Note

Assistance for entering details in Ideal Structuring & Tax Computation for Financial Year 2015-16
Description

Basic Salary is fixed guaranteed sum paid monthly. It is capped between 15% to 40% of CTC. The retiral benefits and HRA is linked to Basic..
Please note : % of Basic on CTC can be reduced(from last year % of Basic), provided that Per Month Basic Amount should not be less than last
year's per month basic. or in other words new Basic Salary cannot be less then current Basic Salary
For e.g.
Assumed 2014-15 CTC was Rs. 500,000 30% of CTC i.e. 150,000 per annum or 12,500 per month.
& 2015-16 Revised CTC is Rs. 600,000
- 25% of New CTC i.e. 150,000 per annum or 12,500 per month.
( Hence in this example Revised % of Basic cannot be less than 25%)

Annual Performance Linked Incentive (Fully Taxable)

APLI means, Actual APLI amount received(before tax) in the Current Year 2015-16 based on year 2014-15 Annual Performance.

House Rent Allowance is optional component paid monthly .

It is capped at 60% of the 'Basic' for metros and 50% of the 'Basic ' for Non-metros.

Rent Amount
Fixed
: If during the year Monthly Rent Paid amount remains constant.
Variable : If during the year Monthly rent amount changes due to change
in Rent Agreement/Rented Property/etc.

Leave Travel Allowance (LTA) -(Non-Taxable)

Leave Travel Allowance is an optional component. It can be claimed as reimbursement for travel on leave within India.
LTA would be paid to the employee as and when he submits the Bills during the year up to the mentioned Limit.
In case employee fails to avail their LTA within the stipulated period and block, he/she could carry forward the same and avail only one journey to the first year of the
immediately succeeding block (2010 to 2013). The current block is 2014 to 2017.
Let us suppose you are entitled to an LTA of Rs.10, 000 per year and you do not utilize it in the block 2010-2013. This amount could be carried forward in the next
block of four years. You must thus claim this amount in 2014 and the LTA entitlement of that particular block (i.e. 10,000+10,000) could subsequently be claimed
according to the specification of LTA laws.

BER is an optional component.

It can be claimed as monthly reimbursement strictly against the original bills.
It can be claimed for Vehicle (Car/Two wheeler) operating, Professional Pursuit and Telephone Expenses.
The amount would be payable to the employee as and when they claim the BER and submit the original Bills i.e. monthly , Quarterly or yearly . However, if the
expenses are not claimed during the year, then the balance amount is taxed and paid to the employee along with March salary. BER Tracker will help you to keep
eye on the eligible, approved & balance amount.

Transport Allowance is an optional component. It is fixed at Rs.19200/-p.a. or Rs.1600/-p.m.

(Transport Allowance will automatically reflect when you select "No" in BER.)

Medical Allowance is paid out as a part of compensation every month at the fixed sum of Rs.1250/-p.m.

Children Education Allowance (Non-Taxable)

Children Allowance is an optional component.
The permissible limit is upto Rs 100 p.m. per child up to maximum of 2 children.

10

Children Hostel Allowance (Non-Taxable)

Hostel Allowance is an optional component.
The permissible limit is up to Rs 300 p.m. per child up to maximum of 2 children.

11

Washing Allowance (Non-Taxable)

Washing Allowance is applicable only for employees based at the plant locations.
Washing Allowance is a fixed guaranteed sum of Rs 1,000 p.m.

12

Food Coupons is an optional component. An employee can opt for coupons worth Rs. 1,300/Rs.2,600 p.m.or Rs. 3,600 p.m

13

Deduction u/s 80C - Maximum Limit of Deduction Rs. 150,000

Contribution in
: PF, LIC, PPF, ULIP, Approved Mutual Fund, NSC & Interest on NSC, Notified Pension Fund, Tuition Fees for 2 Childs, Notified Terms Deposit, Repayment
of Housing loan.

