3rd August 2012 From India, Mumbai
Let us have Basic of Rs. 7000/-( for PF Exemption), HRA 40% of Basic Rs. 2800/- (Tax free subject to conditions),
Rs. 1300/- by Food Plus Card , Rs. 1250/- Medical Reimbursement, Rs. 800/- Conveyance exp (all 3 Tax Free). Rest is Special Allowance Rs. 10,850/-.
In this Taxable income would be Rs. 2,14,200/- which will attract NO TDS, if we avail 80C.
3rd August 2012