I’m a newly recruited pass category teacher and works in a new set up school we don’t have PF account I regularly invest in PPF account may I know how declare my this investment to DI to get tax exemption for the present assessment Year
You must contribute in GPF scheme after completion of one year of service. It is mandatory. There is no need to declare your PPF a/c details to the D.I/S till now, for I.T return. You may consult any I.T Consultant for annual I.T return.
@Anamika Das: As said by Ambarish Kumar Dutta, you should have GPF account opened after joining new service and must contribute towards GP Fund.
Before issuing Form 16, authority should take an undertaking/declaration of employees regarding their income/ income from any other source/ tax exemption amount etc. Did you submitted such declaration?
@ Nemo yes I’ve declared it to the head of the institution and had received a receipt copy of the declaration from the head of the institution but I want to know how to declare it to the DI whether it will be through the head of the institution or I’ve to go to the DI personally and declare it to him
Then you don’t have to submit it again to the DI office.
Income Tax slabs are identical for men and women.
Upto Rs. 2,50,000/- – net tax payable is NIL.
Tax @10% for the additional amount of the above. (upto 5 lacs)
Tax Exemption limit is 1,50,000/- (LIC, GPF, PPF, Savings Certificate etc.)