Vishwaroopam stands banned until Feb 4th

The Madras High Court today set aside the single Judge order yesterday setting aside the TN ban on Kamal Haasan's Vishwaroopam. The ban on the film has been extended until Feb 4th until which the film cannot be released.

Meanwhile Actor Kamal Haasan has agreed to delete some objectionable scenes in his mega-budget thriller Vishwaroopam. The actor is believed to have held a meeting with Muslim leaders and the two parties have mutually arrived at a consensus and the issue has been sorted amicably.

"My Muslim family has reached out to me. I will do everything for my brothers. I have agreed to modify my film,' said the actor.
 Kamal Haasan emphasised on the fact that the film is Pro-Indian Muslims and that he does believe that he is a victim of somebody's confusion over what he is trying to convey through his film. The actor has said that it is now the government and the Police's duty to maintain law and order pertaining to the violence triggered because of the film.

Earlier in the day hundreds of Kamal Haasan fans, who had gathered in front of movie halls here waiting for the screening of his movie 'Vishwaroopam', had to return disappointed after shows were stopped. The film was initially supposed to release in Tamil and Telugu on Jan 25th and in Hindi on Feb 1st.

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The History of Yule

Yule Blessings

The word Yule comes from Old English geōl, “Christmas Day, Christmastide.”

Before the Anglo-Saxons converted to Christianity in the 7th century AD, geōl was the name of a winter festival held sometime during the time of the year we would now call December. After their conversion, the Anglo-Saxons continued to use geōl as the name for the great Christian feast occurring at the same time, Christmas. Other pagan peoples speaking Germanic languages held similar festivals, and among the Norse, the winter festival was called jōl, using the Old Norse equivalent of Old English geōl. After the conversion of Scandinavia to Christianity, jōl was put to new use just as geōl had been in Great Britain, and the usual word for Christmas is still Jul in Danish, Norwegian, and Swedish, the descendants of Old Norse.

The Anglo-Saxon church did not discourage this kind of reapplication of native Germanic words to the new Christian traditions emanating from the Mediterranean world, and today, several other Christian holidays have English names with Anglo-Saxon roots. Easter, for example, descends from Old English ēastre, which comes from the name of a springtime festival celebrated by the Anglo-Saxons’ pagan ancestors to honor the goddess of the dawn. Lent comes from Old English lencten, originally meaning “spring” and related to the word long, since the days become longer in spring.