14

Deduction u/s 80CCD (1B) - Max Limit of Deduction Rs. 50,000

:Contribution to National Pension Scheme

15

Deduction u/s 80D - Max Limit of Deduction

: Medical Insr Premium (Non-Senior Ctz)
: Medical Insr Premium(Payment on behalf of parents non-senior Citizen)
: Medical Insr Premium (Senior Citizen)

16

Deduction u/s 80 E : Repayment of Interest on Loan for Higher Education

17

Deduction u/s 80 G
: Donation to CRY
: Donation to PM's Relief Fund

18

Deduction u/s 80 TTA

: Interest Income in Saving Account
- Max Limit of Deduction Rs 10,000
: Individuals and HUFs who earn interest on their deposit in a savings account can claim tax exemption on such interest.
Savings account can be with a bank, post office or co-operative society doing banking business.
This deduction is not valid for time deposits like FD and RD.

19

Income/Expense Other than Salary

: Interest Amount on Housing loan paid during the year.
Please note : Principal repayment of housing loan is covered under sec 80C. Hence only Interest Amount enter in this cell.
: Other Source (Saving Bank Interest).
Interest Received in Bank Saving Account
: Other Source/ Income (If any).
Any Other Income e.g. Interest Received on Fixed Deposit/RD or any other income for other source etc.

- Rs 25,000
- Rs 25,000
- Rs 30,000

- Actual Interest Amount

- 50 % of Donation (Subject to 10% of Adjusted GTI)

- At Actual

Tax Computation Summary Assistance Sheet A.Y. 2012-13_ChandraKishore

Investment & Expenditure Related

Delaration

Salary Related Inputs For the Financial Year 2015-2016 (A.Y. 2016-17)
Age (in Years)
Level
Enter CTC
Enter Basic %
APLI % - Current Year 2015-16
APLI received for 14-15 (Before TDS)
Select HRA &City
HRA on Basic (Metro)
HRA on Basic(Non- Metro)
Rent
Fixed /Variable
: Fixed Per Month Ideal INR 22750
: Variable(Per Annum) Ideal 273000

Summary
Take home Pay After Tax p.m.

Take home BER

Food Coupons

Last Drawn Salary

Month
Enter "-" for
whole year

Below 60

p.m.

M-07
1,300,000
35.00%
20.00%
169,200
Non-Metro 50%
0.00%
50.00%
Fixed
19000
-

Tax Deducted
Till Last Month
19000

LTA Eligibility
Per Annum
BER
YES/NO
BER Limit Rs. 25000 p.m.
Transport Allowance
Yes/No
Medical Allowance
YES/NO
Child Edu'n Allowance YES/NO
Child Hostel Allowance YES/NO
Washing Allowance
YES/NO
Food Coupons Opted YES/NO
Food Coupons p.m.

Next 12 Months Total

54,653
20,000
-

655,831
240,000
32,569
32,569

Income Tax Payable/(Refund)

1119600
Income
Basic
House Rent Allowance
Medical Amt
Conveyance/Transport
Special Allowance
Children Edu & Hostel Allowance
Washing Allowance
Leave Travel Allowance
BER (Vehicle & Prof Pursuit)
PF (Employer Contribution)
APLI Received (pertains to FY 2014-15)
Exempt Subject to Bills
Medical Amt (Exemption)
Food Coupons

YES/NO

Per Month

Income Tax For the Year

Head

LTA Opted

for 11 month

417,083
208,542
13,750
14,575
11,000
18,333
220,000
50,050

CTC Before Variable Pay

Variable Pay/APLI (to be Received in FY 2015-16)

Per Month Per Annum

37,917
18,958
1,250
1,325
1,000
1,667
20,000
4,550

85,667
21,667

455,000
227,500
15,000
15,900
12,000
20,000
240,000
54,600
169,200
1,209,200
15,000
1,194,200
1,040,000
260,000

