Exemptions of income from salary in India for residential individual
If you are a tax person in India and also residential individual then you have to pay incom tax to government. And your paying amount will be used for development. If you are earning 5 lacs or more than 5 lacs per annum you have to pay tax 5% of the total salary. If you are earning 7.5 lacs or more than 7.5 lacs then you have to pay tax 10% of your total salary. And if you are earning more than 10 lacs you have to pay 15% of your salary.
The interesting thing is you can apply for some exemptions to reduce your taxable amount. How type of exemptions can be applied?
All the deduction under section 80c to 80u-
Yes of course you can apply 80c to 80u deductions for those deductions for reducing you tax.
Children’s education allowance-
under section 10 sub section 14 and rule 2bb you can apply for this exemption for maximum to children’s. It will be apply for 100 rupees per child per month. That means 2400 per year(100 × 2 × 12)
Any house rent allowance
Under section 10 subjects and 15 if you receive any house rent allowances from your company, then you can apply for this exemption. Actual house rent allowance received, actual rent paid, 40%/50% of total salary(Basic, DA, Commission) [50% for mega city, 40% for other city] whichever is lower that can be deductible under the section.
Under section 10 subsection 14 if you received any transport allowance is from your company you can apply for this exemption. The applicable amount will be 3200 per month
Lave encashment allowances
Under section 10 sub section 10AA and rule ii if you receive any live encashment from your company some of your money will be deductible. There is some calculations you can do for calculating the deductable amount.
Gratuity of pension
Under section 10 sub section 10 and rule ii if you receive any gratuity pension from your company some of your money will be deductible. There is some calculations you can do for calculating the deductable amount. There is a maximum limit for this deduction of 10 lakh rupees.
If you receive any medical allowances from your company it will completely on not taxable.
Under section 10 sub section 14 and rule 2BB if you receive any transfer allowances from your company you can be apply for exemption 1000 rupees per month.
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