Sukanya Samriddhi YojanaAccount is the
latest launch in the small deposit scheme segment by Govt. of India. With this
launch people started showing huge response and want to know more about this Sukanya Samriddhi Scheme. The scheme has launched with many key features but
there is not much clarity over few benefits or clauses. In this article I will
try to share those 17 points which will answer almost all possible query
regarding this Sukanya
Samriddhi Account. This
scheme will see a hue success in coming days as this is the major highlight of
Beti Bachao Beti padhao campaign
1.Girl’s Age limit:Sukanya Samriddhi Accountcan be opened by a legal guardian or
by parents of the girl child by visiting nearest post office or selected bank
branches. The girl child age can be maximum 10 years old while opening SSA
account. As this is the starting year, Govt is providing a grace period of 1
year till December 2015. Any girl child born between 2 December 2003 and 1
December 2004 can open account up to till 1 December 2015. This rule is just
for this year only, it will not continue further. So till 2015 year end girl
child age could be accepted even if 11 years, but there after the standard max
age to open Sukanya Samriddhi Account is 10 years.
2.Who can open SSA :Only the parents or the legal
guardian of the girl child can open SSA account. One can’t open SSA account for
his/her sisters or brothers daughter’s account. In case you want to open this
account for your sister in absentee of your father in your family you can open.
There could be many such cases which is not at all clear as per Govt.
3.No of Accounts:The no of account can be opened in
the name of max 2 girl child only. If 1st or 2nd birth gave twins then it can
be opened for all 3 girls. From a family only one account is possible in the
name of girl child. It is not like mother and father can open 2 accounts in the
name of a same girl child.
Where to open Sukanya Samriddhi
Account :One can easily open this account by
visiting nearest post-office where deposit account opening facility is
available. You can check out the sample form that you have to fill up in post
office. On submit of the form with valid documents you will receive a passbook
like our savings account passbook. Besides post office one can open SSY account
in banks also. But all banks are not allowed to facilitate this scheme. The
List of Bank for Sukanya Samriddhi Account is given below:-
1.State Bank of India(SBI)
2.State Bank of Patiala(SBP)
3.State Bank of Bikaner & Jaipur(SBBJ)
4.State Bank of Travancore(SBT)
5.State Bank of Hyderabad(SBH)
6.State Bank of Mysore(SBM)
10.Bank of Baroda(BoB)
11.Bank of India(BoI)
12.Bank of Maharashtra(BoM)
14.Central Bank of India(CBI)
20.Indian Overseas Bank(IOB)
21.Oriental Bank of Commerce(OBC)
22.Punjab National Bank(PNB)
23.Punjab & Sind Bank(PSB)
26.Union Bank of India
27.United Bank of India
Also allPost offices in Indiaare authorized to open account under
Sukanya Samriddhi Yojana
4.Documents require opening SSY account: To open Sukanya Samriddhi Account
you have to provide birth certificate of your kid, 2 passport photo graph,
photo id of parent or guardian opening the account and address proof. Now for a
new born child in many cases name is not updated. In that case I think we can
open the account in the name of baby of XXXX like this. Or it is better to wait
till the birth certificate is updated with your baby name. If anyone has the
answer of this query please share.
5.Interest rate of SSYAccount: Interest rate of this account will
be changing every year. For this year it has fixed to 9.1% which is the maximum
for any small deposit scheme. PPF account has 8.7% this year.
6.Deposit rules: Many people are asking how much I
can deposit in Sukanya Samriddhi Account? Can I deposit monthly basis or yearly
basis? I will clear this confusion here. The minimum amount one have to deposit
to continue this account is Rs 1000 only and maximum 1.5 lakh. Now one can
deposit from rs 1000 – 1.5 lakh any amount in any month in a year. There is no
such restriction, but don’t forget the min and max limit.
7.Deposit term: One can deposit under this scheme
up to 14 years from the date of account opening only. Means if your child’s age
is 5 years now, you can deposit money till 19thyear of her age. After that no
further deposit will be allowed.
8.Maturity: The Sukanya Samriddhi Account will
mature after 21 years from the date of opening. E.g. in the previous example
the maturity year will be 26thyear of your kid’s age. But there is
one more clause regarding marriage. In case your daughter gets married before
26 years, then the account will be closed on that year itself. So, the maturity
period of this account will be 21 years or the marriage year which one is
earlier. You can download theSSA excel calculatorand play with it to get some idea
about returns after 18 years or 21 years.