Source: ahdictionary.com

Available Forms in Income Tax Website India

Form Name	Description
FORM NO.2B	Return of income for block assessment
FORM NO.3AA	Report under section 32(1)(iia) of the Income-tax Act, 1961
FORM NO.3AAA	Audit Report under section 32AB(5)
FORM NO.3AC	Audit report under section 33AB(2)
FORM NO.3AD	Audit Report under section 33ABA(2)
FORM NO.3AE	Audit report under section 35D(4)/35E(6) of the Income- tax Act, 1961
FORM NO.3BA	Report under section 36(1)(xi) of the Income-tax Act,1961
FORM NO.3C	Form of daily case register
FORM NO.3CA	Audit report under section 44AB of the Income-tax Act, 1961 in a case where the accounts of the business or profession of a person have been audited under any other law
FORM NO.3CB	Audit report under section 44AB of the Income-tax Act, 1961, in the case of a person referred to in clause (b) of sub-rule (1) of rule 6G
FORM NO.3CD	Statement of particulars required to be furnished under section 44AB of the Income-tax Act, 1961
FORM NO.3CE	Audit Report under sub-section (2) of section 44DA of the Income-tax Act, 1961
FORM NO.3CEA	Report of an accountant to be furnished by an assessee under sub-section (3) of section 50B of the Income -tax Act, 1961 relating to computation of capital gains in case of slump sale
FORM NO.3CEB	Report from an accountant to be furnished under section 92E relating to international transaction(s)
FORM NO.3CEC	Application for a pre-filing meeting
FORM NO.3CED	Application for an Advance Pricing Agreement
FORM NO.3CEE	Application for withdrawal of APA request
FORM NO.3CEF	Annual Compliance Report on Advance Pricing Agreement
FORM NO.3CF	Application form from scientific and industrial research organisations for approval under section 35 of the Income-tax Act
FORM NO.3CH	Order of approval of scientific research programme under section 35(2AA) of the Income-tax Act, 1961
FORM NO.3CI	Receipt of payment for carrying out scientific research under section 35(2AA) of the Income-tax Act, 1961
FORM NO.3CJ	Report to be submitted by the prescribed authority to the Director General (Income-tax Exemptions) after approval of scientific research programme under section 35(2AA) of the Income-tax Act, 1961
FORM NO.3CK	Application form for entering into an agreement with the Department of Scientific and Industrial Research for co-operation in in-house Research and Development facility and for audit of the accounts maintained for that facility
FORM NO.3CL	Report to be submitted by the prescribed authority to the Director General (Income-tax Exemptions) under section 35(2AB) of the Income-tax Act, 1961
FORM NO.3CN	Application for notification of affordable housing project as specified business under section 35AD
FORM NO.4	Notice of commencement of planting/replanting tea bushes
FORM NO.5	Certficate of Planting /replanting Tea bushes
FORM NO.5A	Statement of particulers for purposes of section 33A relating to (a) planting of tea bushes on land not planted at any time with tea bushes or on land which had been previously abandoned; (b) replanting of tea bushes in replacement of tea bushes that have died or have become permanently useless on any land already planted
FORM NO.5B	Application for notification of a zero coupon bond under clause (48) of section 2 of the Application for notification of a zero coupon bond under clause (48) of section 2 of the Income-tax Act, 1961
FORM NO.6B	Audit report under section 142(2A) of the Income-tax Act, 1961
FORM NO.7	Notice of demand under section 156 of the Income-tax Act, 1961
FORM NO.8	Declaration under section 158A(1) of the Income-tax Act, 1961 to be made by an assessee claiming that identical question of law is pending before the High Court or the Supreme Court
FORM NO.9	Application for grant of approval or continuance thereof to a fund under section 10(23AAA) of the Income-tax Act, 1961
FORM NO.10	Notice of demand under section 156 of the Income-tax Act, 1961
FORM NO.10AA	Details of accounts under section 80G(5C)(v) of the Income-tax Act, 1961, for providing relief to the victims of earthquake in Gujarat
FORM NO.10B	Audit report under section 12A(b) of the Income-tax Act, 1961, in the case of charitable or religious trusts or institutions
FORM NO.10BA	Declaration to be filed by the assessee claiming deduction under section 80GG
FORM NO.10BB	Audit report under section 10(23C) of the Income-tax Act, 1961, in the case of any fund or trust or institution or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of section 10(23C)
FORM NO.10C	Audit report under section 80HH of the Income-tax Act, 1961
FORM NO.10CC	Audit report under section 80HHA of the Income-tax Act, 1961
FORM NO.10CCA	Audit report under section 80HHB of the Income-tax Act, 1961
FORM NO.10CCAA	Audit report under section 80HHBA of the Income-tax Act, 1961
FORM NO.10CCAB	Certificate to be issued by Export House/Trading House to the supporting manufacturer for purposes of clause (b) of sub-section (4A) of section 80HHC
FORM NO.10CCABA	Certificate to be issued by an undertaking in the Special Economic Zone to the manufacturer undertaking referred to in sub-section (4C) of section 80HHC, for purposes of proviso to sub-section (4) of section 80HHC
FORM NO.10CCAC	Report under section 80HHC(4)/80HHC(4A) of the Income-tax Act, 1961
FORM NO.10CCAD	Report under section 80HHD of the Income-tax Act, 1961
FORM NO.10CCAE	Certificate from a person making payment to an assessee,engaged in the business of a hotel/tour operator/travel agent,out of Indian currency obtained by conversion of foreign exchange received from/on behalf of a foreign tourist/group of tourist
FORM NO.10CCAF	Report under section 80HHE(4)/80HHE(4A) of the Income-tax Act, 1961
FORM NO.10CCAG	Certificate to be issued by exporting company to the supporting software developer for the purposes of clause (ii) of sub-section (4A) of section 80HHE
FORM NO.10CCAH	Certificate under clause (ia) of sub-section (3) of section 80HHB of the Income-tax Act, 1961
FORM NO.10CCAI	Report under section 80HHF(4) of the Income-tax Act, 1961
FORM NO.10CCB	Audit report under sections 80-I(7)/80-IA(7)/80-IB
FORM NO.10CCBA	Audit report under section 80-IB(7A)
FORM NO.10CCBB	Audit report under section 80-IB(14)
FORM NO.10CCBC	Audit report under section 80-IA(11B)
FORM NO.10CCC	Certificate under sub-rule (3) of rule 18BBE of the Income-tax Rules, 1962
FORM NO.10CCD	Certificate under sub-section (3) of section 80QQB for Authors of certain books in receipt of Royalty income, etc.
FORM NO.10CCE	Certificate under sub-section (2) of section 80RRB for Patentees in receipt of royalty income, etc.
FORM NO.10CCF	Report under section 80LA(3) of the Income-tax Act, 1961
FORM NO.10DA	Report under section 80JJAA of the Income-tax Act, 1961
FORM NO.10DB	Form for evidence of payment of securities transaction tax on transations entered in a recognised stock exchange 1961
FORM NO.10DC	Form for evidence of payment of securities transaction tax on transations tax on transactions of sale of unit of equity oriented fund to the mutual fund
FORM NO.10E	Form for furnishing particulars of income u/s 192(2A) for the year ending 31st March,20..... for claiming relief u/s 89(1) by a Government servant/an employee in a company, co-operative society, local authority, university, institution,association/body
FORM NO.10FA	Application for Certificate of residence for the purposes of an agreement under section 90 and 90A of the Income-tax Act, 1961
FORM NO.10FB	Certificate of residence for the purposes of section 90 and 90A
FORM NO.10G	Application for grant of approval or continuance thereof to institution or fund under section 80G(5)(vi) of the Income-tax Act, 1961
FORM NO.10H	Certificate of foreign inward remittance
FORM NO.10HA	Form of certificate under second proviso to section 80-O of the Income-tax Act, 1961
FORM NO.10I	Certificate of prescribed authority for the purposes of section 80DDB
FORM NO.10IA	Certificate of the medical authority for certifying person with disability, severe disability, autism, cerebral palsy and multiple disability for purposes of section 80DD and section 80U
FORM NO.11	Application for registration of a firm for the purposes of the Income-tax Act,1961
FORM NO.11A	Application for registration of a firm for the purposes of the Income-tax Act,1961
FORM NO.12	Declaratiion under section 184(7) of the Income-tax Act,1961 for continuation of registration
FORM NO.12A	Communication under clause (b) of Explanation below section 185(1) of the Income -tax Act, 1961, regarding partner who is benamidar
FORM NO.12B	Form for furnishing details of income u/s 192(2) for the year ending 31st March,....
FORM NO.12BA	Statement showing particulars of perquisites, other fringe benefits or amenities and profits in lieu of salary with value thereof
FORM NO.13	Application by a person for a certificate under section 197 and/or 206C(9) of the Income-tax Act, 1961, for no deduction/collection of tax or deduction of tax at a lower rate
FORM NO.15C	Application by a banking company for a certificate under section 195(3) of the Income-tax Act, 1961, for receipt of interest and other sums without deduction of tax
FORM NO.15D	Application by a person other than a banking company for a certificate under section 195(3) of the Income-tax Act, 1961, for receipt of sums other than interest and dividends without deduction of tax of tax
FORM NO.15G	Declaration under sub-sections (1) and (1A) of section 197A of the Income-tax Act, 1961, to be made by an individual or a person (not being a company or a firm) claiming certain receipts without deduction of tax of tax
FORM NO.15H	Declaration under sub-section (1C) of section 197A of the Income-tax Act, 1961, to be made by an individual who is of the age of sixty-five years or more claiming certain receipts without deduction of tax
FORM NO.15I	Declaration for non-deduction of tax at source to be furnished to contractor under the second proviso to clause (i) of sub-section (3) of section 194C by sub-contractor not owning more than two heavy goods carriages/trucks during the Financial Year
FORM NO.15J	Particulars to be furnished by the Contractor under the third proviso to clause (i) of sub-section (3) of section 194C for the Financial Year____(Assessment Year___)
FORM NO.16	Certificate under section 203 of the Income-tax Act, 1961 for Tax deducted at source on Salary
FORM NO.16A	Certificate under section 203 of the Income-tax Act, 1961 for Tax deducted at source
FORM NO.22	Statement of tax deducted at source from contributions repaid to employees in the case of an approved superannuation fund
FORM NO.24	Annual return of Salaries under section 206 of the Income-tax Act, 1961 for the year ending 31st March,_______
FORM NO.24G	TDS/TCS Book Adjustment Statement
FORM NO.24Q	Quarterly statement of deduction of tax under sub-section (3) of section 200 of the Income-tax Act, 1961 in respect of salary for the quarter ended June/September/December/March (tick which ever applicable)...(year)
