Click Here to Download Investment Declartion Form.
Click Here to Download Income Tax Rates for FY 2012-2013.
Relevance of “Employee Investment Declaration form” (which needs to be submitted by the Employee to the Employer)
Every employee has to provide the following information given below to their employer in the Declaration Form, If during the Financial Year 2012–13 (i.e., from 01 Apr 2012 –31 Mar 2013) his/her earnings are expected to be exceed the basic Income Tax exemption limits.
Information to be provided in the Declaration form <Format Attached>
<!--[if !supportLists]-->· <!--[endif]-->Expenditure incurred by the Employee (E.g.: House Rent Allowance),
<!--[if !supportLists]-->· <!--[endif]-->Interest on housing loan.
<!--[if !supportLists]-->· <!--[endif]-->Savings /investments under Sec 80C to 80U.
Basic Income Tax Exemption Limit:
(As per the Finance Bill Presented in the Parliament) relevant for financial year 2012-13 (Assessment year 2013–14)
<!--[if !supportLists]-->· <!--[endif]-->In case of Male employee age below 60 years– Rs.2,00,000/-
<!--[if !supportLists]-->· <!--[endif]-->In case of Female employee age below 60 years – Rs.2,00,000/-
<!--[if !supportLists]-->· <!--[endif]-->In case of employee - Male or Female – age 60 years or more but less than 80 years – Rs. 2,50,000/-
ROLE OF EMPLOYER:
· The Employer should ensure that, the declaration forms have been circulated to all the Employees during April, 2012 or if not done in April, 2012 required to be done ASAP.
In case of newly joined employees, please circulate the declaration in the first month of joining
· The filled copy of the declaration form has to be submitted by the Employee before processing the Payroll for the month of April, 2012, If not done in April, 2012 required to be complied with ASAP.
Note: In case of newly joined employees, required to file declaration form in the first month of joining.
· The Employer has to define the CUTOFF date towards the submission of the relevant supporting documents for the amounts declared by the employee in the declaration Form. (Say e.g.: 15th January, 2013).
· The employer has to ensure that all the relevant supporting as per the declaration form given by the employee is received before 15th January, 2013 (So that any short fall of TDS can be recovered from the balance period of payroll before 31st Mar 2013).
ROLE OF EMPLOYEE:
- The Employee should ensure that, the declaration form has been submitted to the employer well before processing the April, 2012 Payroll, If not done in April, 2012 required to be submitted ASAP.
- There is no necessity of giving the Investment Proofs at the time of giving the declaration form to the Employer.
- The Employee has to ensure that the necessary proofs (mentioned in the declaration Form) has to submit before the date specified by the Employer (in the above case it is 15th January, 2013).