2009 11 19 India Income Tax Proof Submiss

© Copyright IBM Corporation 2009

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You and IBM: Online Service Center

Income Tax (IT) Proof Submission 2009-’10 Process and IT Proof Form Overview Training (with Income Tax Guidelines)

November 2009

IT Proof Submission (2009-’10): Process and Form Overview Training2 © Copyright IBM Corporation 2009

IBM HR Management System – Powered by SAP

Purpose of This Training

Starting this year, you will submit your annual investment proofs using “You and IBM: Online Service Center”.

This pre-recorded training material will help you understand the new IT proof submission form and the process.

Provide you with the Drop box location details and other instructions for employees who are on-site and / or who do not have access to IBM network.

Query support & W3 supporting material.

Appendix covering IT Guidelines.



Overview of IT Proof Submission Process

+

Complete IT Proof Form

Attach IT Proofs

Drop Box

Your IT proof submission is APPROVED !!!

Your IT proof submission is REJECTED !!!

You need to Resubmit !!!

IT Approver

Print IT Proof Form

Employee



Employee and IT Approver’s Role

Step 5: Send confirmation email about the receipt of the documents

IT ApproverEmployee

Step 6: Verify the documents against the details submitted in IT proof form by employee

Step 3: Print the IT proof form and click “Send” button

Step 2: Complete IT proof form and review the details in “You and IBM: Online Service Center”

Step 4: Submit the printed IT proof form along with the hard copies of investment proofs

Step 7(b): If the IT proof form details and documents match, approve the form and send confirmation to employee by email.

Step 7(a): If the IT proof form details and documents do not match, reject the form and inform the employee the reasons for rejection.

Step 1: Navigate to “You and IBM: Online Service Center”

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Step 1: Navigate to “You and IBM: Online Service Center”

Employee’s You and IBM Online Service Center Portal Manager’s You and IBM Online Service Center Portal

1. Navigate to “About You”

2. Navigate to “Benefits and Payment”

3. Click “Income Tax Proof” to open the form

12

3

1. Navigate to “About You”

1

2. Navigate to “Benefits and Payment”

2

3. Click “Income Tax Proof” to open the form

3



Step 2: Complete IT Proof Form

Tab 2: Previous Employment

“Previous Employment Tax Details” is applicable to all employees who have joined IBM after 1st April 2009.

Tab 3: Housing (HRA)

Provide details of house rent proofs

Tab 4: Income from House Property

Provide details of income from house property

Tab 1: Main Information

Provide details of contact number and the number of proof receipts to be submitted

1 2 3 4 5 6 7

Tab 5: Income from Other Sources

Provide income details from other sources

Tab 6: Section 80 Deductions

Provide details of “Section 80” proofs

Tab 7: Section 80 C Contributions

Provide details of “Section 80 C” proofs

Overview of different tabs available in IT Proof form



Step 2: Complete IT Proof Form (cont)

Tab 1

4. Click on the next tab, once you complete the details.

12. Enter your “Telephone Number”.

23. Enter the number of proof receipts that you will submit along with IT proof form.

3

Main InformationMain Information

4

Note: Please make note of the “Claim Number” for future references.

1. Select “Main Information” tab.




1

2

Previous Employment Tax DetailsPrevious Employment Tax DetailsTab 2

1. Select “Previous Employment Tax Details” tab.

2. Fill up the “Previous Employment Tax Details”.

Note: Refer the Form 16 / Tax Computation sheet you have received from your previous employer.

3




1

2

4. Fill up all the fields in the table.

3

Housing (HRA)Housing (HRA)Tab 3

5


3. Click “Remove line” to remove any of the records you have entered incorrectly in the table.4

2. Click “Add line” to create a new record in the table. Use this button again, if you need to create additional records.

1. Select “Housing (HRA)” tab.





1. Select “Income From House Property” tab.

3. Enter the income for house property amount.

2. Select the property type, as applicable.

1

2

3

Income from House Property (Self-Occupied / Deemed Self Occupied, Partly Let out)Income from House Property (Self-Occupied / Deemed Self Occupied, Partly Let out)Tab 4

4





1

2

3

Income from House Property (Wholly Let out)Income from House Property (Wholly Let out)Tab 4


1. If you select ‘Wholly Let out House Property” if applicable.

2. Fill the details in the fields applicable.

1 2


3

Note: Enter 30% of Final Lettable Value in Ded – Repairs u/s 24




1. Select “Income from Other Sources” tab.

1

2. Fill up only “Other Income (Unspecified)” field

Income From Other SourcesIncome From Other SourcesTab 5

2

3


Note: Amounts entered in other fields will not be considered.




