Home India Ministry of Health and Family Welfare Calculation of lncome Tax for the Financial Year 2O23-24...
Date: 2023-09-11 Category: Not Applicable State: Union Government Country: India

Calculation of lncome Tax for the Financial Year 2O23-24

Issued by Ministry of Health and Family Welfare · Central Drugs Standard Control Organization

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Executive Summary & Key Takeaways

What it means

  • This is an office memorandum from the Central Drugs Standard Control Organization (CDSCO) regarding the calculation of Income Tax for the Financial Year 2023-24 for its officers and staff.
  • It requests all officers/staff to furnish details of their probable income and savings for tax calculation in the prescribed proforma by October 31, 2023.
  • Employees must provide self-attested proof of investments/deposits for rebate/deduction under Section 80C or any other section of Income Tax.
  • The memorandum also outlines specific requirements for those claiming Housing Rent Allowance (HRA) rebate and rebates on Housing Building Advance (HBA).

Key Changes

  • All officers/staff must submit details of probable income and savings for FY 2023-24 by October 31, 2023, using the PFMS system.
  • Self-attested proof of investments/deposits for tax rebates/deductions must be submitted to the Cash Section, CDSCO(HO) by October 31, 2023.
  • Those claiming HRA rebate must submit a photocopy of the landlord's PAN card along with rent receipts; otherwise, the rent rebate will not be considered.
  • Those claiming HBA rebates must submit a provisional HBA certificate from the bank, a declaration of possession for FY 2023-24, and a self-occupied house certificate.
  • Form 12BB is provided for declaring investments/deductions for the FY 2023-24 (AY 2024-25).

Impact Analysis

Employees of CDSCO

  • Action Item: Employees must complete and submit Form 12BB with all necessary documents to the Cash Section, CDSCO(HO) by October 31, 2023.

DDO (Drawing and Disbursing Officer)

  • Action Item: The DDO needs to ensure that all employees submit the required information by the deadline and process the tax calculations accordingly.

Landlords

  • Action Item: Landlords should be prepared to provide their PAN information to tenants upon request.

