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Process for Investment Declaration of FY 2016-17

To declare your investments, you need to login https://mypayroll.paysquare.com :

1. Click the Investments > Declare tab.

On the Investment form, enter the values as following.


Section A: House Rental
In case you are residing in the rental accommodation, update your house rent details for
calculation of HRA exemption.

Section B: Housing Loan Repayment

Changes in Housing Loan Repayment:


1) Additional Housing Loan Interest Deduction (u/s 80EE)
New input fields are added to the housing loan repayment section
a) First Home Buyer (Flag Yes / No) User should be First home buyer to claim the deduction benefit
under this section.
b) Home Loan Sanction Date Home loan sanction date should be of the financial year 201617 to claim
the deduction benefit under this section.
c) Original Home Loan Amount Deduction benefit under this section would be applicable only if the
original home loan amount is less than or equal to Rs. 35,00,000/.

d) Value of House Property Deduction benefit under this section would be applicable only if the value
of the house property is less than or equal to Rs. 50,00,000/

e) Deduction value would be displayed separately under chapter VI-A deduction in Taxsheet i.e. 80EE

f)

Calculation of the deduction


Calculation of the deduction is based on the amount declared for interest on self-occupied house
property. Any value over and above Rs. 2,00,000/- would be considered for deduction u/s 80 EE
subject to the fulfilment of the criteria explained above and maximum up to Rs. 50,000/-.
For Example
Considering employee fulfils all the required criterias for claiming deduction u/s 80EE
a) Housing loan Interest Declared amount Rs. 85,000/Deduction value u/s 24B Rs. 85,000/Deduction value u/s 80 EE Rs. 0/b) Housing loan Interest Declared amount Rs. 2,00,000/Deduction value u/s 24B Rs. 2,00,000/Deduction value u/s 80 EE Rs. 0/c) Housing loan Interest Declared amount Rs. 2,50,000/Deduction value u/s 24B Rs. 2,00,000/Deduction value u/s 80 EE Rs. 50,000/d) Housing loan Interest Declared amount Rs. 3,00,000/Deduction value u/s 24B Rs. 2,00,000/Deduction value u/s 80 EE Rs. 50,000/-

Section C: Deduction under Chapter VI A


Section 80CCG: Equity Savings Scheme (Rajiv Gandhi Equity Savings Scheme)

Section 80 CCD (1B): National Pension Scheme (Employee self-Investment)

Section 80 D: Mediclaim Insurance Policy


If employee have Mediclaim policy, then select Yes (as per below condition) & put policy premium amount.

Section 80 DD: Handicapped dependent

Section 80 DDB: Medical Treatment for specified diseases:

Section 80E: Repayment of Educational Loans

Section 80U: Handicapped person (employee self-handicap)

Section 80TTA: Additional Income received in Interest on deposit in Saving Account

Section D: Deduction under Section 80C

Section F: Other Details

Section G Income from House Property

If you have let Out House Property then click on plus sign, new window will get open as
below

Viewing the tax simulation


Fill the actual Investment Declaration screen and click the Save & Go to Tax Simulation
Report button.

If you want to make further changes in the investment declaration, click the Back button.
The system takes you to the original screen of giving investment declaration. Make the
necessary changes and click the Save button to view the updated tax sheet.

Thank You

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