Tag: Income Tax on Salary Income

No Income Tax on Medical Reimbursement up to Rs. 15,000

Some employers provide medical reimbursement facility to their employees for the medical expenses incurred by the employees. This article explained the levy of Income Tax on Medical Reimbursement provided by the employer to the employee. Income Tax on Medical Reimbursement...

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post-Allowances exempt under Section 10 in 2022 {Detailed List}
Allowances exempt under Section 10 in 2022 {Detailed List}

There are various allowances exempt under Section 10 for Salaried Employees like House Rent Allowance, Leave Travel Allowance, Travelling Allowance, Uniform Allowance etc. We have already discussed the following allowances in our previous posts and in this post we would...

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8 useful Income Tax Exemptions for Salaried Employees

The Income Tax Act allows various Income Tax Exemptions for Salaried Employees which are very effective in saving taxes. A salaried employee would be required to intimate his employer that he is claiming these income tax exemptions available for Salaried...

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Tax on Pension Income: Computation of Amount Exempted

At the time of retirement of an employee, the employer pays the employee a certain amount regularly in consideration of his past service. This periodic payment is paid by the employer to his employee is referred to as Pension. After...

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House Rent Allowance (HRA) : Calculation & Taxability

House Rent Allowance (HRA) is given by the employer to the employee to meet the expenses in connection with rent of the accommodation which the employee might have to take for his residential purpose. This House Rent Allowance so paid...

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Tax on Salary Income, TDS on Salary with examples

Any income received by an employee is chargeable under head “Income from Salaries” and tax on salary is levied in the manner as shown below. Income would be taxable under head Income from Salaries only when an employer-employee relationship exists....

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Leave Encashment: Tax Computation of Amount Exempted

While an employee is in service, he is allowed various types of leaves like Medical Leave, Gazetted Holidays, Casual Leaves etc. There are some types of leaves which can be carried forward to the next year whereas there are some...

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Leave Travel Allowance: Tax Exemption of LTA/LTC

Many employers give Leave Travel Allowance (LTA) to their employees which can be claimed if an employee goes on a vacation. This Leave Travel Allowance (LTA) can be claimed when an employee goes on a vacation and submits the actual...

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