FORM NO.26	Annual Return of deduction of tax under section 206 of Income-tax Act, 1961 in respect of all payments other than Salaries for the year ending 31st March,______
FORM NO.26A	Form for furnishing accountant certificate under the first proviso to sub-section (1) of section 201 of the Income-tax Act, 1961
FORM NO.26AS	Annual Return of deduction of tax under section 206 of Income-tax Act, 1961 in respect of all payments other than Salaries for the year ending 31st March,______
FORM NO.26Q	Quarterly statement of deduction of tax under sub-section (3) of section 200 of the Income-tax Act, 1961 in respect of all payments other than Salary for the quarter ended June/September/December/March (tick whichever applicable)...(year)
FORM NO.26QA	Particulars required to be maintained for furnishing quarterly return under section 206A
FORM NO.26QAA	Quarterly return under section 206A for the quarter ended June/September/December/March (tick whichever applicable) of the Financial Year _____
FORM NO.27A	Form for furnishing information with the statement of deduction/collection of tax at source (tick whichever is applicable) filed on computer media for the period (From.to..(dd/mm/yyyy)
FORM NO.27B	Form for furnishing information with the statement of collection of tax at source filed on computer media for the period ending...(dd/mm/yyyy)
FORM NO.27BA	Form for furnishing accountant certificate under first proviso to sub-section (6A) of section 206C of the Income-tax Act, 1961
FORM NO.27C	Declaration under sub-section (1A) of section 206C of the Income-tax Act, 1961 to be made by a buyer for obtaining goods without collection of tax
FORM NO.27D	Certificate under section 206C of the Income-tax Act, 1961 for Tax collected at source
FORM NO.27E	Annual return of collection of tax under section 206C of I.T. Act, 1961 in respect of collections for the period ending..
FORM NO.27EQ	Quarterly statement of Tax Collection at Source under section 206C of Income-tax Act, 1961 for the quarter ended June/September/December/March (tick whichever applicable)...(year)
FORM NO.27Q	Quarterly statement of deduction of tax under sub-section (3) of section 200 of I.T. Act, 1961 in respect of payments other than Salary made to non-residents for the quarter ended June/September/December/March (tick which ever applicable)____(year)
FORM NO.28	Notice of demand under section 156 of the Income-tax Act, 1961 for payment of advance tax under sub-section (3) or sub-section (4) of section 210
FORM NO.28A	Intimation to the Assessing Officer under section 210(5) regarding the notice of demand under section 156 of the Income-tax Act, 1961 for payment of advance tax under section 210(3)/210(4) of the Act
FORM NO.29B	Report under Section 115JB of the Income-tax Act, 1961 for computing the book profits of the company
FORM NO.29C	Report under section 115JC of the Income-tax Act, 1961 for computing adjusted total income and minimum alternate tax of the limited liability partnership
FORM NO.30	Claim for refund of tax
FORM NO.30A	Form of undertaking to be furnished under sub-section (1) of section 230 of the Income-tax Act, 1961
FORM NO.30B	No Objection Certificate for a person not domiciled in India under section 230(1) of the Income-tax Act, 1961
FORM NO.30C	Form for furnishing the details under section 230(1A) of the Income-tax Act, 1961
FORM NO.31	Application for a certificate under the first proviso to sub-section (1A) of section 230 of the Income-tax Act, 1961
FORM NO.33	Clearance certificate under the first proviso to sub-section (1A) of section 230 of the Income-tax Act, 1961
FORM NO.34A	Application for a certificate under section 230A(1) of the Income-tax Act, 1961
FORM NO.34B	Form of application for settlement of cases under section 245C(1) of the Income-tax Act, 1961
FORM NO.34C	Form of application for obtaining an advance ruling under section 245Q(1) of the Income-tax Act, 1961
FORM NO.34D	Form of application by a resident applicant seeking advance ruling under section 245Q(1) of the Income-tax Act, 1961 in relation to a transaction undertaken or proposed to be undertaken by him with a non-resident
FORM NO.34E	Form of application by a person falling within such class or category of persons as notified by Central Government in exercise of powers conferred for obtaining and advance rulling u/s 245Q(1) of the Income-tax Act, 1961
FORM NO.34F	Form of application for giving effect to the terms of any agreement under clause (h) of sub-section (2) of section 295 of the Income-tax Act, 1961
FORM NO.35	Appeal to the Commissioner of Income-tax (Appeals)
FORM NO.36	Form of appeal to the Appellate Tribunal
FORM NO.37	Reference application under section 256(1) of the Income- tax Act, 1961
FORM NO.37EE	Statement to be registered with the comptetent authority under section 269AB(2) of the Income-tax Act, 1961
FORM NO.37F	Form of appeal to the Appellate Tribunal against order of competent authority
FORM NO.37G	Statement to be furnished to the registering officer under section 269P(1) of the Income-tax Act, 1961 along with the instrument of transfer
FORM NO.37H	Fortnightly return under section 269P(2)(b) of the the Income-tax Act, 1961, in respect of the documents registered
FORM NO.37I	Statement of agreement for transfer of immovable property to be furnished to the appropriate authority under section 269UC of the Income-tax Act, 1961
FORM NO.38	Register of income-tax practitioners maintained by the Chief Commissioner or Commissioner of Income-tax..............
FORM NO.39	Form of application for registration as authorised income- tax practitioner
FORM NO.40	Certificate of registration
FORM NO.40A	Form of nomination
FORM NO.40B	Form for modifying nomination
FORM NO.40C	Application for recognition
FORM NO.41	Form for maintaining accounts of subscribers to a recognised provident fund
FORM NO.42	Appeal against refusal to recognise or withdrawal of recognition from a provident fund
FORM NO.43	Appeal against refusal to approve or withdrawal of approval from a superannuation fund
FORM NO.44	Appeal against refusal to approve or withdrawal of approval from a gratuity fund
FORM NO.45	Warrant of authorisation under section 132 of the Income-tax Act, 1961, and rule 112(1) of the Income-tax Rules, 1962
FORM NO.45A	Warrant of authorisation under the proviso to sub-section (1) of section 132 of the Income-tax Act, 1961
FORM NO.45B	Warrant of authorisation under sub-section (1A) of section 132 of the Income-tax Act, 1961
FORM NO.45C	Warrant of authorisation under sub-section (1) of section 132A of the Income-tax Act, 1961
FORM NO.45D	Information to be furnished to the income-tax authority under section 133B of the Income-tax Act, 1961
FORM NO.46	Application for information under clause (b) of sub-section (1) of section 138 of the Income-tax Act, 1961
FORM NO.47	Form for furnishing information under clause (b) of sub-section (1) of section 138 of the Income-tax Act, 1961
FORM NO.48	Form for intimating non-availability of information under clause (b) of sub-section (1) of section 138 of the Income-tax Act, 1961
FORM NO.49	Refusal to supply information under clause (b) of sub-section (1) of section 138 of the Income-tax Act, 1961
FORM NO.49A	Application for allotment of Permanent Account Number under section 139A of the Income-tax Act, 1961
FORM NO.49AA	Application for allotment of Permanent Account Number under section 139A of the Income-tax Act, 1961
FORM NO.49B	Form of application for allotment of Tax Deduction Account Number under section 203A and Tax Collection Account Number under section 206CA of the Income-tax Act, 1961
FORM NO.49C	Annual Statement under section 285 of the Income-tax Act, 1961 Act, 1961
FORM NO.52A	Statement to be furnished to the Assessing Officer under section 285B of the Income-tax Act, 1961, in respect of production of a cinematograph film
FORM NO.54	Application under section 281A(2) for obtaining a certified copy of notice under section 281A(1)/281A(1A)/281A(1B), of the Income-tax Act, 1961
FORM NO.55	Application for approval of an association or institution for purposes of exemption under section 10(23), or continuance thereof for the year....
FORM NO.56A	Application for approval of a Venture Capital Fund or a Venture Capital Company
FORM NO.56AA	Application for approval of a Venture Capital Fund or a Venture Capital Company
FORM NO.56B	Condensed financial information income statement
FORM NO.56BA	Condensed financial information Income statement
FORM NO.56C	Statement of assets and liabilities
FORM NO.56CA	Statement of assets and liabilities
FORM NO.56E	Application for approval under section 10(23G) of an enterprise wholly engaged in the eligible business
FORM NO.56F	Report under section 10A of the Income-tax Act, 1961
FORM NO.56FF	Particulars to be furnished under clause (b) of sub-section (1B) of section 10A of the Income-tax Act, 1961
FORM NO.56G	Report under Section 10B of the Income-tax Act, 1961
FORM NO.56H	Report under section 10BA of the Income-tax Act, 1961
FORM NO.57	Certificate under section 222 or 223 of the Income-tax Act, 1961
FORM NO.59	Application for approval of issue of public companies under section 88(2)(xvi) of the Income-tax Act
FORM NO.59A	Application for approval of mutual funds investing in the eligible issue of public companies under section 88(2)(xvii) of the Income-tax Act
FORM NO.60	Form of declaration to be filed by a person who does not have either a permanent account number or General Index Register Number and who makes payment in cash in respect of transaction specified in clauses (a) to (h) of rule 114B
FORM NO.61	Form of declaration to be filed by a person who has agricultural income and is not in receipt of any other income chargeable to income-tax in respect of transactions specified in clauses (a) to (h) of rule 114B
FORM NO.61A	Annual Information Return under section 285BA of the Income-tax Act, 1961
FORM NO.62	Certificate from the principal officer of the amalgamated company and duly verfied by an accountant regarding achievement of the prescribed level of production and continuance of such level of prduction in subsequent years
FORM NO.63	Statement to be furnished to the Assessing Officer designated under rule 12B of the Income-tax Rules, 1962, in respect of income distributed by the Unit Trust of India
FORM NO.63A	Statement to be furnished to the Assessing Officer designated under rule 12B of the Income-tax Rules, 1962, in respect of income distributed by a Mutual Fund
FORM NO.64	Statement of income distributed by Venture Capital Company or a Venture Capital Fund to be furnished under section 115U of the Income-tax Act, 1961
FORM NO.65(New)	Application for exercising/renewing option for the tonnage tax scheme under sub-section (1) of section 115VP or sub-section (1) of section 115VR of the Income-tax Act, 1961
FORM NO.66	Audit Report under clause (ii) of section 115VW of the Income-tax Act, 1961

