Tax Decalaration 2023-24

TAX SAVINGS DECLARATION FORM FOR FINANCIAL YEAR 2023-24
Name Bhargav Kumar Pasila Emp ID No DBPM-HYD-18

Address #28-2-19/1, Vadlapudi , Vishakapatnam , Andhra Pradesh - 530046 PAN Number DEPPP6042R
The following Investments will be made by me during the Period April 2022 to March 2023
(PLEASE REFER NOTE BEFORE FILLING UP THE AMOUNTS)
Your
S No PARTICULARS Max. Amount of Deduction
Declaration
A Deduction U/s 10
House Rent Paid (Apr, May, Jun, Jul, Aug, Sep, Oct, Nov, Dec, Jan, Feb & Mar) 240,000
B Deduction under Section 24
Interest on Housing Loan Maximum of Rs. 2,00,000/-

Deduction under Chapter VIA
C Sections 80C, 80CCC,80CCD(1) (maximum limit 1,50,000/-)
1 Life Insurance Premium 61,376
2 Public Provident Fund (PPF-15y)
3 Deposit in NSC (National Savings Certificate)
4 ULIP of UTI/LIC
5 Principal Loan (Housing Loan) Repayment
6 Mutual Funds
7 NHB Scheme
150000
8 Payments made to senior citizen saving scheme
9 Tuition Fees (allowed for 2 childrens only)
10 Investment in Specified Equity Shares
11 Fixed deposit (5 Years) in Scheduled Banks
12 Post office Deposit 5y,10y,15y
13 Contribution in Provident Fund 10,800
14 Sukanya Samrudhi
d Sec. 80 CCD(2): Additional Deduction for contribution to National Pension Scheme Max 50,000
Sec. 80D - Medical Insurance Premium 25,000/-(Rs.50,000/-in case senior citizen 60 Yrs Age)
e
Sec. 80D - Additional Medical Insurance Premium of 25,000/-(Rs.50,000/-in case senior citizen 60 Yrs Age)
f Sec. 80DD - Medical treatment/insurance of handicapped dependent (see notes) 75000/125000
g Sec. 80DDB - Medical treatment for self/dependent (specified diseases only) (see notes) Max 40000/100000 100,000
h Sec. 80E - Interest on higher education loan On Actual Basis
i Sec. 80EEA - Additional deduction for Interest on Housing Loan (see notes) Max 150000
j Sec. 80EEB - Interest paid on loan taken for the purchase of electric vehicle Max 150000
k Sec. 80G - Donations Actual basis
l Sec. 80U - Deduction in case of person with Disability 75000/125000
Previous Employment Salary (Only for the employees who joined after 01/04/2020)
1 income after Section 10 Exemption
2 Profession tax paid
3 Provident Fund Paid
4 List Other deductions allowed by Previous employer
(12 B is Mandatory along with attested copy of statement of Income from Previous Employer)
Date: Sep-25-2023 Employee Signature

TAX RULES & OTHER USEFUL INFORMATION
1
10
11
12
13
TAX RULES & OTHER USEFUL INFORMATION
HRA exemption = minimum of (40% (50% for metros) of Basic+DA or HRA or rent paid - 10% of Basic+DA)
80D:This 25,000 limit is inclussive of Health Check-up cost upto Rs.5000.
80DD: In case od dependent is a person with severe disability then duduction upto Rs.1,25,000 is allowed
80DDB: In case of senior citizen the deduction is upto Rs.1,00,000
80EEA: Stamp duty value of the house property should not exceed 45 lakhs. And carpet area of the house property should not exceed 60 square meter ( 645 sq ft)
There is an exemption for interest on housing loan. If the loan was taken before Apr 1, 1999 exemption is limited to ₹ 30,000/- per year. If the loan was taken after Apr 1, 1999
2,00,000/- per year if the house is self-occupied; if this is the first house and loan amount is less than 35 lacs and house cost is less than 50 lacs and loan taken after 1-Apr-2016
exemption; there is no limit if the house is rented out, but the rent (less 30% of rent as std. deduction and municipal taxes) needs to be declared as income. However, the total lo
more than 2 lacs (plus 50000 for specific cases as above). Any excess loss can be carried forward for the next year
Medical Insurance (such as Mediclaim) premium is exempt upto ₹ 25,000/- per year for self, spouse & dependent children. Within this limit, ₹ 5,000/- could be used for preve
additional ₹ 25,000/- is exempt towards premium for parents (even if they are not dependent). If the parent(s) are above 65 years of age, an extra ₹ 25,000/- can be claimed
Deduction in respect of medical treatment of handicapped dependents is limited to ₹ 75,000/- per year if the disability is less than 80% and ₹ 1,25,000/- per year if the disabili
Deduction in respect of medical treatment for specified ailments or diseases for the assesse or dependent can be claimed upto ₹ 40,000/- per year. If the person being treated is
can go up to ₹ 100,000/-
Interest repayment on education loan (taken for higher education from a university for self, spouse & children) is tax exempt from the 1st year of repayment up to a maximum
for Principal payment
Donations to certain charities are tax exempt to the tune of 50% of donation with a qualifying limit of 10% of salary. If you have donations that are 100% exempt or those that
limits.
Interest from Savings bank account is exempt up to ₹ 10,000/- per year. For senior citizens, all interest income (including FD, RD, etc.) is exempt up to ₹ 50,000/- per year
Investments up to 1.5 lac in PF, VFP, PPF, Insurance Premium, Housing loan principal repayment, Stamp duty/registration charges for purchase of new home, NSC, ELSS, lon
Office Term Deposit, New Pension Scheme, Sukanya Samriddhi Scheme, etc. are deductible from the taxable income under sec 80C. There is no limit on individual items, so a
NSC, for example. An additional ₹ 50,000 exemption is available for New Pension Scheme

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TAX SAVINGS DECLARATION FORM FOR FINANCIAL YEAR 2023-24

Name Bhargav Kumar Pasila Emp ID No DBPM-HYD-18

Interest on Housing Loan Maximum of Rs. 2,00,000/-

Date: Sep-25-2023 Employee Signature

80D:This 25,000 limit is inclussive of Health Check-up cost upto Rs.5000.

80DDB: In case of senior citizen the deduction is upto Rs.1,00,000

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