SHREE CEMENT LIMITED, BEAWAR

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SHREE CEMENT LIMITED, BEAWAR TDS ON SALARY U/S
192 Financial Year 2008-2009 (Asstt. Year
2009-10)
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• INCOME - Classified U/S 14 as below -
• 1. Salary
• 2. Income from house Property
• 3. Profits Gains of business or profession
• 4. Capital Gains
• 5. Income from other sources
• SALARY - U/S 15 means -
• Salary due from an employer or former employer.
• Any salary paid or allowed on behalf of employer
  or former employer.
• Any arrear of salary paid or allowed by or on
  behalf of employer or former employer.

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• SALARY INCLUDES - Sec 17(1)
• Wages.
• Allowances.
• Annuity or pension.
• Gratuity.
• Fees, Commission or Perquisites.
• Advance of Salary.
• PL/CL Encashment.
• Contribution by employer towards P.F. Exceeding
  12.
• Interest credited to recognised P.F. in excess
  of 12 p.a.

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• PERQUISITES INCLUDES - Sec. 17 (2)
• Rent free accommodation.
• Concession in rent for accommodation provided.
• Any obligation paid by employer which otherwise
  could have been paid by employee.
• Amount paid by employer for the funds other than
  P. F. Super annuation funds to effect assurance
  on life of employee.
• The value of any other Fringe Benefit or amenity
  as may be prescribed.

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• TAXABLE PERQUISITE DOES NOT INCLUDE -
• Premium paid by employer to effect insurance on
  health of employee or his family under any Scheme
  for the purpose of Sec. 80D.
• Medical reimbursement upto Rs. 15000/- subject to
  submission of bills.
• A LEAVE SALARY -
• During service period PL Encashment taxable. But
  exempt at the time of retirement / age of super
  annuation or resignation the least of following
  -
• Leave salary of 30 days of each completed year of
  service or
• 10 months average salary or

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• - Rs. 3,00,000 or
• - Leave salary actually received.
• Note-Average salary means average salary of last
  10 months salary drawn before retirement.
• B GRATUITY -
• Exempt For Employees covered under payment of
  Gratuity Act, 1972 (Least of following)-
• 15 days last drawn salary for every completed
  year of service
• Rs. 3,50,000/-
• Gratuity actually received
• Salary is calculated by last drawn monthly salary
  divided by 26 and multiply by 15.

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• ii) Exempt in case of any other employee least of
  following-
• Rs. 3,50,000/-
• Half months salary (Average of last 10 months) of
  each completed year of service (fraction of
  months is ignored).
• Gratuity actually received.
• Declaration from Employee required in respect of
  previous claimed if any subject to MAXIMUM
  exemption.
• C COMPENSATION -
• At the time of voluntary retirement exempt when
  it is as per Voluntary Retirement Scheme as
  prescribed under Rule 2BA (Maximum Rs. 5.00 Lacs)
  and such scheme is approved by CCIT or Director
  General.

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• D ALLOWANCES -
• HOUSE RENT ALLOWANCE is exempt least of
  following-
• 50 of salary (incl. D. A.) in case of Mumbai,
  Kolkata, Delhi Chennai.
• 40 in case of other places.
• HRA actually received.
• Excess of rent paid over 10 of salary.
• Exemption is not available in case of employee
  lives in own house or does not pay rent.
• 2 CONVEYANCE ALLOWANCE
• - Exempt in case of official purpose.
• - Rs. 800/- P.M. for attending duty from his
  residence.

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3 WASHING ALLOWANCE /Uniform Maintenance
Allowance - - Exempt for wearing uniform for
official purpose. 4 EDUCATION ALLOWANCE -
- Exempt Rs. 100/- P. M. per child for 2
children. 5 OTHER ALLOWANCES - - Other
Allowances like as LTA, D.A., A.D.A., V.D.A.,
Special Pay will be taxable in the hands of
employee. 6 MISC. PAYMENTS - -
Miscellaneous payments to workers e.g. National
Holiday, Extra Amount, Overtime Payment will be
taxable in all cases.
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• F PERQUISITES -
• TAXABLE PERQUISITES -
• (i) Rent free Accommodation/ Concessional
  
• Accommodation-
• In case accommodation is owend by employer -
• 7.5 from F.Y. 08-09 of salary (including
  Bonus, Commission and all taxable allowances) if
  population is below 10 lakh as per 2001 census.
• (b) In case Accommodation is taken on lease by
  employer -
• 15 from F.Y. 08-09 of salary or amount of
  lease rent paid by employer whichever is less.

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• ii) Other Perquisites taxable to Employees-
• In case of furniture etc. provided -gt 10 of
  original cost.
• Any obligation which otherwise payable by
  employee i.e. gas, electricity, water for private
  purpose school fees etc. Exp. actually incurred
  by employer.
• Premium paid by employer to effect assurance of
  employee other than towards P. F. super annuation
  fund or Group Insurance Scheme.
• In case of sweeper, watchman, gardner, driver
  etc. engaged for domestic use, actual cost
  incurred by the company is taxable.

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• iii) Interest free loan-
• Small loan upto 20000/- in the aggregate are
  exempt.
• If loan is taken for Housing, Car, Education or
  any other purpose simple interest at the Interest
  rates p.a. charged by the State Bank of India on
  such types of loans on maximum outstanding
  monthly balance reduced by interest charged by
  the employer if any.
• The present rate of interest of SBI is as below-
• Nature F.Y. 2008-09
• For Housing - 10 upto 5 year
• For Car - 11.50 upto 3 years
• For Education - 12.25 upto Rs. 4 lac.
• For Personal - 15.50

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• Rebate under IT Act-
• INTEREST REPAYMENT OF HOUSING LOAN
• Loss from house property Loss due to payment of
  interest on loan taken for purchase/construction
  of residential house, the deduction is as below
• - Purchase / construction after 01/04/99 if
  purchase or Rs.1,50,000/-.
• - Construction is completed within 3 years
  from the end of Financial Year in which capital
  was borrowed.
• The Employee has to submit the desired details in
  prescribed format for claiming such deduction.