Step 2: Go to Income from House Property

1

2

Section 80 DeductionsSection 80 DeductionsTab 6

1. Select “Section 80 Deductions” tab.

2. Fill up the actual contribution made under “Section 80 D Deductions”.

3


Note: Scroll down for more fields

Note: Any Donations given to any Voluntary Social Organizations will not be considered.




2

Section 80 C ContributionsSection 80 C ContributionsTab 7

3

1. Select “Section 80 C Contributions” tab.

2. Fill up the actual investment made under “Section 80 C Contributions”.

3. After completing “Section 80 C Contributions” tab, select the “Main Information” tab. “Review” button is available in “Main Information” tab.

1

Note: Scroll down for more fields



1. Select “Main Information” Tab, after completing IT proof details in all tabs.

1

2

Step 3: Review and Print the IT Proof Details

2. Click “Review” to view the “Print” and “Send” options.

3. Click “Print” and take a print out of the PDF document generated by the system.

3



4

Step 3: Review and Print the IT Proof Details (cont’d)

4. Print the “India Income Tax Proof” PDF document.

5. Do not forget to click “Send” to submit the soft copy of IT proof form to IT Approver.

5

Note: Request reference number is auto-generated. Use this number for future reference.



Step 4: Submit the Printed Form along with IT proof Documents to IT Approver

+

Printed IT Proof Form IT Proof Documents Drop Box

Your IT proof submission is APPROVED !!!

Your IT proof submission is REJECTED !!!

You need to Resubmit !!!

IT Approver



If IT Proof Submission is Rejected, verify the comments on rejected line item and Resubmit along with Correct Proof Documents

1. Navigate to “Your Work” under “About You” tab.1

2. Click “Tasks” tab to view the worklist items.2

3. Click the task link to open already submitted IT proof form.

3

Note:

If you don’t action on the rejection work item with in 10 working days, the work item expires and you would not be able to resubmit the form again. 4. Print the form and Submit it along with correct proof documents.



IT Proof Submission: Drop Box Locations in India

Bangalore

EGL

-Block A: Near mail room, Ground Floor

-Block B: Near mail room, Ground Floor

-Block C: Opposite to lift entrance at Ground Floori sn

-Block D: Near mail room, Ground Floor

-Pine Valley: Near mail room, 3rd Floor

SA – 1, 2,& 3 Blocks: Near mail room, Ground Floor

Manyata – D1, D2, D3, and K Blocks: Near mail room, Ground Floor

Manyata C4: At the reception – 2nd floor / Work Room A& B 2nd Floor / Work Room A& B 3rd Floor

FTP – Fortius : Near B Reception

FTP Altius: Near mail room

Prestige Towers: Reception next to Security room, 5th Floor

ITPL Explorer: 4th & 5th floor, Near Break-out area

Inventor Building: Facility Room

Explorer Building Commerce @ Mantri: Near Reception

Diamond District – Tower B: Near Mail room, 6th Floor

Esteem Asrani: Near Mail room, Ground Floor

Gurgaon

DLF Infinity Tower A: Near mail room

DLF Silokhera: Near mail room

Mumbai/ Pune

Mumbai

NIRLON: Near mail Dispatch room, 6th Floor

BKC: Near Mail Dispatch room, 4th Floor

Pune:

IBM TPO - Tower B & C: Near mail room, Tower B, I Floor

Building 1&2 Ozone IBM: Near mail room, Ozone 1, G Flr

ETZ: Near mail room, B Wing, Ground Floor

Noida

A26 and B-19: Near mail room

Hyderabad

Mind Space: Near Mail room

Divyasree: Near Mail room

Uma Aishwarya: Beside Facility Helpdesk

Chennai

DLF Chennai: Near Mail room

IBM Towers Chennai: Near Mail room

Lords Chennai: Near Mail room

Kolkata

BCS Salt Lake: Ground floor A wing Reception

DLF IT Park B : In front of Mail Room at Ground Floor

DLF IT Part C: In front of Mail Room at 3rd Floor

L&T Chambers: Near mail room at 2nd Floor

Millennium City Information / STP: Near Reception

New Delhi

Birla Tower : Near Reception

ISID Campus, and The Mira: Near Reception



IT Proof Submission: Contact Addresses for Employees Outside India or Employees without IBM Intranet Network Access

For employees who are onsite (USA):

Use the attached soft copy form to provide IT proof details and submit the printed form along with proof documents to:

Khushbu Patel

(Khushbu Patel/Raleigh/Contr/IBM)

Raleigh (RTP) Office

IBM India Private Limited,

3039 Cornwallis Rd,

PO Box 12195.