9.Pre-mature withdrawal:One can withdraw 50% of the amount
accumulated till 18thyear of the girl child. The purpose
of withdraw here is education expense. So till 18 years whatever amounts
accumulate in your Sukanya Samriddhi Account, you can withdraw 50% of that and
utilise for your girls education. Rest amount will stay there and earn compound
interest till maturity. So before maturity there is only one option provided
for a partial withdrawal.
10.Enjoy interest from 14 – 21
years without deposit: As the deposit period for this account is limited till 14
years, one can enjoy compounding yearly interest on the accumulated money from
11.Penalty:In case you forget to deposit the
minimum amount of rs 1000 in your Sukanya Samriddhi Account then your account
will be discontinued. But nothing to worry, you can pay a penalty of Rs 50 only
and again activate the account. The account will continue from where it has
12.Transfer:The account can be transferred to any
part of country with the girl moving that city. But whether it is possible to
transfer Sukanya Samriddhi Account from post office to any bank is not at all
clear now. Although this is too early to expect as such queries.
13.SSA is EEE scheme now:After budget 2015, Sukanya Samriddhi
Account has been income tax exempted 100%. Earlier while launched first time,
the interest earned on this account was taxable. But later on it was decided to
make the earning and maturity tax free similar to PPF account. But both parents
can’t claim the contribution toward this account under section 80C.
14.In case of death:In case of death of depositor the
account should be closed immediately. Again if the girl child dies
unfortunately, then also account has to be closed. In such case the amount
accumulated till the previous month of death will be returned to the nominee
declared while opening SSA account or the girl child.
15.Rules for NRI :So far there is no scope for NRIs
(Non Resident Indian) to open SSY account. Govt has to clear about this in
16.PPF and SSA combination to make
wealth: Can I
invest in both PPF and Sukanya Samriddhi Account? The answer is yes. As both
the schemes are declared EEE scheme, one can utilize both the savings option to
make huge wealth for future, if you are satisfied with the guaranteed return.
Although in longer term equity way may be best, but if you don’t like to taste
the equity return then these combination would be perfect.
Most of the Govt and Non Govt concerned prepare the Income Tax Salary Certificate Form 16 Part A and Part B by manually to their employees.It is most difficult to make out the Income Tax Calculation as per the Income Tax Law or Norms and it is most hazard to prepare manually the Form 16 for each employee's Form 16. Although now the most of Govt and Non Govt Concerned have the Computer and they prepare the Form 16 through their Computer. As per the CBDT Notification the Format of Form 16 have fully Changed dated 19/2/2013.
Below given the Automated New Amended Form 16 preparation Excel Based Software which can prepare the Form 16 Part B and Part A&B both just a moment. This Utility can prepare the Form 16 One by one for the Financial Year 2014-15 and Assessment Year 2015-16. In this Excel Utility have all the new amended Income Tax Section and the new Tax Slab for the Financial Year 2014-15 as per the Finance Budget 2014-15
Income Tax returndue date for non audit cases in respect of assessment year 2015-16 . In
many cases Individual has not deposited full tax or tds has been short deducted
means there is balance tax liability due to interest u/s 234B, 234C or
due to other reason. The balance tax must be deposited before return filing .
The balance tax to be paid is also called self assessment tax .To deposit this
we have two method one is online and other is offline .In both case to deposit
balance tax we have to use challan ITNS-280.We have described the Both methods
1. To pay Self assessment challan taxes online
the taxpayer shall select the challan i.e. ITNS 280,
1. To pay Self assessment challan taxes online
the taxpayer shall select the challan i.e. ITNS 280,
to pay Income Tax due – Advance Tax, Self Assessment Tax etc?
Challan, ITNS 280 Challan is
used to pay Income Tax due, if any.
can be paid by going to designated branch and paying through cheque or cash,
called as Offline or physical payment
can also be paid through online if you have net-banking.
can be paid through Off line through any CBS facilitated Bank
Updated list of deductions available Chapter VI-A while calculating
Income Tax for Individual & also helpful for tax planning. Section
Under this section
deduction from total income in respect of various investments/
expenditures/payments in respect of which tax rebate u/s 88 was earlier
available. The total deduction under this section (alongwith section 80CCC and
80CCD) is limited to Rs. 1.5 lakh only.( As per the Finance Budget 2014-15 the
Max Limit of U/s 80 C HAS RAISED UP TO RS. 1.5 LAKH)
Life Insurance Premium For individual, policy must be in self or spouse's or
any child's name. For HUF, it may be on life of any member of HUF.