107,333

1,300,000

86,667
1,250
-

Yes
20,000
Yes
20,000
No
Yes
No
No
Yes
No
1,300

Income/Expense Other than Salary

Sec 80 C
20000
20000
0
1250
0
1000
0

PF Contribution (Eee)
LIC
PPF
Housing Loan Principal
Other (if Any)
Sec 80 CCD (1B) NPS
Sec 80 D

House Property Type

54,600.00
80,000.00
20,000.00
-

Mediclaim (Self & family)

Mediclaim (For Parent)

For Any Query contact to undersigned:

Name
: ChandraKishore Choudhary
Email
: cchoudhary@essar.com

Sec 80 E
Education Loan Int
Sec 80 G Donation
: to CRY - ideal 53310

: to PM's Relief Fund

LOP/SOP+LOP

House Property (SOP)-Interest

House Property (SOP/Let out)
Other Source (Saving Bank Int)
Other Income/(Loss)
Recomondation For Sec 80C
Surplus Investment Rs. 4600

Mob

Company : Essar Oil Limited

: +91 99301 35082

Sec 80 TTA
Int Income Saving a/c

Exemption /Deduction
Head

Investment
Per Month Per Annum

Prof tax Deduction

HRA Exemption
Edu,Hos'l &Washing Exemp
Conveyance Exemption
LTA Exemption
PF (Employee Contribution)

200
15,167
1,000
1,667
4,550

2,400
182,000
12,000
20,000
54,600
271,000

HRA Exemption (Least of the following)

HRA Received
Rent Paid - 10% basic
40 % of Basic

227,500
182,500
182,000

Head
Provident Fund
LIC
PPF
Others
NPS _80CCD (1B)

Equinox Business Park (Peninsula Techno Park),

off Bandra Kurla Complex, LBS Marg, Kurla (W),Mumbai-400070 | Maharashtra | India |
T +91 9930135082 | +91 22 67335000 VoIP: 7 22 5392 |
E Chandrakishore.Choudhary@essar.com | www.essar.com |

Tax
Head

54,600
80,000
20,000
-

Chapter VI
Mediclaim
Education Loan Int
Int Income Saving a/c
Dona'n to CRY
Dona'n to PMR Fund

For Any Query contact to undersigned:

Chandrakishore Choudhary | Sr. Manager - CEO's Office | Essar Oil Ltd. (E&P Division) |

310375828.xlsx

150,000

Amount

Gross Salary
BER (Tax Free Exemption)
Exemption U/s 10
Balance
Professional Tax
Income Under Head Salary
Other Income
Gross Total Income
Agg of Chap VI
Taxable Income
Taxable Income(round off)
Tax on Total Income
Tax Credit upto 2K (If TI<5 lacs)
Surcharge (IF TI>1Cr)
Tax payable (SC + Edu Cess)
Tax Deducted So far
Balance Tax Payable /(Refund)

Amount
1,139,600
240,000
214,000
685,600
2,500
683,100
683,100
150,000
533,100
533,100
Err:501
32,569
32,569

BER Summary_Year 2015-2016

Month
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15

Eligible
Amount

Date
0

BER Limit
Claimed
Amount

BER Approved
-

Cumm BER
Approved
-

For Any Query contact to undersigned:

Chandrakishore Choudhary | Sr. Manager - CEO's Office | Essar Oil Ltd. (E&P Division) |
Equinox Business Park (Peninsula Techno Park),
off Bandra Kurla Complex, LBS Marg, Kurla (W),Mumbai-400070 | Maharashtra | India |
T +91 9930135082, +91 98922 96922 | +91 22 67335000 VoIP: 7 22 5392 |
E Chandrakishore.Choudhary@essar.com | www.essar.com |

Date

BER Paid /(to be Paid)

Amount
Cumm Amount
-

Carried Forward
Unclaimed
Excess
-

(Select Change/No Change)

