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--> Certain Items which are Exempted u/s 10(14) of IT Act

Transport Allowances - upto 800 pm
Meal Coupons (Sodexho) - upto Rs. 50 per meal
Education Allowance - 100 pm per child (Max. of 2 children)
Medical Allowance - upto Rs.15000 per year

--> If an employee not staying in his/her own house or his/her doest own any house then HRA u/s 10(13A) (Pls check condition - if you have any doubt feel free to ask )

Even you can consider Employer's portion of PF upto 12.5% (same u'll get deduction u/s 80C)
 While calculating Tax on salary you can also conside Housing Loan repayment if any made by an employee. i.e. Interest Factor as Loss under House Property & Principal Factor under 80C.

Some mistake in above line

--> If an employee not staying in his/her own house or spouse of such employee does not own any house then HRA u/s 10(13A) (Pls check condition - if you have any doubt feel free to ask )
 

@ Deepa - I am sending you a excel file for your reference.

Yeah Please Send......

Pls check this. If you have any doubt feel free to ask.

Thanx a lot. Its perfect for me.........