- KARNATAKA

INVESTMENT DECLARATION FORM FOR THE YEAR 2024-25

Employee Code
Employee Name
Employee Designation
Employee PAN
Employee DOB Gender
Important Note:-
From 1st April 2020 employee will have to choose option between new tax regime and old tax regime. Employee will have to
give declaration to employer regarding option selected. Otherwise his income will be taxed as per old tax regime.
*New tax regime details are given at the end.
Tax Option Selected Old Tax Regime New Tax Regime
(Please tick the appropriate option)

I hereby declare that the following investment will be made by me during the financial year 2024-25 starting from
1st of April 2024 to 31st of March 2025

Item Name Particulars Eligibility(Rs.) Amount

Exemption u/s 10
House Rent Allowance I am staying in a Rented House and
I agree to submit Rent receipts or
Rent Agreement with the Landlord
when required. Metro/Non-Metro
Rent Paid is ___x____ Months

LTA Proposed travel for LTA Exemption Planning to claim LTA this year
for the
Block 2020-2023
Claims during the year 2020 Yes/No
Claims during the year 2021 Yes/No
Claims during the year 2022 Yes/No
Claims during the year 2023 Yes/No
If I do not produce the bills to the
satisfaction of the company, then
the Company can consider the
amount paid towards LTA for tax Yes/No
purpose
Deduction u/s 24
1 Interest on Housing Loan u/s 24(If the house is Self-
Occupied and the loan was taken before 1st April 1999)
Bankers Certificate to be Submitted) Upto Rs.30000/-
(If Self-Occupied)
2 Interest on Housing Loan u/s 24(If the house is Self-
Occupied and the loan was taken after 1st April 1999)
Bankers Certificate to be Submitted) Upto Rs.200000/-
(If Self-Occupied)
3 Interest on Housing Loan u/s 24(Let-out/Deemed to be
Let-out)
(If the property is LET-OUT-Rental income need to be
specified)
Deduction u/s 80C (Maximum Amount Upto Rs.150000/-)
1 Life Insurance Premium(LIC)
2 Provident Fund(PF)
3 Public Provident Fund(PPF)
4 Voluntary Provident Fund(VPF)
5 National Savings Certificate(NSC)
6 Interest accrued on NSC(Re-invested)
7 Unit Linked Insurance Policy(ULIP)
8 Equity Linked Savings Scheme(ELSS)-Mutual Fund
9 Payment for Tuition Fees for Children(Max. 2 Children)
10 Principal Repayment Of Housing Loan
11 Stamp Duty, Registration charges incurred for Buying
House(1st Year Only)
12 Infrastructure Bonds
13 Bank Fixed Deposit For 5 Years & Above
14 Post Office Term Deposit For 5 Years & Above
15 Senior Citizen Savings Scheme
16 Others(Please Specify)
17 Sukanya Samriddhi Account Scheme
Deduction u/s 80CCC
Contribution To Certain Pension Funds Upto Rs.150000/-
Deduction u/s 80CCD(1)
Contribution To Pension Scheme of Central Government Upto Rs.150000/-
Deduction u/s 80CCD(1B)
Contribution To National Pension Scheme Upto Rs.50000/-
Deduction u/s 80
80 D Medical Insurance Premium-Individual, Spouse & (Max. Limit-Rs.25000/-
Children Additional Rs.25000,if any person
insured is a Senior Citizen)
80 D Medical Insurance Premium-Parents (Max. Limit-Rs.25000/-
Additional Rs.25000,if any person
insured is a Senior Citizen)
80 D Preventive Health Check-up Max. Rs.5000/- (Within overall limit
of Rs.25000/50000)
80 DD Maintenance including Medical treatment of Rs.75000/-
dependant person with disability Rs.125000/- (With Severe disability)
80 DDB Medical treatment for specified diseases or Rs.40000/-
ailment-Self/dependant Rs.100000/-(For Senior Citizen)
Rs.100000/-(For Super Senior
Citizen)
80 E Interest for Loan taken for Higher Education No Limit (Only Interest portion)
80 GG Rent paid
80 EE Interest on loan taken for Residential House Upto Rs.50000/-
Property(Loan amount does not exceed Rs.35 lacs
and value of House Property does not exceed
Rs.50 Lacs)
80EEA Deduction in respect of Interest on Loan taken for Upto Rs 1,50,000/-
certain house property
80 U For a person with a disability Rs.75000/-
Rs.125000/- (For Severe disability)
80 TTA Deduction in respect of interest on deposits in Upto Rs.10000/-
saving account
80TTB Deduction in respect of interest on savings and Upto Rs. 50000/-
fixed deposits to senior citizens. (80TTA will not
available)
Others
(Please
 Specify)

Income from Previous Employment:-

1. Income after exemptions __________________

2. Provident Fund (PF) __________________

3. Professional Tax (PT) __________________

4. Tax Deducted At Source(TDS) __________________

Income From Other Sources:-

1.

2.

