If the company provides you a car for personal and official purposes and reimburses the fuel, insurance, maintenance and driver’s salary, the taxable value shall be: in case the cubic capacity of the car is less than or equal to 1.6 litres – Rs 1,800 per month (plus Rs 900 for the driver) and in case the cubic capacity of the car is greater than 1.6 litres – Rs 2,400 per month (plus Rs 900 for the driver).
In case you are entitled to a f ree or concessional company-provided accommodation, the same would be valued based on stipulated conditions.
If you are paid a medical allowance instead of reimbursement, the same is fully taxable.
Actual expenditure incurred/reimbursed on your medical treatment or any of your dependents is exempt up to Rs 15,000 per annum (up to A.Y 2018-19) as medical reimbursement subject to provision of bills.
Reimbursement of health insurance premium by your employer for you and your family is exempt.
An allowance to the extent actually incurred to meet the cost of travel on tour or on transfer, expenses incurred on conveyance in the performance of official duties, expenditure on helper engaged in the performance of duties, daily charges on account of absence from normal place of duty on tour are exempt.
#DRIVER SALARY SLIP INDIA DOWNLOAD#
Leave Salary encashment Exemption, Calculation, Download calculator If leave encashment is done on the termination of employment through superannuation, then it is fully taxable for both government and non government employees.
Leave encashment while in service is taxable both for government and non- government employees, but is fully exempt at retirement for government employees, and for non – government it is exempted subject to prescribed limits and conditions.
The value of any travel concession or assistance received by or due to you from your employer for yourself and your family in connection with proceeding on leave to any place in India subject to prescribed conditions.
300 per month per child up to two children is allowed if they are in hostel.
Children’s Education Allowance is exempt up to Rs 100 per month per child up to a maximum of two children.
This allowance is exempt only up to financial year 2017-18.
Conveyance allowance for commuting between home and office is exempt up to Rs 1600 per month.
Taxability of Provident Fund -Recognized, Unrecognized & Statutory 1.5 lakh or 12% of the employee’s salary.
Provident Fund: Under Section 80C, provident fund contribution deducted from the employee’s account is exempted from tax up to an amount of Rs.
House Rent Allowance (HRA) taxability, working / calculation However, you cannot take benefit of HRA, if you live in a rent-free accommodation or live with your family or in your own house.
If you live in a rented an accommodation and are entitled to a house rent allowance (HRA), the same is exempt to the extent of least of the following 50 or 40 per cent (depending on the city of accommodation) of the basic salary, excess of rent paid over 10% of basic salary, actual HRA received.
Here are some of the safe components of your salary structure which can minimse your tax burden and help you plan your Salary Structure – Salary income is taxable in the hands of an individual in the year of receipt or earning of salary income, whichever is earlier. What does, however, ‘salary’ include? Salary includes basic salary, bonus, wages, pension, fees, commission, gratuity, encashment of leave salary, advances and arrears, profits in lieu of salary, allowances and perquisites.