Maximum tax benefits .
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 November 2013
An individual aged 87 years . What is the maximum tax benefits he could avail as he is getting salary from a private concern.
Nikhil Kaushik
(Expert)
10 November 2013
the exemption limit is 5 lakhs.
Plus 1 lakh deduction under 80C, Rs 20000 under 80D.
other tax reductions can be done under salary structure in form of reimbursements, medical expense reimbursement, traveling expense allowance, HRA etc
Plus 1 lakh deduction under 80C, Rs 20000 under 80D.
other tax reductions can be done under salary structure in form of reimbursements, medical expense reimbursement, traveling expense allowance, HRA etc
CA Pallav Singhania
(Expert)
11 November 2013
In addition to the expert,
Senior citizens also have the benefit of Section 88B under which they are eligible for a rebate of Rs 20,000 from tax liability.
Senior citizens also have the benefit of Section 88B under which they are eligible for a rebate of Rs 20,000 from tax liability.
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