Tax saving in case of salaried employee
This query is : Resolved
13 October 2011
Plz tell me the manner in which a salaried employee can save tax..
whether there is major impact if we show basic salary & different exempt allowances separately?
whether there is major impact if we show basic salary & different exempt allowances separately?
13 October 2011
Ask your employer to bifurcate your salary.
Ask your employer to show HRA and if you stay in a rented flat then you can get deduction for the same based on tax provisions from HRA resulting in tax benefits.
Ask your employer to show transport allowance @800pm (exempt), etc
Also you can ask for food coupons ( Rs3500 pm is exempt).
Other ways of tax savings :-
Home loan
Investments resulting to a deduction under chapter VIA.
Ask your employer to show HRA and if you stay in a rented flat then you can get deduction for the same based on tax provisions from HRA resulting in tax benefits.
Ask your employer to show transport allowance @800pm (exempt), etc
Also you can ask for food coupons ( Rs3500 pm is exempt).
Other ways of tax savings :-
Home loan
Investments resulting to a deduction under chapter VIA.
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14 October 2011
Patwari Sir,
Whether Exemption in case of transport allowance & food coupons will be applicable in case of actual expenditure?
Whether Exemption in case of transport allowance & food coupons will be applicable in case of actual expenditure?
14 October 2011
Yes, you can always claim deduction for transport allowance. A.O. is never going to look into these petty expense.
Moreover, food coupons are eligible as they can be used only against food items. So dont have any doubt of deduction issue.
Moreover, food coupons are eligible as they can be used only against food items. So dont have any doubt of deduction issue.
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