Go Back   ManagementParadise.com | Management & Business Education Learning Platform Resolve Your Query - Get Help and discuss Projects > Financial Management ( FM )

Income Tax Exemptions For Salaried People

Discuss Income Tax Exemptions For Salaried People within the Financial Management ( FM ) forums, part of the Resolve Your Query - Get Help and discuss Projects category; Income Tax Exemptions For Salaried People In India All income received as salary under Employer-Employee relationship is taxed under this ...

Reply

 

Thread Tools Display Modes
Income Tax Exemptions For Salaried People
Old
 (1 (permalink))
Abhijeet S
abhishreshthaa is a splendid one to beholdabhishreshthaa is a splendid one to beholdabhishreshthaa is a splendid one to beholdabhishreshthaa is a splendid one to beholdabhishreshthaa is a splendid one to beholdabhishreshthaa is a splendid one to beholdabhishreshthaa is a splendid one to behold
 
abhishreshthaa
Operations Manager at Management Paradise
Management Paradise Guru
 
Status: Offline
Posts: 7,045
Join Date: May 2010
Income Tax Exemptions For Salaried People - September 24th, 2010

Income Tax Exemptions For Salaried People In India


All income received as salary under Employer-Employee relationship is taxed under this head. Employers must withhold tax compulsorily, if income exceeds minimum exemption limit, as Tax Deducted at Source (TDS), and provide their employees with a Form 16 which shows the tax deductions and net paid income. In addition, the Form 16 will contain any other deductions provided from salary such as:


1. Medical reimbursement: Up to Rs. 15,000 per year is tax free if supported by bills. (Company pays Fringe Benefit Tax on this amount)


2. Conveyance allowance: Up to Rs. 800 per month (Rs. 9,600 per year) is tax free if provided as conveyance allowance. No bills are required for this amount.


3. Professional taxes: Most states tax employment on a per-professional basis, usually a slabbed amount based on gross income. Such taxes paid are deductible from income tax.


4. House rent allowance: the least of the following is available as deduction


1. actual HRA received

2. 50%/40%(metro/non-metro) of 'salary'

3. rent paid minus 10% of 'salary'. Salary for this purpose is basic+DA
forming part+commission on sale on fixed rate.

Income from salary is net of all the above deduction.
Advertisements



Help Others > Network > Grow


Work with us part time/full time as forum moderator. Email us your resume on careers @ managementparadise.com PLS PRESS THANKS BUTTON IF U LIKED MY POST.


To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts.
Friends: (0)
Reply With Quote
Re: Income Tax Exemptions For Salaried People
Old
 (2 (permalink))
Rose Marry
rosemarry2 is an unknown quantity at this point
 
rosemarry2
Management Paradise Guru
Status: Offline
Posts: 2,125
Join Date: Apr 2016
Re: Income Tax Exemptions For Salaried People - April 16th, 2016

Quote:
Originally Posted by abhishreshthaa View Post
Income Tax Exemptions For Salaried People In India


All income received as salary under Employer-Employee relationship is taxed under this head. Employers must withhold tax compulsorily, if income exceeds minimum exemption limit, as Tax Deducted at Source (TDS), and provide their employees with a Form 16 which shows the tax deductions and net paid income. In addition, the Form 16 will contain any other deductions provided from salary such as:


1. Medical reimbursement: Up to Rs. 15,000 per year is tax free if supported by bills. (Company pays Fringe Benefit Tax on this amount)


2. Conveyance allowance: Up to Rs. 800 per month (Rs. 9,600 per year) is tax free if provided as conveyance allowance. No bills are required for this amount.


3. Professional taxes: Most states tax employment on a per-professional basis, usually a slabbed amount based on gross income. Such taxes paid are deductible from income tax.


4. House rent allowance: the least of the following is available as deduction


1. actual HRA received

2. 50%/40%(metro/non-metro) of 'salary'

3. rent paid minus 10% of 'salary'. Salary for this purpose is basic+DA
forming part+commission on sale on fixed rate.

Income from salary is net of all the above deduction.
Hey abhi,

Here I am sharing Notes on Taxation of Salaried Employees, so please download and check it.
Attached Files
File Type: pdf Notes on Taxation of Salaried Employees.pdf (6.43 MB, 0 views)
Friends: (0)
Reply With Quote
Reply

Bookmarks

Tags
exemptions, income, people, salaried, tax
Related to Income Tax Exemptions For Salaried People
 

Similar Threads

Thread Thread Starter Forum Replies Last Post
EXEMPTIONS FOR TAX DEDUCTION AT SOURCE Abhijeet S Direct and Indirect Taxes 1 April 23rd, 2016 11:42 AM
EXEMPTIONS IN VAT Abhijeet S Accountancy 1 April 17th, 2016 07:50 PM
Exemptions n defs mohena Direct and Indirect Taxes 1 March 31st, 2016 03:08 PM
ZERO income tax upto Rs.13 lakhs income Harsh Rao Articles !! 0 July 23rd, 2008 08:31 PM
Facts Abt Salaried People Prakash Pohwani LaUghTeR AccEleRatED , Just CHILL !! 0 July 24th, 2006 11:29 PM
 


Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are On
Pingbacks are On
Refbacks are Off


ManagementParadise.com is not responsible for the views and opinion of the posters. The posters and only posters shall be liable for any copyright infringement.



Search Engine Optimization by vBSEO ©2011, Crawlability, Inc.