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.
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.
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