Declaration:-

I __________________________ hereby declare that the information given above is correct and true in all respects. I also undertake to
indemnify the company for any loss/liability may arise in the event of the above information being incorrect.

Date:

Place: Signature of the employee

*Details regarding New Tax regime:

The Budget 2020-21 has introduced some changes in the Income tax Rules and has introduced new optional tax
regime. From 1st April 2020 these Changes will come in to effect and those who opt for new optional tax regime
will have to forego certain deductions and exemptions.

Important Note:- From 1st April 2020 an employee will gets an option to choose between new tax regime and
old tax regime. Employee will have to give declaration to the employer regarding the option choose. An
individual employee who forgets to select any option will be taxed as per the old regime (as stated in the
Union Budget 2020-21)

New Tax Regime

Slab Rates for all the employees who opt for new and reduced tax regime will be as follows:-

Rate of Tax F.Y. 2020-21

Nil Up to Rs 2,50,000
5% From Rs 2,50,001 to Rs 5,00,000
10% From Rs 5,00,001 to Rs 7,50,000
15% From 7,50,001 to Rs 10,00,000
20% From Rs 10,00,001 to Rs 12,50,000
25% From Rs 12,50,001 to Rs 15,00,000
30% Exceeding Rs 15,00,000
Note:
-Health and Education Cess will be 4% of total tax payable.
-Surcharge will be as follows:-
Total Income exceeding Rs 50 lac but not exceeding 1 crore @ 10%.
Total Income exceeding Rs 1 crore but not exceeding 2 crore @ 15%
Total Income exceeding Rs 2 crore but not exceeding 5 crore @ 25%
Total Income exceeding Rs 5 crore @ 37%
-Section 87A: Rebate of Rs 12500 or tax whichever is lower for individual resident whose total income does not
exceed Rs 500000.
As stated in the Budget 2020-21 that those who opt for new tax regime will have to forego certain deductions
and exemptions. So, the total income of the Individual employee who opts for new tax regime shall be
computed without providing the following exemptions/deductions:-

1. Leave Travel Allowance under Section 10(5).

2. House Rent Allowance under Section 10(13A).

3. Special Allowance or benefit for the performance of duties of employment u/s 10(14)

4. Exemption under section 10AA of the IT Act.

5. Daily allowances to MPs/MLAs under section 10(17).

6. Deduction under chapter VIA Section like 80C, 80CCD(1B), 80D, 80U etc. [Except 80CCD(2)].

7. Standard deduction of Rs 50,000 u/s 16.

8. Deductions from House Property Income of interest paid on house loan (Self occupied/Vacant) u/s 24
will not be available.

9. Entertainment allowance and employment/ professional tax will not be available.

 10. House property loss will not be allowed to be set of from other head of income.

However, following is a list of exemptions and deductions that are still available to employee under new tax
regime:-

1. Deduction under section 80CCD(2) i.e. employer’s contribution towards NPS will be available.

2. Employer’s Contribution towards NPS, EPF or Superannuation fund will still remain exempt upto Rs 7.5
lac and any amount in excess of it will be taxable in employee’s hand.
3. Amount received on Leave Encashment will remain exempt.
4. Amount received on Voluntary Retirement Scheme will remain exempt up to Rs 5,00,000.
5. Interest accrued and maturity amount received from PPF will be exempt

6.

Important Note: If an individual fails to satisfy the conditions mentioned in the new tax regime, then their
option will be considered as invalid and tax will be calculated as if the option has never been opted for the
assessment year relevant to the previous year.
Existing/Old Tax Regime
An employee who opts for existing tax regime will continue to tax as per the existing tax slabs which is as
follows:-
Individual below the age of 60yrs
Rate of Tax F.Y. 2024-25
Nil Up to Rs 2,50,000
5% From Rs 2,50,001 to Rs 5,00,000
20% From Rs 5,00,001 to Rs 10,00,000
30% Above Rs 10,00,000
Individual between the age of 60 to 80 yrs
Rate of Tax F.Y. 2024-25
Nil Up to Rs 3,00,000
5% From Rs 3,00,001 to Rs 5,00,000
20% From Rs 5,00,001 to Rs 10,00,000
30% Above Rs 10,00,000
Individual above the age of 80 yrs
Rate of Tax F.Y. 2024-25
Nil Up to Rs 5,00,000
20% From Rs 5,00,001 to Rs 10,00,000
30% Above Rs 10,00,000
-Health and Education cess will be 4% of total tax payable.
-Surcharge will be charged as per the existing rates.
Section 87A: Rebate of Rs 12500 or tax whichever is lower for individual resident whose total income does not
exceed Rs 500000.
Following is a list of exemptions/ deductions that are available to an employee as per the existing tax regime:
1. House Rent Allowance under Section 10(13A).

2. Deduction under chapter VIA Section .

3. Standard deduction of Rs 50,000 u/s 16.

4. Deductions from House Property Income u/s 24 for interest paid on house loan (Self occupied/Vacant)
u/s 24.

5. Set off of loss of House property from other head.