Lesser Known Tax Saving Tips / Deductions

For most  of the people  ‘tax savings’ brings to mind life insurance, PPF, NSC, and equity-linked savings scheme, among others, that qualify for tax deduction under Section 80 C of the Income-Tax Act. An individual can claim tax deductions of up to Rs 1 lakh under 80C.   However, there are other lesser known avenues that offer additional tax breaks to individuals. They are not widely discussed as they involve special situations in life such as having a special dependent, paying rent to parents, owning a house in another city, and so on. Here is a small list you could explore.

Paying rent to your parents

Do you live in your parents’ house? You can pay them rent to claim House Rent Allowance exemption. This is possible only if the property is registered in the name of your parent. The owner will be taxed for the rental income after a 30% deduction. So, if you pay your father a rent of Rs 3 lakh a year (Rs 25,000 a month), he will be taxed for only Rs 2.1 lakh. If your parents are retired and do not derive any significant taxable income, the amount of rent would be tax free in their hands. It is advisable that you enter into an agreement with them and actually make the payment every month, preferably by cheque.

It gets better if the property is jointly owned by both parents. Then you can divide the rent two-ways so that the tax liability gets split between the two parents. If their income exceeds the basic exemption limit, you can help them save tax by investing in their name under Section 80C options such as the Senior Citizens’ Saving Scheme, five-year bank fixed deposits or tax-saving equity mutual funds.