Sum paid under contract for deferred annuity For individual, on life of self, spouse or any child .
Sum deducted from salary payable to Govt. Servant for securing deferred annuity
for self-spouse or child Payment limited
to 20% of salary.
4. Contribution made under Employee's Provident Fund Scheme.
Contribution to PPF For individual, can be in the name of self/spouse, any
child & for HUF, it can be in the name of any member of the family.
Contribution by employee to a Recognised Provident Fund.
Sum deposited in 10 year/15 year account of Post Office Saving Bank
Subscription to any notified securities/notified deposits scheme. e.g. NSS
Subscription to any notified savings certificate, e.g. NSC VIII issue.
10. Unit Linked
to notified deposit scheme/Pension fund set up by the National Housing Scheme.
payment made by way of installment or part payment of loan taken for
purchase/construction of residential house property. Condition has been
laid that in case the property is transferred before the expiry of 5 years from
the end of the financial year in which possession of such property is obtained
by him, the aggregate amount of deduction of income so allowed for various
years shall be liable to tax in that year.
to notified annuity Plan of LIC(e.g. Jeevan Dhara) or Units of UTI/notified
Mutual Fund. If in respect of such contribution, deduction u/s 80CCC has been
availed of rebate u/s 88 would not be allowable.
Subscription to units of a Mutual Fund notified u/s 10 (23D).
Subscription to deposit scheme of a public sector, company engaged
in providing housing finance.
Subscription to equity shares/ debentures forming part of any
approved eligible issue of capital made by a public company or public financial
17. Tuition fees
paidat the time of admission or otherwise to
any school, college, university or other educational institution situated
withinIndiafor the purpose of full time education of any two
children. Available in respect of any two children Section 80CCC:
Deduction in respect of Premium Paid for Annuity Plan of LIC or Other Insurer
Payment of premium for annuity plan of LIC or any other insurer Deduction is
available upto a maximum of Rs. 150,000/-.
The premium must be
deposited to keep in force a contract for an annuity plan of the LIC or any
other insurer for receiving pension from the fund.
Section 80CCD: Deduction in respect of
Contribution to Pension Account Deposit made by a Central government servant in
his pension account to the extent of 10% of his salary. Where the Central
Government makes any contribution to the pension account, deduction of such
contribution to the extent of 10% of salary shall be allowed. Further, in any
year where any amount is received from the pension account such amount shall be
charged to tax as income of that previous year.
18. Section 80CCG: Rajiv Gandhi Equity
Saving Scheme As per the Budget 2012 anouncements, a new scheme Rajiv Gandhi
Equity Saving Scheme (RGESS) will be launched. Those investors whose annual
income is less than Rs. 10 lakh can invest in this scheme up to Rs. 50,000 and get
a deduction of 50% of the investment. So if you invest Rs. 50,000 (maximum
amount eligible for income tax rebate is Rs. 50,000), you can claim a tax
deduction of Rs. 25,000 (50% of Rs. 50,000).
19. Section 80D: Deduction in respect
of Medical Insurance Deduction is available upto Rs. 20,000/- for senior
citizens and upto Rs. 15,000/ in other cases for insurance of self, spouse and
dependent children. Additionally, a deduction for insurance of parents (father
or mother or both) is available to the extent of Rs. 20,000/- if parents are
senior Citizen and Rs. 15,000/- in other cases. Therefore, the maximum
deduction available under this section is to the extent of Rs. 40,000/-. From
AY 2013-14, within the existing limit a deduction of upto Rs. 5,000 for preventive
health check-up is available. Note:- By the Finance Budget 2015 has Raised the Limit up to Rs. 25,000/- for General below 60 years and Rs. 30,000/- for Sr.Citizen, apply since 1/4/2015 for the Financial Year 2015-16
20. Section 80DD: Deduction in respect
of Rehabilitation of Handicapped Dependent Relative Deduction of Rs. 50,000/-
w.e.f. 01.04.2004 in respect of ü Expenditure incurred on medical treatment,
(including nursing), training and rehabilitation of handicapped dependent
relative. ü Payment or deposit to specified scheme for maintenance of dependent
handicapped relative. Further, if the defendant is a person with severe
disability a deduction of Rs. 100,000/- shall be available under this section.
