new slide sow
TRANSCRIPT
8/9/2019 New Slide Sow
http://slidepdf.com/reader/full/new-slide-sow 1/8
EXEMPTIONS Under Sec(10)&INCOME From SALARY
By,Sheshasri
3rd
semRoll no.005RBS
8/9/2019 New Slide Sow
http://slidepdf.com/reader/full/new-slide-sow 2/8
SALARIES
8/9/2019 New Slide Sow
http://slidepdf.com/reader/full/new-slide-sow 3/8
a ar es are v e n o reegroups
SALARY
ALLOWNACES
PERQUISITES
BASIC
ADVANCE
INCENTIVE
ATTENDENCE BONUS
LEAVE ENCASHMENT
GRATUITY
ARREARS OF SALARY
SUGGESTION AWARD
PENSION
COMPENSATION UNDER VRS
DEARNESS ALLOWANCES
HOUSE RENT ALLOWANCES
LUNCH ALLOWANCES
CONVENCE ALLOWANCES
CHILDREN EDUCATION ASSISTANCE
NIGHT SHIFT ALLOWANCES/Overtime Allowances
Leave travel allowance/personal allowance
Rent free furnished /unfurnished house
Motor car facility
Reimbursement of gas water electricity
Interest subsidy on loan
Domestic servant facility
Reimbursement of medical bills/hospital bills
8/9/2019 New Slide Sow
http://slidepdf.com/reader/full/new-slide-sow 4/8
8/9/2019 New Slide Sow
http://slidepdf.com/reader/full/new-slide-sow 5/8
FULLY TAXABLE Basic.Dearness Allowances.City Compensatory Allowances.Advance Salary.Arrears of Salary.Commission.
Lunch Allowances.Over T ime Allowances.Servant/Warden Allowances.
8/9/2019 New Slide Sow
http://slidepdf.com/reader/full/new-slide-sow 6/8
Exemption Limits for CertainItems of Salary & Allowances
A. Leave Salary/Encashment
B. Gratuity
C. Compensation received under VRS
D. House Rent Allowance (HRA)
Gratuity actually received
Amount specified i.e. Rs. 3,50,000/-
15 days salary based on 26 days in a month for every completed year of service.
Leave salary actually received.
Eight months average salary .
Rs. 2,40,000/- (retired after 1 July 1997)
One month average salary for every completed year of service after deducting leave availedwhile in service.
Voluntary Retirement Scheme , the maximum amount of exemption is Rs. 5,00,000/-.
House Rent Allowance actually received
50% of salary if HRA received in Mumbai, Calcutta, Delhi, Chennai and 40% of salary if HRA inother cities.
Rent paid in excess of 10% of salary.
Cont .
8/9/2019 New Slide Sow
http://slidepdf.com/reader/full/new-slide-sow 7/8
E. Leave Travel Allowance
F. Conveyance Allowance
G. Children's Education Allowance
Amount of actual travel fare incurred by the employee for self and family to travel to any place inIndia while on leave is exempt.Exemption can be claimed only for two trips during the block of four calendar years (1998- 2001).
Air fare is also allowable
Tickets, etc. should be preserved by the employee and produced on demand by the assessing taxofficer.
Exempt up to Rs.800/- per month.
This allowance is exempt from tax to the extent of Rs. 50 /-per month per child up to a maximum of two children.
8/9/2019 New Slide Sow
http://slidepdf.com/reader/full/new-slide-sow 8/8