For Tax Calculation/Deduction submit proof of Savings by Taxpayee.

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.

The Statute requires deduction of tax by the employer from the income under the head salary disbursed by him during a financial year on monthly basis and to deposit with the Govt. account within stipulated period.

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.
 

The proof of savings under various sections of Income Tax Act be submitted as per the following arrangements:

Arrangements	By 30th November 2012	By 15th February 2013
Annexure	I & II along- with proof of the savings (Self-attested) till Nov. 30th 2012.	Only the documentary proof (Annexure need not be sent again) of the proposed savings (self- attested) declared in annexure II.
Declaration	Declaration of Proposed savings in the prescribed column in annexure II which are proposed to be made after 30th November 2012 for 2012- 2013.	Proposed saving s or proof o f the savings will not be considered after this date, even if submitted.
Last Date	30th November 2012	15th February 2013

In case, no declaration is received by November 30t h 2012, due tax will be de ducted as per the current tax structure.

Posted in: Deductions Under Chapter-VIA,Free Income Tax Calculator,Online Income Tax Calculator,TDS Calculations