No Tags Found!

kiranganu
1

Dear All,
Just a query, now that medical and conveyance are removed from exemption from Income Tax, so can we keep standard deduction as one of the salary components? IF not then what components needs to be added in place of medical and conveyance ? Currently we have kept components as follows :- Basic, HRA, Medical, Conveyance & Special Allowances
We are a startup so don't want to complicate the salary structure.
Kindly help. Thank you in advance

From India, Pune
ravi5554
427

Dear Friend,
Slandered deductions allowed 40,000 in FY 18-19 and there is no proofs and bills to be submit to claim, This slandered deduction including of Medical & conveyance allowances.
Now this limit has been increased to 50,000 for FY 19-20.

From India, Mumbai
ravi5554
427

Dear Friend, Please see the attachment for your better understanding purpose.
From India, Mumbai
Attached Files (Download Requires Membership)
File Type: png Untitled.png (184.5 KB, 77 views)

drbijoy
13

You may continue to keep medical allowance and conveyance allowance as part of the salary structure. Whatever amount of medical and conveyance allowance is given, the same will be added to 'Salaries' head and will be taxable in the hands of the employee. Standard deduction of 40000 (for a.y. 2019-2020) or 50000 (for a.y. 2020-2021) will be deducted from the gross salary.
You cannot add a salary head of 'Standard Deduction' in the salary structure. Standard deduction is only for purpose of calculating Income Tax.

From India, Kolkata
Abhiprakash
Dear Sir/Madam,
When an employee leaves in the middle of a financial year (say in June in FY 2019-20), can standard deduction amount of Rs 50000/- be fully considered for computing the income taxes payable on the 3 months' (Apr, May & Jun) salary or? Please advise. Thank you in advance.


asian-fanfics
2

Salary information is something that I and many others care about. Timely and accurate feedback.
fnaf


Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.





Contact Us Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2024 CiteHR ®

All Copyright And Trademarks in Posts Held By Respective Owners.