Taxability of salary income

Tax queries 742 views 2 replies

Manager-Finance

482 Points Posted on 31 July 2012

Hi frds ,

Please guide me the taxability of following heads

BASIC

House Rental Allowance

City Compensatory

Special Allowance

Medical Facility

Lunch Refreshment

Transport Allowance

(Please answer by writing either taxable or not taxable or taxable after some limits or formula ex: HRA)

Replies (2)

CA student

175 Points Posted on 31 July 2012

Basic - Taxable without limit

HRA :- Exempt amount is

1. Actual HRA received

2. Rent -10% of Salary

3. 40% or 50% of salary

Whichever is less

CCA - Taxable

Special allowance - Exempt only to employees engaged with transport company up to Rs 10000 pm

Medical facility - Exempt up tp Rs 15000 pa

Refreshment - Exempt if provide during official hours

Meal - Taxable if amount of per meal exceed Rs 50

Transport allowance - Rs 800 pm for physically handicap - Rs 1600 pm

Thanks

CA Final student

622 Points Posted on 31 July 2012

Originally posted by : Ritesh khurana
	Basic - Taxable without limit HRA :- Exempt amount is 1. Actual HRA received 2. Rent -10% of Salary 3. 40% or 50% of salary Whichever is less CCA - Taxable Special allowance - Exempt only to employees engaged with transport company up to Rs 10000 pm Medical facility - Exempt up tp Rs 20000 pa from AY 12-13 Refreshment - Exempt if provide during official hours Meal - Taxable if amount of per meal exceed Rs 50 Transport allowance - Rs 800 pm for physically handicap - Rs 1600 pm Thanks