Beruflich Dokumente
Kultur Dokumente
Taxable Income
Income From Salary 2. Income From House Property 3. Profits & Gains from Business & Profession 4. Capital Gains 5. Income from Other Sources Gross Total Income Less- Deduction U/S 80C to 80U Taxable Income
1.
RS.
Income Range
Up to Rs. 2,00,000 Next on Rs. 3,00,000 Next on Rs. 5,00,000 On Balance
Tax %
NIL 10% 20% 30%
Tax %
NIL 10%
20%
30%
Tax %
NIL
20% 30%
Basic Salary
Gross Salary
Allowanc e-s
Perquisites
Gross Salary
...
. .
Salary
Allowances
Fully Taxable Allowance Partially Taxable Allowance Exempted Allowance
expenditures: 1. Exclusively to be incurred in the performance of the duties 2. To meet the personal expenses
following amount shall be exempted1. Actual amount of HRA received 2. Rent Paid - 10% of Salary 3. 50% or 40% of salary Salary= Basic Salary, Dearness Allowance (under the terms of retirement benefit), Commission based on fixed % of turnover
Q. Basic Pay Rs.2,000 p.m., Dearness pay @ 10 % of basic pay, commission based on fixed percentage of turnover Rs. 12000 for whole year, House rent allowance Rs. 500 p.m., Actual rent paid by the assessee Rs. 400 p.m. House situated at Agra
Special Allowances
Allowances Children Education Allowance Children Hostel Allowance Tribal Area Allowance Exempted Amount Rs. 100 per month, per child Rs.300 per month , per child Rs.200 Per month Condition Max.2 children Max.2 children In MP, UP, Karnataka, Assam, Tripura, Bengal. Bihar, Orissa,Tamilnadu
Transport Allowance
Exempted Allowance
Foreign Allowance Allowance from U.N.O. Daily Allowances to High Court or supreme court
judges.
Perquisites
All the benefits received by employer and which are convertible in terms of money as known as perquisites.
Taxable Perquisites
Value of Rent Free Accommodation
Value of concessional Rent Accommodation Any sum paid by the employer which are payable
by the employee.
Government Non Government Employees 1. If house is owned by employer 2. If house is taken on rent by employer
Value of Perquisite
Or 15 % of Salary (Whichever is less is taxable) Salary= Basic Salary, Dearness allowance (under the terms of employment), bonus, commission, taxable allowances, any other monetary payments.
High court & Supreme court judges. Tax paid by the employer on the value of perquisites. Scholarship to employees or their children paid by employer
Deductions U/S 16
I. Entertainment Tax:
For Non Government Employee: Fully Taxable
For Govt Employee: Least of the following will be
exempted1. Actual Amount Received 2. 1/5 of Basic Salary 3. Maximum Rs. 5,000 II. Employment
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