Administration Manual - B.E.S.T. Undertaking.

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The rebate of under section 80C is also allowed on repayment of
housing loan of principal amount up to Rs.1,00,000/-.
The employee declares his principal/ interest amount towards his
housing loan to be deducted in Assessment Year as per provisional
certificate given by financial institutions from which he has availed
housing loan in the desired format. These provisional certificate
alongwith the formats are accepted in T.K. Dept. through out the year &
an advice is sent to EDP to deduct the amount of interest/ principal from
his gross income before computing Income Tax on the same.
With the Computerisation of Income Tax activities, the declared
principal/ interest amount by an employee towards his housing loan is
entered in the software prepared and advice is forwarded in the form of
floppy to EDP every month. T.K. Dept. receives about 14000 forms in a
year.
3. Benefit to employees under section 80DD and 80U.
Every year in the month of March, physically handicapped
employees makes an application alongwith medical certificate from
Government/ approved Hospitals for availing exemption/ deduction from
the gross income, as per section 80DD & 80U and exemption of
Professional tax under Maharashtra State Tax on profession, trades,
calling & employment act 1975. The employee also makes such
application in case a dependent person of his family is physically