Hellow Group Members,
I invite you to submit query on taxation of varius salary components as per Indian Income Tax Acts. I would also request members to give their advice/ view on the subject in order to solve the query.
This is my experience that understanding on taxation of salary components as per income tax act of india differs with person and therefore this topic may be helping people to resolve the differences.
My experience is based on the recent query on the forum in terms of children education allowance and I am reproducing below the correct position on taxation of children education allowance as per I Tax Act of India.
As per income tax act of india, the position is as follows
Children education allowance exemption is limited to Rs 100/- per month, per child to a maximum of 2 childs.
However in case the child stays in a hostel, then a sum of Rs 300/- per month is exempted.
Thanks
Pankaj Patodi
I invite you to submit query on taxation of varius salary components as per Indian Income Tax Acts. I would also request members to give their advice/ view on the subject in order to solve the query.
This is my experience that understanding on taxation of salary components as per income tax act of india differs with person and therefore this topic may be helping people to resolve the differences.
My experience is based on the recent query on the forum in terms of children education allowance and I am reproducing below the correct position on taxation of children education allowance as per I Tax Act of India.
As per income tax act of india, the position is as follows
Children education allowance exemption is limited to Rs 100/- per month, per child to a maximum of 2 childs.
However in case the child stays in a hostel, then a sum of Rs 300/- per month is exempted.
Thanks
Pankaj Patodi