Page 53 - Insight 2018

TAX ADJUSTMENTS

Tax withheld on the following transactions from July, 2018 to June, 2019 shall only be considered for tax adjustment.

On Cash withdrawal from banks
Tax Deduction Certificate required,
not account statement.

Advance tax on purchase of air Tax withheld on
ticket (Domestic) 0.3% for transaction in bank
0.3% for
Copy of ticket required along with tax details filers & 0.6% Tax Deduction Certificate
filers & 0.6%
clearly showing income tax collected. for non-filers required, not account statement.
for non-filers
Ticket must be in the name of the employee.
Where payment is made by the parents of 0.3% for
0.3% for
5%
the dependent travelers, such adjustment 5% filers & 0.6%
filers & 0.6%
for non-filers
can be claimed by the parents. for non-filers
Please note that employees cannot claim the
adjustment for official travel.
Advance tax by educational Sale by Auction
institutions 10% for Copy of tax challan/invoice or
10% for
@
5%
filers & 15%
Copy of tax challan or receipt 5% filers & 15% receipt required in the name of
for non-filers
required. for non-filers the employee for tax refund.
Taxes paid can be claimed as an @
adjustment by the parent/guardian
paying the fee.
Advance tax on functions Advance Tax on
1% for filers
and gatherings 5% 1% for filers sale or transfer of
5%
& 2% for
& 2% for
Copy of tax challan required. non-filers immovable Property
non-filers
Tax must have been withheld in Copy of tax challan required.
the name of the employee. Tax must have been withheld in
the name of the employee.
2% for filers
0.6% for 2% for filers
0.6% for
non-filers & 4% for
non-filers
& 4% for
non-filers
non-filers
On Banking Transactions Advance Tax on purchase of
other than through cash immovable Property
Tax Deduction Certificate required, Copy of tax challan required.
Tax must have been withheld in the
not account statement. name of the employee.
On Purchase/registration On Renewal of car On T Advance tax on purchase of
On Telephone (including elephone (including
of new car registration mobile phone) international air tickets other than
mobile phone)
economy class
• Car should be registered
• Copy of tax challan/ in the name of the • Income tax on service • Copy of ticket required along
invoice or receipt required employee. numbers shall not be with tax details clearly showing
in the name of the • Copy of registration book considered for credit. income tax collected.
employee for tax refund. and receipt of renewal • In all other cases a tax • Ticket must be in name of the
(token) required with deduction certificate is employee.
complete breakup. required to avail tax refund • Please note that employees
on mobile/landline numbers. cannot claim the adjustment
for official travel.

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