Key Entities Referenced

CDSCO (Central Drugs Standard Control Organization): The issuing authority of the office memorandum. Ministry of Health and Family Welfare: The parent ministry of CDSCO. DDO (Drawing and Disbursing Officer): The officer responsible for processing salary and tax-related matters. PFMS (Public Financial Management System): The online system used for submitting income and savings details. Income Tax Act: The governing law for income tax in India. Sections like 80C are mentioned for deductions. Form 12BB: Declaration form for claiming deductions and rebates for income tax purposes.
Official Source Record View Original Source →
See Full Document Text
No. D-21 01 3/8 312020 -DC Government of lndia Ministry of Health and family Welfare Directorate General of Health Services Central Drugs Standard Control Organization FDA Bhawan, Kotla Road, New Delhi-02 Dated: 11.09.2023 OFFICE MEMORAN DUM Subject: - Galculation of lncome Tax for the Financial Year 2O23'24- Regarding. All the officers/staff are requested to furnish the details of probable income and savings qualifying for calculation of their lncome Tax for the Financial Year 2023-24 in the prescribed proforma available in the lncome Tax option of PFMS and forward the same to DDO for further processing. The self- attested proof for investmenVdeposits qualifying for rebate/deduction under Section 80C or any other section of lncome Tax etc. may also be furnished to Cash Section, CDSCO(HO) positively by 31 .10.2023 2. Those who are availing Housing Rent Allowance Rebate are required to submit the Photocopy of PAN Card of Land Lord along with Rent Receipts during the period otherwise Rent Rebate will not be considered. 3. Those who are availing rebate of HBA principal paid & lnterest on HBA paid are also required to submit the Provisional HBA certificate from bank along with declaration of possession for the FY 2023-24 & self-occupied house certrficate. Enclosure: As above (Pawan Kumar) Deputy Director Admn.(Drugs)CENTRAL DRUGS STANDARD CONTROL ORGANIZATION (HQ) FDA BHAWAN, KOTLA ROAD, NEW DELHI Form no. l2BB (see rule 26C) Declaration Form fbr the F.y . 2023-24 (A.Y . 202+2025) Emp.lD: NAME: DESIG\,T-I IO\: DIVISION: PAN NO.: Tax Calculation (plcase tick one option) old Tax Regime ! New 'l ax Regime Sccti0ns l'i rt ir'ultl rs ol lnv€stmcnts/l)rduction 'l otal Amount I l0(l lA) Rent Pard (ForHRA excmplion- emplolecs should provrde sell:atlesled copy ofrenl agreement and rent ftrerlts/llrnk slalemcnr,br allmonths i e liorn Aprill02l io N{arch 201,1) Enclosr ptotocopt of P.1\ l.endlord $here Rrnl per monlh i\ ,bore Rs. 83.33/- "f 24(lxb) Interest on Housing Loan up to Rs 2.00.0001(Rs 3,00.000 for senror crtizcn) Particulsr Investmrnl ,\mouna io Rs. PPF/GPI.' LIC (Ceni& that thc poliev/policies is/are paid by selfonly) Sukan)a deposil GISNSC 80c Trition Fee (oth€r than reimburs€d b-v oIIice) NPS (other than dcductod h) office) Post office time dcposils Repayment ol prinoipal anlount o1 housing loar/HBA I I Any other allowed Inveslm€nt if any, speci& Additional Deduclron u/s. 80CCD( lB) (uplo Rs 50,000/-) M€dical lnsurance Premium. rncllding premium lbr parents (Max Limit Rs.25.0001).ll self I 80t) )r parmts are senior cilizen lhcn max limit ofRs 50.000/- _l'reaEnent Maintenance / 01'llandicapped dependent or deposrt for marnlenance of Hand icapped 8ODD dependent who is person urlh disability (max. Rs.75.0001 for disability and Rs 1.25,000/- for s€vere disability 80% and above) 6 80E Intereston a loan taken lbr hiShereducation ma\ 8)'ears(nolrmil) 1 80EE u Deduction fo. lnterest on Loan laken to Buy Electrical vehrcle duflng 01.04.20191o.1I 01.2021 (MaxRs. 150,000/-) 8 80(i Donation should be made only to specified Fund (Primc Minrster's Reliefljund. Chief Minister's Relief Fund or Ll. Governor's Rclief Fund) Rebate lbr any other donatron should b€ claimed directly. 9 80u Physical Disabriiry(max Rs 75.0O0^ lbrdis3biii4 and Rs 1.25.000/- for severe disability 80% or more) please attach cenriicate IDECLARA'tION I hereby declare that the particulars giv€n {rn pre-page/.bove are correct and complete in all respect. I may be allowed appropriate tax rebate while caleulsting my tax tiability of Financisl Year 2O23'24 (Assessment Yerr 2024- 25). The self-attested docunentary proof for claiming the betrefits of various sdvings / investments aiready made or likely to be made, will be submilted by 3l'r October 2023. lailing rvhich the tar ma)' be recovered from mc by nltllifying the savings / investments stated in dcclatation form. t hereby state that the claim of deduction shown abovc is in my name aid if it is in joint account then it is declared herewith thal the other claimant will not claim it in hiVher lTR. In case of payment/ contribution/ investmenrs. I $ill producc the orjginal document for verification. whenever it will he asked for Last date of submission of Declaration torm: Jl" Octoher. 2023 Note: Tax (tentati|e) rlill be deducted on the basis of above declaration up lo March.2024. From November 2023 onward, ta)i will be dcducted as pe. applicable ratcs. if details of savings supponed with self- artested documentary proof are nol submitted b), 3 l"' October 2023. Signature of the EmPloyee Date

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