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  • February 17, 2019

Standard Deduction of Rs.40,000 in 2018, Income Tax Benefits

Sanyam Jain | Income Tax | August 21, 2018 | Leave a Comment

standard deduction of 40000

Medical and Transportation Allowances Subsumed into Standard Deduction Standard Deduction: Budget 2018 has not cheered the Salaried Class at all, neither the tax slab is changed nor the deduction limit under section 80C is hiked. The tax rebate of Rs.5,000 has been reduced to Rs.2,500 and that too up to the taxable income of Rs.3,00,000 […]

Claiming Tax Benefits on Home Loan and HRA together?

Sanyam Jain | Income Tax/ Salary | August 19, 2014 | 4 Comments

Home Loan Schemes

How to claim HRA and home loan benefits together? It is the most asked question by any salaried person and believe me it is very important to know the conditions that when you can claim tax benefits only of HRA or of home loan or both. So below is a comprehensive article covering all aspects […]

Leave Travel Allowance Rules and Limits in India

Sanyam Jain | Income Tax/ Salary | December 17, 2013 | 1 Comment

Leave Travel Allowance Rules

Leave Travel Allowance Meaning Leave Travel allowance is the second most common allowance after House Rent Allowance. Same as HRA it is also an important component of CTC because of the tax benefits associated with it. Section 10(5) of the Income Tax Act, 1961, read with rule 2B, provides exemption and outlines the rules for […]

Leave Travel Allowance to be Tax Exempt Only for Domestic Travel

Sanyam Jain | Income Tax/ Salary | May 20, 2013 | Leave a Comment

Leave Travel Allowance only for domestic journey

Leave travel allowance (LTA) to be tax exempt only for domestic travel Leave Travel Allowance is exempt from tax only when employee has utilized LTA for travel within India and cannot be clubbed with an overseas journey. In case, an air ticket comprises Indian and overseas components, no exemption will be provided either on the […]

Employees State Insurance Scheme (ESIC) Calculation on Gross Salary

Sanyam Jain | Salary | May 1, 2013 | Leave a Comment

ESIC employee state insurance scheme

Employees State Insurance Scheme (ESIC) calculation as per ESIC rules of act 1948 ESIC includes the medical benefit both for the employee and employer. It is calculated on the basic of gross salary/wages/pay per month and maximum limit is upto Rs.15,000/- per month (earlier it was Rs.10,000 per month). Minimum 20 eligible employees are required […]

Meaning of Allowances with Taxability

Sanyam Jain | Income Tax | February 19, 2013 | Leave a Comment

Exempted Allowances

What are allowances and which allowances are exempt? Allowance is defined as a fixed quantity of money or other substance given regularly in addition to salary for meeting specific requirements of the employees. As a general rule, all allowances are to be included in the total income unless specifically exempted. Exemption in respect of following […]

Plan and Save Income Tax in Assessment year 2013-14

Sanyam Jain | Income Tax | December 26, 2012 | 14 Comments

Income tax planning for assessment year 2013-14

Tax planning is one of the most important as well as most complicated tasks that you need to perform every year. With better planing you can save tax and invest it to secure your future. The following is the necessary information that you need to know to do your tax planning properly for financial year 2012-13 and Assessment year 2013-14: […]

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