The handicapped dependent should be a dependent relative suffering from a
permanent disability (including blindness) or mentally retarded, as certified
by a specified physician or psychiatrist. Note: A person with 'severe disability'
means a person with 80% or more of one or more disabilities as outlined in
section 56(4) of the 'Persons with disabilities (Equal opportunities,
protection of rights and full participation)' Act.
21. Section 80DDB: Deduction in respect
of Medical Expenditure on Self or Dependent Relative A deduction to the
extent of Rs. 40,000/- or the amount actually paid, whichever is less is
available for expenditure actually incurred by resident assessee on himself or
dependent relative for medical treatment of specified disease or ailment. The
diseases have been specified in Rule 11DD. A certificate in form 10 I is to be
furnished by the assessee from any Registered Doctor.
Section 80E: Deduction in respect
of Interest on Loan for Higher Studies Deduction in respect of interest on loan
taken for pursuing higher education. The deduction is also available for the
purpose of higher education of a relative w.e.f. A.Y. 2008-09.
Section 80G: Deduction in respect
of Various Donations The various donations specified in Sec. 80G are eligible
for deduction upto either 100% or 50% with or without restriction as provided
in Sec. 80G, Section 80GG: Deduction in respect of House Rent Paid
Deduction available is the least of
1. Rent paid less 10% of total income
2. Rs. 2000/- per month
3. 25% of
total income, provided of Assessee or his spouse or
minor child should not own residential accommodation at the place of
employment. of He should not be in receipt of house rent
allowance. of He should not have self occupied residential
premises in any other place.
22. Section 80U: Deduction in respect
of Person suffering from Physical Disability Deduction of Rs. 50,000/-
to an individual who suffers from a physical disability(including blindness) or
mental retardation. Further, if the individual is a person with severe
disability, deduction of Rs. 100,000/- shall be available u/s 80U. Certificate
should be obtained from a Govt. Doctor. The relevant rule is Rule 11D. Section
80RRB: Deduction in respect of any Income by way of Royalty of a Patent
Deduction in respect of any income by way of royalty is respect of a patent
registered on or after 01.04.2003 under the Patents Act 1970 shall be available
upto Rs. 3 lacs or the income received, whichever is less. The assessee must be
an individual resident ofIndiawho is a patentee. The assessee must furnish a
certificate in the prescribed form duly signed by the prescribed authority. NOTE THAT BY THE FINANCE BUDGET 2015 THIS LIMIT HAS RAISED UP TO Rs.75,000/- FROM 50,000/- SINCE 1/4/2015 FINANCIAL YEAR.
23. 80 TTA: Deduction from gross
total income in respect of any Income by way of Interest on Savings account
Deduction from gross total income of an individual or HUF, upto a
maximum of Rs. 10,000/-, in respect of interest on deposits in savings account
( not time deposits ) with a bank, co-operative society or post office, is
allowable w.e.f. 01.04.2012 (Assessment Year 2013-14).
24. 80 EE. Additional House
Building Loan Interest up to Rs. 1,00,000/- will be admissible who have paid
the HBL Interest w.e.f. 1/4/2013 (Excluding the Section 24 B)
a new Portal had been made for only TDS Certificate and many more. Salary
Certificate Form 16 Part A is mandatory to download TRACES. TDS Certificate for
Salaried Employee from TRACES (New Website of TDS) form the Assessment
Year 2012-13 by its new circular 4/2013 dated 17.04.2012 for TDS Deductor on or
after 01.04.2012. Download request for Form No. 16 for a particular Financial
Year can be submitted only after Form 24Q statement for Q4 for the selected
Financial Year is filed by deductor and processed by TDS CPC.
So Now you can
not download your Form 16 (Part-A) from TRACES portal.
Download Form No. 16 :
Select from Menu:
• Go to webside
• Login to TRACES
as a deductor by entering User Id and Password and clicking on ‘Go’.
• Landing page
will be displayed.
‘Downloads’, click on ‘Form 16’ to place download request.
