Consolidated Salary, Stipend and Leave encashment Querry

Dear Vivek,

In case of salary the only deductions allowable are for Professional; Tax and Entertainment Allowance, the later being applicable only to Govt Employees.. You can claim exemption of Rs 800 of your TA, as it is exempt income u/s 10(14). HRA is also exempt to the extent allowed by sec 10(13A) (please check the provisions on the net itself..nothing complicated)..

.The savings you have mentioned would enable you to claim deduction of up to a maximum of Rs 1 Lac u/s 80C if ur investments in them has been made during the Previous year itself.

Stipend is not salary. It should be taxable as Other sources of Income.

The leave salary is exempted from tax if encashed at the time of leaving the job. This part is not so clear to me.. u shoult take second opinion.

Thanks Amit for your response. I read in another thread that since Stipend is not an employee-emploter relationship, it does not attaract tax.

I guess since mine is a confusing case with three separate income sources in an year, I better seek professional (aka CA) help :P