calculation for tds on salary, Income Tax

[anil nair]

which items are excempted from income tax and what are the limitations for calculating tax on salaries

Posts / Replies

[CA Rachit Agarwal]

Exemptions:

1. Chlildren Allowance subject to prescribe limits

2. House Rent Allowance subject to fulfillment of certain conditions and limits

3. Tranpport Allowance

4. Expenditure incurred at the time of performance of the duties.

5. Others

[Vidya Sagar Jha]

1) Transport Allowances @ 800 p.m.

2) Tuition Fees of Children

3) HRA

4) U/s-80C : Maximum Investment to Rs.1 Lacs

5) U/s 24b : Interest on Housing Loan