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• DEDUCTIONS UNDER CHAPTER VI
• Deduction U/S 80 C - w.e.f. 01.04.05 this
  deduction will be allowed to the individual in
  maximum upto Rs.100000/- subject to investment in
  followings
• LIC for self, spouse and any child of such
  employee
• PPF for self, spouse and any child of such
  employee
• NSC for self,
• Interest on NSC If reinvested
• ULIP for spouse and any child of such employee
• Bank FDR in 5 year deposit scheme.
• Investment in u/s 80 CCC pension plan.

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• Repayment of housing taken for purchase /
  construction of residential accommodation -
• - Housing Board
• - Authority engaged in construction and
  sale of
• house property on ownership basis.
• - Central / State Govt.
• - Banks.
• - LIC
• - Cooperative Society
• - National Housing Bank
• - Public Company Mainly financing for
  such
• purpose.
• - Assessees employer being public company.
  
• \

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• Tuition fees, whether at the time of admission or
  thereafter in any university, college, school, or
  other educational institution in india for the
  purpose of full time education for 2 children.
• Investments specified in Mutual Funds.
• Amount deposited under Senior Citizen Savings
  Scheme (applicable from the A.Y. 2008-09).
• Amount Deposited in 5 year Time Deposit Scheme in
  Post Office (applicable from the A.Y. 2008-09).
• B) Deduction U/S 80 D - Maximum Rs. 15000/- on
  Health Insurance premium for self, wife,
  dependent parents and additional deduction Rs.
  5000/- if paid for senior citizen.

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• c) Deduction U/S 80 DD In respect of
  maintenance including treatment of handicapped
  dependents of an Individual or member of HUF. The
  amount of deduction is Rs. 50000/- (In case of
  severe disability Rs. 75000/-) on the expenses
  incurred
• For the medical treatment (including nursing),
  training and rehabilitation of a handicapped
  dependent.
• Paid or deposited under any scheme framed in this
  behalf by the LIC or any other insurer or the
  administrator or the specified company approved
  by board in this behalf, for maintenance of
  handicapped dependent.
  
  
  

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Handicapped dependent He is suffering from a
permanent physical disability (including
blindness) or is subject to mental retardation,
Autism, cerebral palsy, multiple disability being
a permanent physical disability or mental
retardation specified in the Rules made by the
Board. D) Deduction U/S 80 DDB Deduction of
Rs. 40000/- (60000/- In case of senior citizen)
(irrespective of actual expenses) for specified
diseases (neurological diseases, dementia,
dystonia musculorum, motor neuron decease,
ataxia, chorea, hemiballismus, aphasia,
parkinsons disease, cancer, AIDS, chronic renal
failure, hemophilia, thalassaemia. For
claiming deduction under this Section certificate
in form 10I as per rule 11 DD is to be submitted.
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E) Deduction U/S 80 E - Repayment of Interest on
loan (for self, spouse, child) taken from any
Financial Institutions or approved Charitable
Institutions for higher education i.e. full-time
studies for any graduate or postgraduate course
in engineering (including technology /
architecture), medicine, management or for post
graduate course in applied sciences or pure
sciences including mathematics and statistics.
Amount of deduction is actual payment of
interest for the period upto 8 years. F)
Deduction U/S 80 G - Deduction _at_ 50 or 100
of donation as applicable to certain institutions
subject to maximum of 10 of GTI and the employer
can consider only deduction for certain specified
donations as approved by Govt.
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• ELIGIBLE AMOUNT Deduction -
• Maximum Rebate of Section 80-C 80-CCC will be
  Rs. 100000/-.
• There is no sectorial restrictions in deduction
  of Sec. 80-C.
• WITHDRAWAL OF REBATE - In case of -
• Termination of ULIP before 5 years
• Discontinuation of Insurance Policy before 2
  years
• Transfer of house property before 5 years
• Premium payable to insurance policy is in excess
  of 20 of actual capital sum assured.
• Withdrawal of FDR before 5 Years.
• Rebate allowed earlier will be taxed in the year
  of such event.

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RATE OF INCOME TAX , SURCHARGE CESS U/S 192
- w.e.f. 01.04.08 rates of income tax
will be as under -
w.e.f. 01.04.08 rates of income tax in case of
female will be as under -
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SURCHARGE - Total Income upto Rs. 1000000/- no
surcharge. Above Rs. 1000000/- 10
surcharge. EDUCATION CESS - EDUCATION CESS is
payable _at_ 3 (21) including surcharge if
any. RETURN OF INCOME U/S 139 (1) In case of
employee having taxable income should file Return
of Income in form ITR before 31st July of the
assessment year.
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PERMANENT ACCOUNT NO. U/S 139 A - An employee
having taxable income should apply to the
assessing officer for P. A. No. in form No. 49A
through NSDL UTI and intimate his P.A. no. to
the employer which is mandatory. INTEREST /
PENALTY FOR FAILURE TO FILE RETURN BY EMPLOYEE
- INTEREST U/S 234A - For defaults in
furnishing Return of Income before due date, _at_
12 P. A. for the period of default
due. PENALTY U/S 271 F Rs. 5000/- for failure
to file return of income before the end of
relevant assessment year.
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SALARY STRUCTURE - Basic Allowance
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SALARY STRUCTURE - Basic Allowance
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SALARY STRUCTURE - REIMBURSEMENT
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THANKS