Research Triangle Park, NC , USA.

Tel : 1-800-947-7016.

For employees who are onsite (Other Countries):

Use the attached soft copy form to provide IT proof details and submit the printed form along with proof documents to:

Attention: Manager,

Income Tax Proof Collection Team (Payroll Team),

IBM India Pvt Ltd,

Manyata Embassy Business Park, D1 Bldg, 4th Floor,

Outer Ring Road, Nagawara, Bangalore -560045.

For employees who do not have access to IBM intranet network/ LOA/ ML:

For employees who do not have access to IBM intranet network, Managers need to cascade the IT proof submission notification.

Instead of using “You and IBM Online Service Center” portal, employees need to use the attached soft copy form to provide income tax proof details and submit the printed form along with proof documents to any of the below addresses:

Option 1: Any of the nearby drop boxes in IBM India locations

Option 2: Send by post to the below address…

Attention: Manager, Income Tax Proof Collection Team (Payroll Team),

IBM India Pvt Ltd, Manyata Embassy Business Park, D1 Bldg, 4th Floor, Outer Ring Road, Nagawara, Bangalore -560045.

Note: Along with the above mentioned documents, attach “Covering Letter” (mentioning the number of proof documents attached).

IT Proof Manual Form



IT Proof Submission Query Support and w3 Self-help Materials

Email: Income Tax Proof/India/Contr/IBM

Phone:

8787 from any IBM location

+91 80 25499500 from any external location

If any questions on IT Proof Submission…

Employee

FAQ’s on IT Proof submission process: 2009-10 http://w3.ibm.com/hr/ap/in/yourmoney/assets/faqitps.doc

Self-help Materials Available on w3



Appendix

India Income Tax Guidelines (2009-’10)




S.No Income Tax Component Guidelines

1 Tax Slabs For Male: Annual income Tax

Upto Rs 1,60,000 Nil

Rs 1, 60,001 – Rs 3,00,000 10%

Rs 3,00,001 – Rs 5,00,001 20 %

Rs 5,00,001 & above 30%For Female:

Upto Rs 1,90,000 Nil

Rs 1, 90,001 – Rs 3,00,000 10%

Rs 3,00,001 – Rs 5,00,001 20 %

Rs 5,00,001 & above 30% Education Cess : 3 percent on Tax

2 Previous employment details

Mandatory documents to be submitted:

a) Copy of “Form 16” or “Original Final Tax Computation Statement” (Attested) by the authorized signatory on company letter head of the previous organization

b) Download “Form 12B” . Fill in the details and submit the completed form.

3 House Rent Allowance (HRA)

(Cont’d next page..)


a) The First month (Apr 09 or month of joining) & Latest rent paid receipt in Original and a Copy of the valid rental agreement with the Landlord.

b) The receipt should have details like Name, Address of rented accommodation, rent amount both in figures and words, rent paid for the month and signature of the Landlord.

c) If employee has shifted houses or has any change in rent amount, then one rent receipt from previous/current Landlord as applicable (the rent receipt for last month before change) and copy of the old agreement is also required.





3 House Rent Allowance (HRA) cont’d…

Note

The rental agreement should necessarily cover the period for which the exemption is being claimed for. If in the agreement there is Rent and Maintenance mentioned; only RENT will be considered. If the agreement is not in the name of employee, Exemption will not be given. For ONSITE employees, the rent receipts shall be considered only for their period of stay in India. Exemption will be given only for the house rented in the place of work and not for houses in other locations.

4 Children Education Fee Mandatory documents to be submitted:a) Copy of the receipt issued by the educational institution.

NoteDeduction will be given only for tuition fees paid during the financial year and not on development fees, donation etc., Deduction will be given only for expenditure on Full Time Education.

5 NSC Mandatory documents to be submitted:a) Copy of the NSC certificate with the details (Certificate number, Purchase Date,

Amount details) must be visible in the copy.b) Incase of NSC interest, earned on previous NSC investment, the same has to be declared

under “Other Income (Unspecified)”.

6 Post Office Savings Deposit Mandatory documents to be submitted:a) Copy of deposit receipt b) Copy of the passbook - front page where details of the depositor are mentioned and page showing current financial year deposits and balance as on that date. c) If balance is not shown then copies of all pages where investment between April 2009 and March 2010 is recorded.





7 Bank FD (Notified tax savings scheme)

Mandatory documents to be submitted:a) Copy of certificate from Bank. Fixed deposit in notified tax saving scheme for current Financial year will only be considered.

8 Repayment of Housing Loan

(Cont’d next page..)

