Recurring Payments/Deposit: For all recurring payments like Life

Insurance Premium (LIP), Systematic Investment Plan (SIP) for tax savings mutual fund or any other similar payments which is due in the month of February or March 2014, an employee needs to submit the last year payment receipt(s) along with a declaration on the same that “Contribution/payment for the current year shall be paid as and when it is due on or before March 31, 2014 and proof of the same will be submitted as n when required by Company”.

In case of New Policy(s) where the premium is either paid by the employee Monthly /quarterly basis and the date(s) of deposit of Insurance Premium falls due after the due date of submission of proof submission form, the employee has to submit the declaration on the latest premium paid receipt as explained in above para.

v    Children Tuition Fee: Only the tuition fee paid to School/Institution in India for full time education of any two children is eligible for deduction.

              Ø    Housing Loan:

v    For those who are claiming tax exemption benefit on housing loan, they need to submit a certificate or statement from the bank or the finance Institution or the financier clearly mentioning the “Principal Repayment” and “Interest Paid” during this financial year.

v    Deduction is available only when the Employee has taken over the Possession of the House after construction or otherwise.

v    Also submit a certificate / statement for payment of interest on housing loan from the Bank/Institution clearly showing the total amount of interest paid pre-construction/pre-possession of house property in case the employee wish to claim the deduction for interest paid on housing loan for the period before construction or possession of house property.

v    All fields are mandatory; hence, please do no leave any column blank otherwise the claim will be rejected. Strike out if anything is not relevant or applicable.

v    In case, any employee is living in a rented accommodation and simultaneously also own a house acquired with borrowed capital in the same city or town, only one deduction in respect of the HRA or Housing Loan, whichever is higher, is permissible provided the employee has submitted the Rent Receipts in original. However, if both the houses are situated in a different

City/Town, the employee will be eligible for both the deductions of HRA and Housing Loan.

v    In case of joint property, a joint declaration duly signed by the co-owners specifying the share of interest and principle paid / payable during the year, which will be claimed by them in their respective Income Tax Return, should be submitted

v    The certificate of interest payable / paid for FY 2013-14 must be obtained in the month of January 2014 .i.e. latest Certificate.

Ø    Section 80D -Medical Insurance Premium for self & family members (Spouse, children & parents): To claim deduction under this section, please attach a copy of premium payment receipt

/certificate as proof of payment & also mention the relationship of the insured member(s) on the certificate itself in order to enable us calculate the correct amount of deduction under section 80D.

Ø    Section 80DD -Medical Treatment of Dependent Handicap (Spouse, Children, Parents, Brothers & Sisters): Please attach certificate from the Medical Authority of a Govt. Hospital in the Prescribed Form.

Ø    Section 80DDB-Medical Treatment (Self and Dependent Spouse, Children, Parents, Brother, Sister) Please attach certificate from the

Medical Authority of a Govt. Hospital in the prescribed Form along with

Bills of medical expenses and the medical expenditure must have been incurred by the employee himself.

Ø    Section 80E - Interest paid on loan taken for Higher Education(Self, Spouse and Children): Please attach a copy of certificate of interest payable / paid for FY 2013-14 from the Bank/Institution/Other Financier from which loan taken and the certificate of interest payable / paid for FY 2013-14 must be obtained in the month of January 2014 .i.e. latest Certificate. In case the loan has been taken for education of Spouse/Children, please provide a self declaration to the effect on the Statement itself being submitted. This deduction is available up to 8 assessment years inclusive of initial assessment year relevant to previous year, in which the assessee starts paying interest on loan.

Ø    Section 80U - Permanents Physical Disability (Self) : Please attach

certificate from the Medical Authority of a Govt. Hospital in the prescribed Form.