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We have come up with an online tool for calculating rebate under Section 89(1) of Income Tax Act for Second Installment of Sixth Pay Commissioner Arrears. This Calculator would get you the exact Income tax exemption while distributing the arrears amount to previous years in which the enhanced salary is actually payable. You can also generate the statutory form known as Form 10E with the calculation and the rebate available to you. This Form 10E has to be submitted to your employer as well as the Income Tax Department along with the photo copies of IT returns or Form 16 relevant to the previous years.
Who could really get substantial benefit out of the rebate granted under Section 89(1) of Income Tax Act, this time ? ( This is only an analysis. We recommend everybody to try this calculation)
1. Those who were well within the exemption limit during the previous years ie., Net Taxable Income within Rs.1 lakh during the year 2005-06 and 2006-07.
2. Those who did not claim rebate under Section 89(1) for the First Installment of Sixth Pay Commission Arrears.
3. Those who have Net Taxable income more than Rs. 3 lakh this year (2009-10).
You can save the Form 10E after you generate the same as html document for future use. You can also take a print out after you generate the same.