However, this tax-free window will become smaller next year after the proposed Direct Taxes Code (DTC) comes into effect. The DTC has proposed to bring down the 30% standard deduction on rental income to 20%. This would push up the tax liability of the senior citizens who receive rent from property. Also, many of the existing tax saving options will no longer be available under the DTC regime.

Take a look at the example to see the tax implications. Let us assume your monthly basic salary is Rs 40,000 and HRA is Rs 16,000. Your monthly rent is also Rs 16,000. In this case, of the total monthly HRA, Rs 12,000 will be tax exempt. Assuming you are in the 20% tax bracket, your annual tax saving would be Rs 29,664.

Please note that you will have to submit copies of rent receipts or rent agreement, depending on what your organization stipulates. However, avoid claiming tax benefits on rent payments made to the spouse as the arrangement can be characterized as a sham transaction, say experts.

Renting and Home loan in two different locations

Individuals today are constantly on the move for better job prospects. This could result in a person living in a rented place in the city he is working while repaying the loan for a home bought in his native city or any other city.  In such a scenario, the rent that an individual pays is eligible for HRA exemption. Further, a deduction can be claimed on the interest paid for the housing loan used to purchase the property at the native place/any other city.

Let us assume your monthly basic salary is Rs 40,000 and HRA is Rs 16,000. Your monthly rent is Rs 16,000 and annual interest payment on your housing loan is Rs 1.45 lakh. In this case, of the total monthly HRA, Rs 12,000 will be tax exempt in your hands. Further, you can claim deduction under section 24(b) of the Income-Tax Act, 1961, on the interest payable on your housing loan.

For claiming HRA exemption, you need to submit copy of the lease agreement or rent receipts. For claiming deduction on housing loan interest, you need to submit a copy of the tax certificate issued by the housing finance company.

Set off of Capital Loss Against Capital Gain

While most of us know that we need to pay taxes on short term or long term capital gains, not many are aware of the fact that capital losses, if any, can be balanced off against gains. So, for instance, if you have made a long-term capital gain of Rs 15 lakh by selling off your property and long-term capital loss of Rs 3 lakh by selling stocks which are either not listed or are sold off market  , the total taxable amount would Rs 12 lakh.

Please note Capital Gain on Sale of Shares sold through Stock Exchange can not be set off against other capital gain as profit from sale of shares of listed companies through stock exchange in exempt.

It is important to note that short term losses can be balanced off against both short term as well as long term capital gains. However, long term capital losses can only be balanced off against long term capital gains.

Charity to noble causes count

Charitable contributions are deductible up to 10% of your income under Section 80G. Depending upon the institution to which the donation is being made, the deduction can be either 100% or 50% of the amount donated.  You must Ensure that you obtain a receipt from the institution and a copy of their income-tax exemption certificate. Instead of giving the money directly to the needy and not getting any deduction, you can make a charitable contribution to an NGO that provides assistance to the needy. The individual is then able to get a tax deduction while still contributing to a noble cause.

Contributions to a political party

If you have contributed any amount to a recognized political party, you are eligible to claim a tax deduction ranging from 50 percent to 100 percent of the amount under Section 80GGC for individuals and Section GGB for corporate organizations. One can contribute up to 10 percent of one’s gross total income to a political party.

Home loan and joint home loan

The principal repayment of the home loan qualifies for deduction under section 80C; the interest payable on the home loan is allowed as deduction under section 24 of the Act. The deduction in respect of the interest is available in full for properties that are treated as let out, but in case of a property treated as self-occupied, the amount cannot exceed Rs 1.5 lakh per financial year, subject to certain conditions.

However, you cannot claim interest deduction when the flat is under construction. The interest paid during the pre-construction period can be claimed as deduction in five equal installments starting from the financial year in which the construction is completed. Where the property is jointly owned, with the share of each owner being definite, the net taxable annual value of the property is apportioned to each of the joint owners in the ratio of their share in the property. And, as the shares are definite, each holder is eligible to claim a separate deduction in case the property is jointly owned.

Educational expenses of Children

It is well-known that the deduction under section 80C is available to an individual in respect of the tuition fees of his/her children with an overall limit of Rs 1 lakh. The deduction, however, is not available for capitation fees/donation collected by the school or college. There is another section in the Act (section 80E) which provides for deduction in respect of interest on loan taken for higher education.

The educational loan can be taken for any course pursued by the individual or the spouse or children of the individual post the senior secondary course or its equivalent. This deduction is also available for supporting the education of a relative provided the individual is his/her legal guardian. It is allowed for a maximum of eight years starting from the year in which the interest is first repaid.

Health Insurance

A deduction of up to Rs 15,000 can be claimed in respect of the health insurance premium which one pays for covering oneself and or the wife and dependent children. You can claim an exemption of Rs 15,000 on premium payments made for parents and a higher deduction of up to Rs 20,000 if one of your parents is a senior citizen. However, in case of company insurance, only the organization can seek tax relief and not the employee.

Have an ill dependent to look after? Pay lower taxes

The income tax department understands that chronic illness of a dependent can empty your life savings, and paying full taxes in such cases is burdensome for any taxpayer. Hence, it allows a deduction of Rs 40,000 (Rs 60,000 if the dependent is a senior citizen) per year, under Section 80DDB. Dependents include siblings, children, parents and spouses.

This deduction is available for specific diseases, which include many neurological diseases like dystonia musculorum deformans, aphasia and Parkinson’s disease, hemiballismus, ataxia, motor neuron disease, chorea, haematological disorders, chronic kidney failure, and a few more.

In order to claim this deduction, it is important that the patient should be dependent on the taxpayer, and should not have filed for such a deduction separately.

Deduction for medical expenses incurred on disability of Special dependents - section 80DD

In case any of your dependents suffer from a physical or mental disability, you can claim a deduction under section 80DD for an amount of Rs 50,000 (if the disability is less than 80%) or Rs 1 lakh (if the disability is 80% or more).

Dependents for this purpose can include spouse, children, parents, brothers and sisters, or any of them. To be eligible to claim the deduction, you must obtain a certificate in Form 10IA from a doctor with the prescribed qualification and working in a government hospital.