No of Arrear Months

Particulars

No Change

Apr-15

No Change

May-15

No Change

Jun-15

No Change

Jul-15

No Change

Aug-15

No Change

Sep-15

No Change

Oct-15

No Change

Nov-15

No Change

Dec-15

No Change

Jan-16

No Change

Feb-16

Err:501

Mar-16

Total

A. Gross Salary
1 Basic Salary
2 House Rent Allowance
3 Leave Travel Concession
4 Medical Reimbursement
5 Conveyance/Transport Allowance
6 Special Allowance
7 Children's Education Allowance
8 Hostel Allowance
9 Washing Allowance
10 Other Allowance
11 Other Earning Round Off

A1. Arrears
12 Basic Salary Arrear
13 House Rent Allowance Arrear
14 LTC Arrear
15 Conveyance/Transport Arrear
16 Special Allowance Arrear

17
18

APLI received for14-15(Before TDS)

Other Income/Bonus/Allowance

19

Business Expense Reimbursement

20

Food Coupon

B. Other Deductions:
1 Provident Fund
2 Provident Fund (Arrear)
3 Provident Fund (Adj, If Any)
4 Professional Tax
5 Benevolent Fund
6 Telephone Recovery
7 Any Other Deduction

C. TDS/Income Tax

Total (1 to18)

Summary

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

Dec-15

Jan-16

Feb-16

Estimated For
0 Months

Mar-16

Total

Net Take Home Amount

Performance Bonus
BER
Food Coupon

Provident Fund Employee

Provident/Pension Fund Employer

Other Deductions

Prof Tax

TDS

Total

Actual Tax Computation for the Financial Year 2015-2016 (A.Y. 2016-17)
Actual Investment & Expenditure
Income/Expense Other than Salary
Salary Releated Inputs
Related Deductions
Age
Medical Bills Submitted (15-16)

Below 60

LTA Bill Submitted (15-16)

BER Bill Approved (15-16)

Ref BER Tracker

HRA : City Type

HRA
Apr-15
May-15

Metro
Actual Rent Paid
-

Sec 80 C
PF Contribution (Eee)
LIC
PPF

Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15

Housing Loan Principal

Other (if Any)
Sec 80 CCD (1B) NPS
Sec 80 D :Mediclaim
Sec 80 E
Education Loan Int

Dec-15

Sec 80 G Donation

Jan-16

: to CRY - ideal 0

Feb-16

Mar-16

Head
Basic Salary
House Rent Allowance
Medical Amt
Conveyance/Transport
Special Allowance
Children Edu & Hostel Allowance
Washing Allowance
Leave Travel Allowance
Other Allowance and Round off
APLI Received (pertains to FY 2013-14)
Other Income/Bonus/Allowance
BER (Vehicle & Prof Pursuit)
PF (Employer Contribution)
Food Coupons

Income

Additional
Investment
Required Rs.
150000

House Property Type

House Property (SOP)-Interest
SOP/Let out _Refer HP Sheet
Other Source (Saving Bank Int)
Other Income/(Loss)

0
-

Chandrakishore Choudhary | Sr. Manager - CEO's Office | Essar Oil Ltd. (E&P Division) |

: to PM's Relief Fund

Equinox Business Park (Peninsula Techno Park),

off Bandra Kurla Complex, LBS Marg, Kurla (W),Mumbai-400070 | Maharashtra | India |

Sec 80 TTA

T +91 9930135082 | +91 22 67335000 VoIP: 7 22 5392 |

-

Head
-

Tax Deducted/Paid During 2015-16

E Chandrakishore.Choudhary@essar.com | www.essar.com |

Exemption /Deduction
Per Annum

SOP-Single House

Tax deducted from Salary

Tax Deducted (others)
Tax Paid (Self Assessment)
For Any Query contact to undersigned:

Int Income Saving a/c

1119600

Recomondation For Sec

80C

Investment

Per Annum

Madical Amount Exemption

HRA Exemption
Edu,Hos'l &Washing Exemp
Conveyance Exemption
LTA Exemption
Prof tax Deduction
PF (Employee Contribution)

HRA Exemption (Least of the following)

HRA Received
Rent Paid - 10% basic
#DIV/0!