Form 12C

Income or loss on House

property computation sheet

1. Principal repayment


a) Certificate of Repayment from the Financial institutions (HDFC / LIC Housing Finance/ etc) giving the break up of Principal and Interest repayment in the Financial Year. In case of loan taken jointly, and the entire Principal and interest repayment is claimed by employee, a declaration to this effect has to be submitted.

Note If the Stamp duty and Registration fee was incurred towards purchase of House

property, it can also be claimed under this limit. Proof for such payment or documentary evidence of the expenditure (eg: Receipt,

copy of agreement/deed) is to be produced.

2. Interest on Housing Loan

a) House property is Self occupied -Certificate as mentioned under 'Principal repayment' section. This is for Interest on Self Occupied Housing property.

b) Form 12 C Declaration

3. Income or Loss on House Property

a) property is Rented -In addition to the above, duly filled up Form of declaration needs to be submitted (Softcopy attached below) along with computation duly signed by the employee (below attached example of computation).

b) Form 12 C Declaration

Form 12C

Loss or Income from HP Computation





8 Repayment of Housing Loan

(cont’d)

Declaration

Form

Joint Loan

4. Employees can claim both HRA exemption and Interest on housing loan for self occupied property. In order to claim both, employees need to submit a declaration in original in the attached format.

Note

In case of joint housing loan, a declaration in the attached format need to be submitted otherwise tax benefit will be given only on prorated amount.

9 Income From Other Sources Mandatory documents to be submitted:

a) Form 12 C Declaration

Note: only “Other Income (Unspecified)” will be considered.

10 Life Insurance Premium

Self declaration form


a) Copies of all the Premium receipts PAID by the employee (in this Financial Year). Incase any premium is due in January / February/March 2010, then either you can pay the premium before the cutoff date and produce the proof or the deduction can be availed at the time of filing your Income Tax return. This is as per the Income Tax provisions. Electronic premium receipts will be considered only if it clearly displays the insurance company details (with Logo), details of the insured and policy details (policy number etc)

b) Declaration need to be given in the attached format in case of premium payment made on behalf of dependents.

Self Declaration Form

Declaration for HRA

Joint loan_Self declaration





11 Pension Plan Mandatory documents to be submitted:

a) Jeevan Suraksha Or any other scheme u/s 80CCC - Copy of the receipt from the Insurance Company.

12 PPF Mandatory documents to be submitted:

a) Copy of the stamped deposit receipt or Copy of Passbook duly attested.

13 ULIP Mandatory documents to be submitted:

a) Copies of all the Premium receipts paid (in this Financial Year).

14 Mutual Funds Mandatory documents to be submitted:

a) Copy of the challan/ receipt for Investments. Electronic statement will be considered only if it contains details of the Mutual Fund company, scheme, folio number, employees name. Deduction is available only for ELSS (Tax Saving) schemes of mutual funds.

15 Interest on Education Loan


Mandatory documents to be submitted:a) INTEREST for the Loan repayment details for the Financial year(ie Certificate from the Lending institution for Repayment of Educational loan).Only Interest is allowed for Income Tax Deduction purposes. b) Self declaration form NoteThis is applicable for the Assessee (employee) Spouse and child. Higher education means - "Full Time studies for any graduate or post graduate course in Engineering (including technology / architecture), medicine, management or for post graduate course in applied sciences or pure sciences including mathematics and statistics."






16

Other Deductions

Section 80 U


a) Any assessee suffering from a permanent physical disability (including blindness) on the production of medical certificate from Government Hospital in the prescribed form, shall be allowed a deduction of Rs.50,000. Where such assessee is a person with severe disability, a deduction of Rs.1,00,000 can be claimed.

17 Section 80 D

Self declaration

Medical Insurance

Mandatory documents to be submitted:a) Copy of the premium receipt paid by the employee, issued by the insurer.b) Self declaration form to claim under Sec 80D as attached below.

18 Section 80 DD


Medical Insurance

Mandatory documents to be submitted:a) Deduction regarding maintenance including medical treatment of dependent who is

person with disability. The permanent physical disability or mental retardation of the dependent relative has to be certified by a physician, surgeon, oculist or practitioners working in a govt. hospital.

b) Self declaration by employees duly certifying amount spent on treatment, training or rehabilitation of the handicapped dependent or the amount paid to LIC/UTI for the policy).

Note If the disability is upto 80% then the deduction is 50,000 and if the disability is

beyond 80% then the deduction is Rs. 1,00,000.

Important Note : For any investments made in the names of the spouse or child of the employee, the employee must provide a Self Declaration that the investments are being claimed by him/her only and not by any other person.


Note: You can submit one Self Declaration form for all tax components instead of multiple ones.

Self Declaration - Medical insurance