You will have to submit the copy of the certificate in Form 10IA to the payroll department of your organization.

Scope of Deduction – Deduction can be claimed for dependent parents, spouse, children and siblings. Dependents must not have claimed any deduction for their disability.

Deductions are permissible in either of the following cases.

a) Costs incurred for medical treatment, training or rehabilitation of a disabled dependent, including amount spent for nursing.

b) Amount paid towards an insurance scheme for the maintenance of your disabled dependent in case of your untimely death. 

Meaning of Disability- Disability means a person suffering from 40% or more of any of the below disabilities. A severe disability condition is  80% or more of the disabilities.

a) Blindness and Vision problems

b) Leprosy-cured

c) Hearing impairment

d) Locomotor disability

e) Mental retardation or illness  

Please Note -

a) Individuals would need to produce a copy of the disability certificate as issued by the central or state government medical board to claim deduction.

b) Insurance policy obtained must be in your name and should be a policy for life. It could pay either an annuity or a lump sum amount for the benefit of the dependent on your death.

c) If the disabled dependent predeceases you, the policy amount is returned to you, and treated as income for the year in which you receive it, thus fully taxable in your hands.

Medical expenses for specified diseases like AIDS, Cancer (Section 80 DDB )

The actual expenditure incurred on treatment of specified disease such as AIDS, cancer, neurological diseases, etc., is deductable to the extent of 40,000 or the actual expense whichever is lower. The limit is increased to 60,000 in case of expense incurred for a senior citizen.

Scope of Deduction – Deduction is applicable for treatment of self, spouse, children, siblings, and parents, wholly dependent on you.

Diseases covered

a) Neurological Diseases (where the disability level has been certified as 40% or more).

b) Parkinson’s Disease

c) Malignant Cancers

d) Acquired Immune Deficiency Syndrome (AIDS)

e) Chronic Renal failure

f) Hemophilia

g) Thalassaemia           

Point to Note-

1. If you are already receiving any reimbursement for the treatment from your insurance company or employer, deductions cannot be claimed. If you are receiving partial reimbursement, the balance amount can be used for a deduction.

2. A certificate would be required from a specialist working in a government hospital, as proof for the specified ailment.

Deduction for rent paid if you are not availing HRA

You can claim a deduction for rent paid to the extent of 2,000 per month even if you don’t receive HRA from your employer or you are self-employed. This deduction, available under Section 80GG, is subject to some conditions.

To Claim the deduction Neither the taxpayer nor the spouse should own a house at the place of employment. They cannot be self employed, which includes businessmen or professionals. Lastly, the tax payer should not self-occupy his/her house at any other place.

Amount paid under National Pension System

“The contributions made by an employee to the NPS qualify for a deduction under 80CCD and the upper limit of 1,00,000 under Section 80C of the Act. However, effective April 2011, employer contributions to NPS up to 10% of the employee’s salary would qualify for an additional deduction.

Foreign taxes

Many individuals take up overseas assignments and as a result earn income both in India and abroad. In the event they face taxation in both countries, they may avail credit of taxes paid overseas while filing their tax returns in India. The Indian tax laws as well as tax treaties signed by India with other countries prescribe provisions for claiming credit of foreign taxes.

Repairs and maintenance of house property

You will never forget to claim deduction of interest on repayment of your home loan, but not many people know that any interest paid on home loan for reconstruction or repair of the “house property” qualifies for deduction of up to 30,000, subject to the overall limit of 1,50,000.

Exemption from capital gains

If you have made any capital gains on the sale of residential house property, such capital gains shall be exempt from tax, provided you purchase a new residential house one year before or within two years after the date of transfer; or you incur expenditure on construction of house property within three years from the date of transfer. Alternatively, to avail exemption, a tax payer may also invest the gains in REC / NHAI bonds, subject to specified conditions.

With most companies closing investment declaration by December end, you still have more than five month to widen your tax relief. Think, execute and file your investment declaration and seek optimal tax benefits. These deductions, along with the common ones like medical benefits, HRA, home loan EMIs, etc. can help you save a considerable amount of tax every year.

(Article was Last Published on 05.05.2012 and republished today with adding some new tips and by updating existing tips on 04.07.2012)

Lesser known Income Tax Deductions

We all know about the popularly know deductions like deduction u/s. 80C & 80D. But many times we use to forget to claim many other deductions which are available under the Income Tax Act, which can reduce our tax burden significantly. In this article we discussed 10 such lesser know deductions which taxpayers tend to forget to claim while filing there Income Tax Return.

1. Set off of Capital Loss Against Capital Gain

While most of us know that we need to pay taxes on short term or long term capital gains, not many are aware of the fact that capital losses, if any, can be balanced off against gains. So, for instance, if you have made a long-term capital gain of Rs 15 lakh by selling off your property and long-term capital loss of Rs 3 lakh by selling stocks which are either not listed or are sold off market  , the total taxable amount would Rs 12 lakh.

Please note Capital Gain on Sale of Shares sold through Stock Exchange can not be set off against other capital gain as profit from sale of shares of listed companies through stock exchange in exempt.

It is important to note that short term losses can be balanced off against both short term as well as long term capital gains. However, long term capital losses can only be balanced off against long term capital gains.

2. Deductions under section 80GG in respect of rent paid :Deduction to the extent of Rs 2,000 per month or 25 per cent of total income (whichever is less) is available under Section 80GG of the I-T Act in respect of rent paid by an individual on his accommodation, provided the individual does not get any house rent allowance.

3. Medical treatment of specified ailments under section 80DDB:-Deductions of expenses on medical treatment of specified ailments (such as AIDS, cancer and neurological diseases) can be claimed under Section 80DDB. The maximum amount of deduction allowed from gross total income is restricted to Rs 40,000 (which goes up to Rs 60,000 if the age of the person treated is 60 years or more) on condition that no medical reimbursement is received from any insurance company or employer for this amount.

In order to claim this deduction, however, you will have to submit Form 10-1 from a specialist doctor working in a government hospital in India, confirming the treatment of the disease.

