Income from salary
This query is : Resolved
04 June 2012
Dear Sir,
Kindly let me know in case of higher salary paid employees what kind of benefits I can get under the new Income tax provisions.
I am being paid under the following head:
Basic+DA ( Taxable), HRA ( Exemption As per current provisions),Transport Allowance (Exemption Rs 800 p.m.) , Medical Reimbursement (Exemption Rs 1250 p.m.),Educational allowance ( Taxable) and Special Allowances (Taxable).
Apart from this we are getting the deductions under 80C, 80D.
I request you please let me know what type of salary head we must have which will be fully exempt or partly exempt under the current provisions apart from which I have mentioned above.
Kindly request you to suggest me the same so that I can request my concerned people for getting the maximum benefit of Income tax so that I will have limited liability of Income tax.
Thanks & Regards,
Raghav Jha
Kindly let me know in case of higher salary paid employees what kind of benefits I can get under the new Income tax provisions.
I am being paid under the following head:
Basic+DA ( Taxable), HRA ( Exemption As per current provisions),Transport Allowance (Exemption Rs 800 p.m.) , Medical Reimbursement (Exemption Rs 1250 p.m.),Educational allowance ( Taxable) and Special Allowances (Taxable).
Apart from this we are getting the deductions under 80C, 80D.
I request you please let me know what type of salary head we must have which will be fully exempt or partly exempt under the current provisions apart from which I have mentioned above.
Kindly request you to suggest me the same so that I can request my concerned people for getting the maximum benefit of Income tax so that I will have limited liability of Income tax.
Thanks & Regards,
Raghav Jha
06 June 2012
Education allowance is not 100% taxable it is exempt @ 100 Rs per month per child upto two children
Hostel allowance is exempt @ 300 Rs. per month per child upto two children
Medical allowance is 100% taxable but medical reimbursement is exempt upto Rs. 15000 in general case.
Leave travel concession may be another option.
Hostel allowance is exempt @ 300 Rs. per month per child upto two children
Medical allowance is 100% taxable but medical reimbursement is exempt upto Rs. 15000 in general case.
Leave travel concession may be another option.
Dhirajlal Rambhia
(Expert)
19 July 2023
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