Hi,
We are in the process of salary restructuring, which will help employees minimize their tax liability. I would appreciate it if anybody could provide me with a list of salary heads that are taxable and non-taxable.
Thanks & Regards, Sweta
From India, Rajahmundry
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We are in the process of salary restructuring, which will help employees minimize their tax liability. I would appreciate it if anybody could provide me with a list of salary heads that are taxable and non-taxable.
Thanks & Regards, Sweta
From India, Rajahmundry
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Non-Taxable:
Conveyance allowance - Rs. 800/- per month (no proof required to be produced).
HRA - 40% of basic + DA in non-metros and 50% in metros (tax benefit for the house rent paid minus 10% of basic + DA, rent receipts to be produced with the PAN details of the landlord if the rent exceeds Rs. 1.00 L per annum).
Medical Assistance - Rs. 1250/- per month (bills are required to be produced).
Children Education Allowance - Rs. 100 per child/month (maximum 2 children).
Children Hostel Allowance - Rs. 200 per child/month (maximum 2 children).
LTA - Tax benefit twice in a block year of 4 years.
Uniform Allowance & washing allowance (on production of proof).
Others are taxable.
From India, Lucknow
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660Conveyance allowance - Rs. 800/- per month (no proof required to be produced).
HRA - 40% of basic + DA in non-metros and 50% in metros (tax benefit for the house rent paid minus 10% of basic + DA, rent receipts to be produced with the PAN details of the landlord if the rent exceeds Rs. 1.00 L per annum).
Medical Assistance - Rs. 1250/- per month (bills are required to be produced).
Children Education Allowance - Rs. 100 per child/month (maximum 2 children).
Children Hostel Allowance - Rs. 200 per child/month (maximum 2 children).
LTA - Tax benefit twice in a block year of 4 years.
Uniform Allowance & washing allowance (on production of proof).
Others are taxable.
From India, Lucknow
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In addition, the contribution towards NPS (10% of basic + DA) by the employer is also exempted from tax. This amount may be deducted from the CTC of the employees. Food coupons (max Rs. 2500/- per month) are also tax-exempt. Gift coupons up to Rs. 5000 per annum are also tax-exempt.
From India, Lucknow
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From India, Lucknow
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An amount of Rs. XXXXXX/- is to be reimbursed upon submission of bills for entertainment & hospitality, conveyance, books, and periodicals. For example:
1. Movie tickets, restaurant bills, entertainment park entry tickets, personal hotel stay
2. Any travel undertaken by you or a family member via cab, train, or air, for which bills can be provided
3. Home landline, broadband connection, or any other postpaid mobile bill not charged to the company but used by any family member
4. Bills for the purchase of books, magazines, newspapers, or any other subscriptions for your reading
5. Bills related to the purchase of any gift item.
Please ensure correct documentation is submitted for timely reimbursement. Thank you.
From India, Noida
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1. Movie tickets, restaurant bills, entertainment park entry tickets, personal hotel stay
2. Any travel undertaken by you or a family member via cab, train, or air, for which bills can be provided
3. Home landline, broadband connection, or any other postpaid mobile bill not charged to the company but used by any family member
4. Bills for the purchase of books, magazines, newspapers, or any other subscriptions for your reading
5. Bills related to the purchase of any gift item.
Please ensure correct documentation is submitted for timely reimbursement. Thank you.
From India, Noida
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Salary heads.xls
Salary-Note.doc