4. Deduction under section 80U for Person with disability:-Under Section 80U of the Act, an individual who is certified by the prescribed medical authority to be a person with disability shall be allowed a deduction of Rs 50,000 and an individual, who is certified as a person with severe disability, shall be allowed a deduction of Rs 75,000. W.e.f. 01.04.2010 this limit has been raised to Rs. 1 lakh.

5. Charitable deductions under section 80G: Deduction is also available under Section 80G of the I-T Act in respect of donations made by an individual to certain funds, charitable institutions and so on. There is no restriction on the amount of charity.  The rate of deduction, however, is either 50 or 100 per cent, depending on the choice of trust. Also, donations must be made to registered institutions only.This includes any amount contributed to a recognised political party. It can be claimed as a deduction under Section 80GGC (80GGB for corporates). This is a new deduction and was introduced in April 2010.   Donations to institutions involved in scientific research or rural development get exemption under Section 80GGA.  The donation can also be made to an electoral trust that works for conducting elections. Interestingly, unlike other deductions, there is no ceiling on the amount that can be claimed as deduction. Of course, this doesn’t mean one can claim deduction for cash payments. The deduction is available only if the sum goes into the party coffers. The quantum of deduction depends on the nature of the organisation. For instance, money given to certain establishments, such as the National Defence Fund, the Prime Minister’s National Relief Fund and the Chief Minister’s Relief Fund enjoy 100% deduction.On the other hand, NGOs such as Child Rights and You, Helpage India and the National Children’s Fund give you only 50% deduction. So, it’s a good idea to find out how much deduction is available before you write out a cheque. However, you cannot use this route to evade tax by bringing down your income tax slab. There is a ceiling on the deduction a taxpayer can claim in a year. The quantum of deduction is limited to 10% of the gross total income of the donor. Also, only cash donations are taken into account. Donations of food, clothes and medicines do not qualify for such a deduction.

6. Interest on loan taken for higher education & vocational courses. :- Taxpayers also tend to forget that the interest paid on an education loan taken for higher studies or vocational curses qualifies for deduction under Section 80E of the I-T Act. Also, effective April 1, 2008, the said deduction is also available where the loan is taken for the purpose of higher education of spouse or children of the individual or the student for whom the individual is a legal guardian. Thus, if you have taken a loan for higher education, don’t forget to make your claim. Also remember that the deduction benefit on interest is allowed for maximum eight years, or till the interest is fully paid.

7. Interest paid on a second home loan is fully deductible :-  The tax benefits of a home loan are well known. Under Section 24b, one can claim a deduction of up to Rs 1.5 lakh a year for the interest paid. If the taxpayer buys a second house through another home loan and gives it on rent, the entire interest paid on the home loan during a given year can be claimed as deduction.  If you have more than one house, any one is deemed to be rented out. So the interest income on the home loan for that house can be claimed entirely for deduction, provided the rental income or deemed income is taxable. For instance, if you have taken a home loan of Rs 50 lakh at 9.5% for 20 years, your interest payment in the first year will be Rs 4.7 lakh and you can save tax up to Rs 1.09 lakh.

8. HRA as well as home loan benefits:-

If you took a home loan and are still living in a rented place, you will be entitled to:

    Tax benefit on principal repayment under Section 80C
    Tax benefit on interest payment under Section 24
    HRA benefit

Of course, you can claim tax benefits on the home loan only if your home is ready to live in during that financial year. Once the construction on your home is complete, the HRA benefit stops. If you took a home loan, got possession of the house, have rented it out and stay in a rented accommodation, you will be entitled to all the three benefits mentioned above. However, in this case, the rent you receive would be considered as your taxable income.

9. Save tax through your family - Simplest way of saving tax is by investing through parents, parent in laws, wife and children. If you invest in the right instrument, the rate of return may be higher as well. Here is how we can save tax through our family members. Read Following Post for more details :-
Tax Planning- Save tax through your family

10. Repairs and maintenance of house property – You will never forget to claim deduction of interest on repayment of your home loan, but not many people know that any interest paid on home loan for reconstruction or repair of the “house property” qualifies for deduction of up to 30,000, subject to the overall limit of 1,50,000.

Tax deductions and planning under section 80C

Background for Section 80C of the Income Tax Act (India) / What are eligible investments for Section 80C:

Section 80C replaced the existing Section 88 with more or less the same investment mix available in Section 88.  The new section 80C has become effective w.e.f. 1st April, 2006.  Even the section 80CCC on pension scheme contributions was merged with the above 80C.  However, this new section has allowed a major change in the method of providing the tax benefit.  Section 80C of the Income Tax Act allows certain investments and expenditure to be tax-exempt.  One must plan investments well and spread it out across the various instruments specified under this section to avail maximum tax benefit. Unlike Section 88, there are no sub-limits and is irrespective of how much you earn and under which tax bracket you fall.

The total limit under this section is Rs 1 lakh. Included under this heading are many small savings schemes like NSC, PPF and other pension plans. Payment of life insurance premiums and investment in specified government infrastructure bonds are also eligible for deduction under Section 80C

Most of the Income Tax payee try to save tax by saving under Section 80C of the Income Tax Act.  However, it is important to know the Section in toto so that one can make best use of the options available for exemption under income tax Act.   One important point to note here is that one can not only save tax by undertaking the specified investments, but some expenditure which you normally incur can also give you the tax exemptions.

Besides these investments, the payments towards the principal amount of your home loan are also eligible for an income deduction. Education expense of children is increasing by the day. Under this section, there is provision that makes payments towards the education fees for children eligible for an income deduction

Sec 80C of the Income Tax Act is the section that deals with these tax breaks. It states that qualifying investments, up to a maximum of Rs. 1 Lakh, are deductible from your income. This means that your income gets reduced by this investment amount (up to Rs. 1 Lakh), and you end up paying no tax on it at all!

This benefit is available to everyone, irrespective of their income levels. Thus, if you are in the highest tax bracket of 30%, and you invest the full Rs. 1 Lakh, you save tax of Rs. 30,000. Isn’t this great? So, let’s understand the qualifying investments first.

Qualifying Investments

Provident Fund (PF) & Voluntary Provident Fund (VPF: PF is automatically deducted from your salary. Both you and your employer contribute to it. While employer’s contribution is exempt from tax, your contribution (i.e., employee’s contribution) is counted towards section 80C investments. You also have the option to contribute additional amounts through voluntary contributions (VPF). Current rate of interest is 8.5% per annum (p.a.) and is tax-free.

