Any allowance exempt u/s 10(14) for FY 2019-20? Or they covered by flat deduction of Rs. 50000?
Any other exempt allowance for salaried employee. Please suggest so that an advance planning for tax saving can be done.
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exempt allowances for salaried employees for FY 2019-20
Replies (2)
Allowances available for Salaried Employees are 1) Standard Deduction Rs 50,000/- 2) House Rent Allowance (HRA) 3) LeaveTravel Allowance (LTA) 4) Children Education Allowance and other allowances if specifically received as part of salary.
Apart from the allowances major deductions can be claimed as Interest from Housing Loan u/s 24 and various deductions under Chapter VI-A (80C,80D etc.) such as LIC Premium, repayment of housing loan (principal component), tax saver FDs and Mutual Funds, Investment in PPF etc.
An allowance offered by company as literature allowance, books and periodicals and also a research allowance. Can it be exempt to the extent actual incurred? If yes under which section?
Also Company asking for fuel receipts as it pays an allowance for that. Will it be exempt?
Also Company asking for fuel receipts as it pays an allowance for that. Will it be exempt?
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