ITRebateRules

INSTRUCTIONS ON FORWARDING OF IT DECLARATION FORMS TO NPO

1. Housing Loan (Section 24(2)). Rebate on House Loan at source can be given only when all the required documents mentioned below are received. Declaration Form for IT rebate received without documents, will not be actioned at NAVPAY. (a)

Documents Required to claim IT Relief in first year (i) (ii) (iii) (iv) (v) (vi) (vii)

(b)

Documents Required to claim IT Relief in Subsequent Years (i) (ii) (iii)

(c)

Registration documents / Possession certificate from Builder Form 12-C Statement of computation for Income/loss from house property Initial loan sanction letter from concerned Bank/NGIF Provisional Certificate / EMI Chart /Amortization Chart from Bank/NGIF Non claiming certificate in case loan taken jointly Lease deed required incase the property is shown as let-out

Provisional Certificate / EMI Chart /Amortization Chart from Bank/NGIF Form 12-C. Statement of computation for Income/loss from house property.

Limit. (i) (ii)

For self Occupied Let-out

- Rs. 1,50,000/- No limit

2. Section 80C. Declaration Forms for IT rebate U/S 80C may be sent without proof to NAVPAY by 10 Mar 2010. However proof of documents can be sent to the NAVPAY immediately on receipt. (a)

Limit. Rs. 1,00,000/-

(b)

Rebate can be claimed under the following IT instruments:(i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (x) (xi) (xii)

LIC - Current Financial Year premium paid receipts ELSS / Infrastructure bonds PPF NSC Tuition Fees Housing Loan Principal PLI 5 yrs term deposit schemes of banks Army GIS Contribution to certain pension funds UTI schemes ULIP

3. Interest on Education Loan (Section 80E). Rebate on Education loan at source can be given only when all the required documents mentioned below are received by NPO. Declaration form for IT rebate received without documents will not be actioned at NAVPAY. (a)

Limit. No limit.

(b)

Documents Required (i) (ii)

Admission receipt from concerned Educational Institution Loan sanction letter

(iii) (iv)

Provisional statement/EMI chart for Interest Only interest part is eligible for claim

4. Medical Insurance (Section 80D). Rebate on Medical Insurance at source can be given only when all the required documents mentioned below are received by NPO. Declaration form for IT rebate received without documents, will not be actioned at NAVPAY.

(a)

Limit.

(i) (ii) (iii) (b)

For self, spouse & dependent children For parents For parents (in case senior citizens)

Rs.15,000/Rs.15,000/Rs.20,000/-

Documents Required. Medical insurance premium paid receipts.

5. Medical Treatment & Maintenance of Handicapped Dependent/s (Section 80DD). Rebate U/S 80DD at source can be given only when all the required documents mentioned below are received. Declaration form for IT rebate received without documents, will not be actioned at NAVPAY.

(a)

Limit. (i) (ii)

(b)

For severe disability for disability of 80% & above

Rs.50,000/Rs.1,00,000/-

Documents Required. A copy of certificate issued by the Medical Officer in a Govt. hospital in Form 10-1A.

6. Medical Treatment for self or a dependent for specified diseases(Section 80DDB). Rebate U/S 80DDB at source can be given only when all the required documents mentioned below are received. Declaration form for IT rebate received without documents will not be actioned at NAVPAY.

(a)

Limit. (i) (ii)

(b)

Actual amount paid or Rs. 40,000/- whichever is less If self or dependent is senior citizen (65 yrs or more) amount actually paid or Rs.60,000/- whichever is less Documents Required.

(i) (ii)

A copy of certificate issued by the Medical Officer in a Govt. hospital 10-I. Receipt of expenditure actually incurred.

7. Deduction in respect of Disabled Person(Section 80U). Rebate U/S 80U at source can be given only when all the required documents mentioned below are received. Declaration form for IT rebate received without documents, will not be actioned at NAVPAY.

(a)

Limit. (i) (ii)

(b)

Rs. 50,000/- for severe disability. Rs, 1,00,000/- for disability 80% & above

Documents Required. A copy of certificate issued by the Medical Officer from a Govt. Hospital in Form 10-1A.