The birth of Indian Maritime University is a long cherished dream of the maritime community of India. The Indian Maritime University, established through an Act of Parliament (Act 22) in November 2008 as a Central University, is poised to play a key role in the development of trained human resource for the maritime sector. The following are the objects of the University (i) To facilitate and promote maritime studies, training, research and extension work with focus on emerging areas of studies like oceanography, maritime history, maritime laws, maritime security, search and rescue, transportation of dangerous cargo, environmental studies and other related fields, and also to achieve excellence in these and connected fields and other matters connected therewith or incidental thereto. The birth of Indian Maritime University is a long cherished dream of the maritime community of India. The Indian Maritime University, established through an Act of Parliament (Act 22) in November 2008 as a Central University, is poised to play a key role in the development of trained human resource for the maritime sector. The following are the objects of the University (i) To facilitate and promote maritime studies, training, research and extension work with focus on emerging areas of studies like oceanography, maritime history, maritime laws, maritime security, search and rescue, transportation of dangerous cargo, environmental studies and other related fields, and also to achieve excellence in these and connected fields and other matters connected therewith or incidental thereto.

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INDIAN MARITIME UNIVERSITY-VISAKHAPATNAM CAMPUS

GANDHIGRAM-VISAKHAPATNAM

 

IMUV/FA/001                                                                                                   10 October 2012

CIRCULAR

  Sub:    Deduction of Income tax from Salaries for the Financial Year 2012-2013                   (Assessment Year 2013-2014)   Employees of all categories whose gross salary income during 2012-2013 would exceed `2,00,000 are requested to furnish a statement in the Pro-forma appended with relevant documents, so as to reach the Finance and Accounts on or before 26.10.2012.  In case the statement is not furnished before the above mentioned date, income tax for the year 2012-2013 will be computed on the basis of the details available as per records and recovery will be effected accordingly from the Salary for October 2012 onwards.  
  1. The Rates of Income tax for the financial year 2012-2013(Assessment Year                     2013-2014) are given below for information.

Annual Income from all sources

(After all exemptions and Deductions

Income Tax Rates for

Citizen below 60 Years                 (Born after 01.04.1953

Senior Citizen above 60 and below 80 Years

(born during 01.04.1933 and 31.03.1953

Super Senior Citizen 80 Years and above

(born before 31.03.1933

Primary & Secondary Educations Cess

Up to `2,00,000

Nil

Nil

Nil

Nil

`2,00,000 to 2,50,000

10%

Nil

Nil

3%

`2,50,001 to 5,00,000

10%

10%

Nil

3%

`5,00,000 to 10,00,000

20%

20%

20%

3%

`10,00,001 and above

30%

30%

30%

3%

 
  1. Employment Tax/Professional Tax as levied by the State Government shall be allowed as a deduction from Salary Income as per Section 16 of the Income tax Act.
 
  1. House Rent Allowance granted to the employee is exempt u/s 10(13A) to the following extent;
Provided expenditure on rent is actually incurred, the amount of exemption granted is the least of   (a)    House Rent Allowance Received (b)   Rent paid less 10% of Salary (c)    40% of Salary (50% in case of Mumbai, Chennai, Kolkata and Delhi)   In order to allow deduction towards rent paid, the employee concerned should produce rent receipts along with the statement of income.  Deduction will not be considered if rent receipt in original is not produced.  Salary for regulating the exemption for House Rent Allowance includes Grade Pay (GP) and Dearness Allowance (DA)  
  1. The transport allowance granted to an employee to meet the expenditure for the purpose of commuting between the place of residence and the place of duty is exempt to the extent of `800 per month from Income Tax.
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