Dear All,
Please, can anyone help me create a salary break-up that will assist our employees in saving on their taxes? Kindly suggest the exempt tax amounts for the following components of the salary:
1. Car and fuel,
2. Business promotions,
3. Child education,
4. Medical,
5. LTA,
6. NPS,
7. Meal coupons,
8. Car lease,
9. VPF,
10. Medical professional development,
11. Health club membership,
12. Mobile bill,
13. Internet bill,
14. PPF,
15. Books & periodicals.
Your assistance in this matter would be greatly appreciated. Thank you.
From India, Gurgaon
Acknowledge(0)
Amend(0)
Please, can anyone help me create a salary break-up that will assist our employees in saving on their taxes? Kindly suggest the exempt tax amounts for the following components of the salary:
1. Car and fuel,
2. Business promotions,
3. Child education,
4. Medical,
5. LTA,
6. NPS,
7. Meal coupons,
8. Car lease,
9. VPF,
10. Medical professional development,
11. Health club membership,
12. Mobile bill,
13. Internet bill,
14. PPF,
15. Books & periodicals.
Your assistance in this matter would be greatly appreciated. Thank you.
From India, Gurgaon
Acknowledge(0)Amend(0)
Dear Friend,
The following allowances are exempt from income tax:
Allowances allowable to the taxpayer
Please go through them. If any queries persist, kindly refer to the website below.
[URL: http://www.incometaxindia.gov.in/Charts%20%20Tables/Allowances_Available.htm]
From India, Kolkata
Acknowledge(2)Amend(0)
180The following allowances are exempt from income tax:
Allowances allowable to the taxpayer
Please go through them. If any queries persist, kindly refer to the website below.
[URL: http://www.incometaxindia.gov.in/Charts%20%20Tables/Allowances_Available.htm]
From India, Kolkata
Acknowledge(2)Amend(0)
I am not well-versed in Finance and Accounts, but as far as I understand, all "Allowances" are taxable, whereas all "Reimbursements of Expenses" are tax-free. To distinguish between Allowances and Reimbursements, you need to delve deeper into the "Expense Type" and identify the differences. For instance, instead of providing "Conveyance Allowance" or "Mobile/Telephone Allowance" to your employees, you could consider reimbursing them for "Taxi fare" to and from the office or handling their Mobile/Telephone bills by paying them directly from the company, and so forth.
Some experts may be able to offer guidance on this matter.
Regards,
From India, Pune
Acknowledge(0)Amend(0)
Some experts may be able to offer guidance on this matter.
Regards,
From India, Pune
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
Salary Break Up.xlsx
New Comart Salary Break up-Calculator.z ip