310375828.xlsx

Head

Eligible 80 C Amount
Provident Fund
LIC
PPF
Others
Sec 80 CCD (1B) NPS

Tax
Amount

Chapter VI
Mediclaim
Education Loan Int
Int Income Saving a/c
Dona'n to CRY
Dona'n to PMR Fund

Head
Gross Salary
BER (Tax Free Exemption)
Exemption U/s 10
Balance
Professional Tax
Income Under Head Salary
Other Income
Gross Total Income
Agg of Chap VI
Taxable Income
Taxable Income(round off)
Tax on Total Income
Tax Credit upto 2K (If TI<5 lacs)
Surcharge @12% (IF TI>1Cr)
Tax payable (SC + Edu Cess)
Tax Deducted So far
Balance Tax Payable /(Refund)

Amount
Err:501
-

Income from house property

Particulars

Self-occupied

(If Let out or Deemed to be Letou

House 1

House 2

Resonable Expected of the Property -Annual

(i) (Market Value or Fair Rent, Whichever is higher but Subject to

Standard Rent)

(ii)

Rent Received/ Receivable after deducting unrealized rent

for the year but befor loss due to vacancy

NIL

Annual Lettable Value (Higher of (i) & (ii))

(iii) Loss due to Vacancy
Gross Annual Value
Less: (Actual Municipal Taxes Paid by Landlord)

NIL

Net Annual Value (NAV)

Deductions u/s 24
- 30% of NAV

- Interest on borrowed capital

(Pre-Construction Period interest)

- Interest on borrowed capital ( Refer Not 3 & 4)

Income from House Property

General Rules for Income from house property:1

Owing more than one property If you own more than one property, then only one house of your choice will be considered as self-occupied and others will be
let out). Therefore, you should carefully evaluate and choose a property with less tax liability.

Self -Occupied
- Annual
Value
- "NIL"
; has not been actually let out at any time, the annual value is taken as nil.
In caseHouse
of oneProperty
self-occupied
house
property
which
2 a)
2 b)

If, one is having more than one house property using all of them for self-occupation, he is entitled to exercise an option in terms of which, the value of one hou
The annual value of the other self occupied house properties will be determined on notional basis as if these had been let out.

2 c)

A person may own a house property, say in City A, which he normally uses for his residence. He is transferred to City B where he does not own any house pro
case, the house property in City A cannot be used for self-occupation and notional income therefor would normally have been chargeable although he derives
from hardship in such situations, it has been specifically provided that the annual value of such a property would be taken to be 'nil'.

Let out House Property - Annual Lettable Value/Notional Value of Rent

3 a)

The rent received is usually taken as the annual lettable value

3 b)

When, the rent is not indicative of the actual earning capacity of the house, the notional annual value will have to be found and adopted.

3 c)

when the actual rent received or receivable is higher than the notional value as calculated above, the higher figure will be taken for the purpose of Income-tax.

Interest on borrowed capital -Self -Occupied House Property

3 a)

Property acquired/constructed after 1st April, 1999 with borrowed capital (deduction is allowed only where such acquisition or construction is completed within
capital was borrowed) - Rs. 200,000 (Upto 2013-14 limit was 150,000)
In case the house is in the joint name of your spouse and you (joint loan), each one can avail of Rs 2.0 lacs interest component deduction.

3 b)

In all other cases except in point 3 a) - Rs. 30000

^ Interest on borrowed capital -Let out House Property

4
Full deduction of interest on borrowed capital.

property
(If Let out or Deemed to be Letout)
House 3

Total Income from

House property

House 4
-

sidered as self-occupied and others will be considered as let out or Deemed to be let out (if not

n as nil.

ion in terms of which, the value of one house property as specified by him will be taken at nil.
en let out.

y B where he does not own any house property and stays in a rental accommodation. In such
ave been chargeable although he derives no benefit from the property.To save the taxpayer
taken to be 'nil'.

found and adopted.

will be taken for the purpose of Income-tax.

uisition or construction is completed within 3 years from the end of the financial year in which

component deduction.