Income Tax 2021-22: Tax Rates, Option for Tax Regime, Format for Declaration (old tax regime)

Income Tax 2021-22: Tax Rates, Option for Tax Regime, Format for Declaration (old tax regime) – IT Circular dated 30.09.2021

Directorate General Central Public Works Department
Nirman Bhawan, New Delhi (Cash Section)

Dated 30.09.2021

CIRCULAR

Section 115BAC of the Income Tax Act, 1961 inserted by the Finance Act 2020 has introduced a new income tax regime that comprises a significant change in the tax slabs rates. Taxpayers have been provided with an option whether they want to pay taxes according to the existing regime.

1. Old Tax Regime:

Under the Old regime, the tax shall be calculated considering all deductions and exemptions allowed under Income Tax Act, 1961, which were hitherto available . The slab rates are mentioned in table below.

2. New Tax Regime:

Under the New Tax Regime, tax shall be calculated as per the slab rates as mentioned in table below. In this regime, the tax rates are kept lower but no exemptions/ deductions are allowed.

Tax Slab Earlier Rate New Rate
Upto 2.50 lakh Nil Nil
2.50 to 5.00 lakh 5% 5%
5.00 to 7.50 lakh 20% 10%
7 .50 to  10.00 lakh 15%
10.00 to 12.50 lakh 30% 20%
12.50 to  15.00 lakh 25%
Above  15.00 lakhs 30%

 

All employees working in this Directorate are requested to furnish their option whether they want to compute their taxes as per Option 1 (Old Tax Regime) or Option 2 (New Tax Regime) by 12th October, 2021. If the required option is not furnished by due date, Income Tax will be calculated on the basis of Old Tax Regime.

DDO/ SO CASH

To,
All officials of this Directorate (through CPWD website)

DECLARATION (for old tax regime option only)

I hereby declare that I am contributing I saving or will contribute I save during the financial year 2021-22:-

SI. No. Name of Saving Contributions Amount (Rs.)
1. General Provident Fund
2. Postal Life Insurance
3. C.G.E.G.l.S.
4. Premium LIC Policy/Policies (Limited to 10 153 of the sum assured)
5. ULIP 1971 IUTI Act, 1963)
6. Public Provident Fund
7. Deposit with Post Office in 10 to 15 years (CTD)
8. Deposit under Jeevan Suraksha (Pension Scheme)
9. Equity linked Saving Scheme (Mutual Fund) Infrastructure Bonds etc.
10. National Savings Certificate
1 1. HBA Principal amount
12. Tuition Fees (upto two children)
13. Contribution to the New Pension Scheme, Limited to ten percent of salary
14. Government Contribution to the New Pension Scheme
15. Subscription to equity shares/debentures forming part of any ” eligible issue of capital”
1 6. Fixed Deposit for a minimum period of 5 years

( N.B. – The aggregate amount of maximum rebate on savings sl. no. 1 to 16 is Rs. 1,50,000)

17. Medical Insurance  (Under Sec. 80D  (Max Rs. 25,000 and 50,000 for Sr. Citizen)
18. Expenditure  in medical  treatment  training  and rehabilitation  of  any dependant  (Max. Rs. 75,000 and Rs.  1,25,000 in the case of severs

disability)  (under sec. 80 DD)

19. Interest on Education Loan (Under Section 80E) .
20. Any donation for charitable purposes ( Under Sec. BOG )
21. Permanent  Disability  ( Under Sec. 80U  (max Rs. 75,000 or  Rs.  l,25,000, as the  case  may  be)
22. Self-occupied House Property (Under Sec. 24 Max. Rs. 30,000 Loan taken prior to 01.04.1999 \ Rs. 2,00,000 after 01.04.1999 (Interest certificate issued from Bank)
23. I certify  that  I am  living in a  rented  House  No. _________ __________ _________ __________ _________ __________ _________ __________ _________ __________ _________ __________ and paying rent @  Rs. _________ __________ per  month.

Note: No Exemption of HRA would be allowed without Rent Receipts/Rent agreement. If rent exceed Rs.1,00 000/- Form No. 1288 and PAN of Landlord is mandatory.

24. In addition  to  my salary, I will  receive /  have received the following income
25. Addition rebate up to {50000/- for investment in NPS (section BOCCD-1 B)

 

Signature___________
Name ______________
Designation ________
PAN ________________

Click here to view/download the pdf

Also check the following links related to this topic:

Income Tax (30th Amendment) Rules, 2021 – CBDT

Deduction of Income Tax at Source for the AY 2022-23

Extension of due dates for filing of Income Tax Returns for Assessment Year 2021-22

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