• Form 16 can be
downloaded from FY 2007-08 onwards
• For a given FY,
TAN and PAN, there will be only one Form 16. In case of more than one employer,
a PAN holder can have those many Form 16s Enter
• For individual
PANs, select Financial Year for which Form 16 is required and enter PAN and
click on ‘Add’
• Valid PANs will
be added to the list. Select a PAN and click on ‘Remove’ to remove it from the
• Click on ‘Go’ to
proceed with download request
• For downloading
Form 16 for all PANs , select Financial Year for which Form 16 is required and
click on ‘Go’ Token Number Details (Contd.)
Authentication Code if the validation is done earlier and you have the
• Enter Token
Number of only Regular (Original) Statement corresponding to the Financial
Year, Quarter and Form Type displayed above
• Tick in Check
Box for NIL Challan or Book Adjustment (Government Deductor)
deductors not having BIN details tick here and need not need provide BSR and
Challan Serial Number below
• Click on Guide
to select suitable Challan option
• Enter CIN
details for a challan used in the statement
• Tick here if you
do not any Valid PAN corresponding to above Challan details
• Click on Guide
to select suitable PAN amount Combinations
• PANs entered
must be those for which payment has been done using the CIN / BIN entered on
be printed on Form 16
• This information
will be printed on Form 16 for each PAN. Details will be populated from your
profile information in TRACES
• Click on
‘Submit’ to submit download request for Form 16
• Click on
‘Cancel’ and go to ‘Profile’ section to update details
• Click on
‘Requested Downloads’ under ‘Downloads’ menu to download Form 16 text file
Search File to
• Enter Request
Number (Search Option 1) or Request Date (Search Option 2) to search for the
download request submitted for Form 16
• Click on ‘View
All’ to view all download requests
• Click here if
you are facing difficulty in PDF Generation Utility
• Click on a row
to select it
• Click on the
buttons to download file
Convert .ZIP File
into PDF or Click Here
• ZIP file
downloaded from TRACES will contain Form 16 details for all requested PANs
• Download ‘TRACES
PDF Generation Utility’ from the website and install it on your desktop
• Pass the ZIP
file through the utility to convert it into individual PDF files for each PAN
• User can opt to
digitally sign the Form 16s during conversion
• Deductor can
also opt to manually sign the PDF files after printing
E-Tutorial to Download Form No. 16 (Salaried
The new IRCTC
rule which will be coming to effect from tomorrow may hamper you from booking
tickets for your entire family because IRCTC will now allow only one ticket per
user in one login session. After the ticket is booked, the user will be logged
While this is going to effect millions of train travelers, the
primary purpose of this rule is to ensure that touts do not corner large number
of tickets at one go! The new rule is applicable to everyone who book their
tickets through IRCTC website, including IRCTC agents.
Luckily, the rule is applicable only between 8:00am to 12:00pm,
when it is the peak time on IRCTC portal. Also, users can book as many tickets
as they want from offline IRCTC counters throughout the day. This restriction
will not be applicable while booking onward journey/return journey e-tickets.
Theofficial statementissued by Railways ministry said, “The
Ministry of Railways has decided that in case of e-ticketing, there will be a
restriction of only one booking in one user login session and forced logging
out of the user before another booking for all users including IRCTC agents but
excluding defence booking under warrant only.”
Over the last couple of years, IRCTC has taken many steps to
improve the services provided by them to train travelers. One of their priority
has been to weed out touts from the system, who corner chunk of tickets from
IRCTC website and then sell them at premium to customers. They have earlierstopped agents from logging on
to IRCTC websites between 8 am and 9 am, so that they cannot do Tatkal
Under section 192(2A) where the assessee, being a Government servant or an employee in a company, co-operative society, local authority, university, institution, association or body is entitled to the relief under Section 89(1) he may furnish to the person responsible for making the payment referred to in Para (3.1), such particulars in Form No. 10E duly verified by him, and thereupon the person responsible, as aforesaid, shall compute the relief on the basis of such particulars and take the same into account in making the deduction under Para(3.1) above.
With effect from 1/04/2010 (AY 2010-11), no such relief shall be granted in respect of any amount received or receivable by an assessee on his voluntary retirement or termination of his service, in accordance with any scheme or schemes of voluntary retirement or in the case of a public sector company referred to in section 10(10C)(i) (read with Rule 2BA), a scheme of voluntary separation, if an exemption in respect of any amount received or receivable on such voluntary retirement or termination of his service or voluntary separation has been claimed by the assessee under section 10(10C) in respect of such, or any other, assessment year.