Income Tax Return 2013

The total income (including interest income from Savings Bank) should not exceed Rs.5 lakh.

Explanation:

• SALARY INCOME INCLUDES :- PAY, DP, Band pay, Grade pay, DA, OTA, BONUS, CCA, Honorarium, Children Education Allowance Received, Pension, Subsistence Allowance, Government’s Contribution in New Pension Scheme, Transport Allowance above Rs.800/- per month.

• House Rent Allowance to the extent not exempted under Section 10 (13A) of Income Tax Act.

The total income is nothing but Salary Income plus Interest Income less all deductionsunder Chapter VIA of Income tax Act. The deductions under Chapter VI A are al ldeductions under Section 80C, CCC, CCD, 80 CCD(2), 80D, 80 DD, 80 DDB, 80 E, and 80 GG. To know more about the eligibility for deductions under these sections, click the following link.

Check here for the details for various deductions available under Chapter VI A