Public Provident Fund (PPF): Among all the assured returns small saving schemes, Public Provident Fund (PPF) is one of the best. Current rate of interest is 8% tax-free and the normal maturity period is 15 years. Minimum amount of contribution is Rs 500 and maximum is Rs 70,000. A point worth noting is that interest rate is assured but not fixed. Interest on PPF  is proposed to increase to 8.60% and Investment Limit is also expected to increase to Rs. 1,00,000/- very soon.

Life Insurance Premiums: Any amount that you pay towards life insurance premium for yourself, your spouse or your children can also be included in Section 80C deduction. Please note that life insurance premium paid by you for your parents (father / mother / both) or your in-laws is not eligible for deduction under section 80C. If you are paying premium for more than one insurance policy, all the premiums can be included. It is not necessary to have the insurance policy from Life Insurance Corporation (LIC) – even insurance bought from private players can be considered here.

Equity Linked Savings Scheme (ELSS): There are some mutual fund (MF) schemes specially created for offering you tax savings, and these are called Equity Linked Savings Scheme, or ELSS. The investments that you make in ELSS are eligible for deduction under Sec 80C.

Home Loan Principal Repayment: The Equated Monthly Installment (EMI) that you pay every month to repay your home loan consists of two components – Principal and Interest.The principal component of the EMI qualifies for deduction under Sec 80C. Even the interest component can save you significant income tax – but that would be under Section 24 of the Income Tax Act. Please read “Income Tax (IT) Benefits of a Home Loan / Housing Loan / Mortgage”, which presents a full analysis of how you can save income tax through a home loan.

Stamp Duty and Registration Charges for a home: The amount you pay as stamp duty when you buy a house, and the amount you pay for the registration of the documents of the house can be claimed as deduction under section 80C in the year of purchase of the house.

National Savings Certificate (NSC): National Savings Certificate (NSC) is a 6-Yr small savings instrument eligible for section 80C tax benefit. Rate of interest is eight per cent compounded half-yearly, i.e., the effective annual rate of interest is 8.16%. If you invest Rs 1,000, it becomes Rs 1601 after six years. The interest accrued every year is liable to tax (i.e., to be included in your taxable income) but the interest is also deemed to be reinvested and thus eligible for section 80C deduction.

Infrastructure Bonds: These are also popularly called Infra Bonds. These are issued by infrastructure companies, and not the government. The amount that you invest in these bonds can also be included in Sec 80C deductions.

Pension Funds – Section 80CCC: This section – Sec 80CCC – stipulates that an investment in pension funds is eligible for deduction from your income. Section 80CCC investment limit is clubbed with the limit of Section 80C – it means that the total deduction available for 80CCC and 80C is Rs. 1 Lakh.This also means that your investment in pension funds upto Rs. 1 Lakh can be claimed as deduction u/s 80CCC. However, as mentioned earlier, the total deduction u/s 80C and 80CCC can not exceed Rs. 1 Lakh.

5-Yr bank fixed deposits (FDs): Tax-saving fixed deposits (FDs) of scheduled banks with tenure of 5 years are also entitled for section 80C deduction.

Senior Citizen Savings Scheme 2004 (SCSS): A recent addition to section 80C list, Senior Citizen Savings Scheme (SCSS) is the most lucrative scheme among all the small savings schemes but is meant only for senior citizens. Current rate of interest is 9% per annum payable quarterly. Please note that the interest is payable quarterly instead of compounded quarterly. Thus, unclaimed interest on these deposits won’t earn any further interest. Interest income is chargeable to tax.

5-Yr post office time deposit (POTD) scheme: POTDs are similar to bank fixed deposits. Although available for varying time duration like one year, two year, three year and five year, only 5-Yr post-office time deposit (POTD) – which currently offers 7.5 per cent rate of interest –qualifies for tax saving under section 80C. Effective rate works out to be 7.71% per annum (p.a.) as the rate of interest is compounded quarterly but paid annually. The Interest is entirely taxable.

NABARD rural bonds: There are two types of Bonds issued by NABARD (National Bank for Agriculture and Rural Development): NABARD Rural Bonds and Bhavishya Nirman Bonds (BNB). Out of these two, only NABARD Rural Bonds qualify under section 80C.

Unit linked Insurance Plan: ULIP stands for Unit linked Saving Schemes. ULIPs cover Life insurance with benefits of equity investments.They have attracted the attention of investors and tax-savers not only because they help us save tax but they also perform well to give decent returns in the long-term.

Others: Apart form the major avenues listed above, there are some other things, like children’s education expense (for which you need receipts), that can be claimed as deductions under Sec 80C.

So, where should you invest?

Like most other things in personal finance, the answer varies from person to person. But the following can be the broad principles:

Provident Fund: This is deducted compulsorily, and there is no running away from it! So, this has to be the first. Also, apart from saving tax now, it builds a long term, tax-free retirement corpus for you.

Home Loan Principal: If you are paying the EMI for a home loan, this one is automatic too! So, it comes as a close second.

Life Insurance Premiums: Every earning person having dependents should have adequate life insurance coverage. (For more on this, please read “Life after life – Why you should buy Life Insurance”) Therefore, life insurance premium payments are the next.

Voluntary Provident Fund (VPF) / Public Provident Fund (PPF): If you think that the PF being deducted from your salary is not enough, you should invest some more in VPF, or in PPF.

Equity Linked Savings Scheme (ELSS): After the above, if you have not reached the limit of Rs. 1,00,000, then you should invest the remaining amount in Equity Linked Savings Scheme (ELSS).

Equities provide the best, inflation-beating return in the long term, and should be a part of everyone’s portfolio. After all, what can be better than something that gives great return and helps save tax at the same time?

When to Invest?

Many of us start looking for investment avenues only in February or March, just before the Financial Year is getting over. This is a big mistake! One, you would end up investing your money without putting proper thought to it. And secondly, you would end up losing the interest / appreciation for the whole year. Instead, decide where you want to make the investments, and start investing right from the beginning of the financial year – from April. This way, you would not only make informed decisions, but would also earn the interest for the full year from April to March.