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Special Allowance
City Compensatory Allowance
Dearness Allowance
Food Coupons
Other Allowances
Interim Bonus
Leave Encashment- Taxable
Leave Encashment- Exempted
Bonus/Exgratia
Income from House Property
Income from any Other Sources
Income from Previous Employer
Interest Accrued (Bank Acounts/NSC)
Allowances
PT
Conveyance (Rs.1600/month)
Medical Reimburse
LTA
Sec 80 C(1.5Lacs limit)
EPF
LIC
nces
Total Tax/year
Tax
0.00
Allowances
0.00
r Self/family; 30K Max for Senior Citizens; 5K Max for Health Checkup)
0.00
Sec 24(2 Lacs limit)
0.00
0.00
0.00
0.00
-2000.00
-60.00
-2060.00
0.00
Special Allowance
City Compensatory Allowance
Dearness Allowance
Food Coupons
Other Allowances
Interim Bonus
Leave Encashment- Taxable
Leave Encashment- Exempted
Bonus/Exgratia
Income from House Property
Income from any Other Sources
Income from Previous Employer
Interest Accrued (Bank Acounts/NSC)
Rent Paid
Allowances
HRA
PT
Conveyance (Rs.1600/month)
Medical Reimburse
Food Coupons
LTA
Leave Encashment- Exempted
Labour Welfare Fund
Investments/Deductions/Allowances
2. By the way of saving money in various investments where we can get the tax benefit
1. Allowances
i) HRA
If House Rent Allowance (HRA) is included in the salary structure then salaried individuals can benefit
them for residential lodging. This benefit is available under Section 80GG and the deduction amount i
Surplus of housing charge paid over 10% Basic ( ie Rent - 10 % of Salary (Basic + Dearness)
ii) Food Coupons (Like Sodexho Pass) can be availed up to Rs 60,000 per year
iii) Medical Expenses which are compensated by the employer up to Rs.15,000 per year.
vi) LTA (Leave Travel Assistance) Can be claimed 2 years in span of 4 Yrs
iii. Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.
Particulars
Surcharge on taxable income exceeding Rs. 1 Crore for Individuals, Senior Citizens,
Very Senior Citizens, HUFs, AOPs, BOIs, artificial juridical persons, firms, cooperative
societies and local authorities
Comparison of Benefits under various IT Sections
Exempted amount of transport allowance
Section 80D - Deduction for Health Insurance premium
Section 80D - Deduction for Health Insurance premium for Senior Citizens
Investment in Sukanya Samriddhi Scheme
Section 80DDB - Deduction in case of very senior citizens on expenditure on account
of specified diseases
Section 80DD - Maintenance, including medical treatment of a dependent who is a
person with disability
Section 80DD - Maintenance, including medical treatment of a dependent who is a
person with severe disability
Section 80U - Person with disability
Section 80U - Person with severe disability
OR
AY 2016-17
Rs. 80,000/-
Rs. 75,000/-
Rs. 1,25,000/-
Rs. 75,000/-
Rs. 1,25,000/-
Rs. 1,50,000/-
Rs. 1,50,000/-
The budget also proposes to provide a deduction of upto Rs. 50,000 over and above
the limit of Rs. 1.50 lakh in respect of contributions made to NPS.