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
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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
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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
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186The 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
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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
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Some experts may be able to offer guidance on this matter.
Regards,
From India, Pune
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