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Income Tax Guide

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15 views28 pages

Income Tax Guide

Uploaded by

vigneshkumar.pr
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Income Tax Guide

for Salaried People

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Income
Tax Slabs
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Taxpayers have the freedom to select either
the New Tax regime or stick with the Old tax
regime. For employees, the choice needs to
be made at the beginning of the year and can
be modified at the time of ITR filing.

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Basic component
of salary slip for
tax purpose

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House Rent Allowance( HRA)

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How to calculate HRA Exemption?
Least of the following:

1)Actual HRA received

2) Actual rent paid (-) 10% of( basic salary + DA)

3) 50% of [basic salary + DA] for metro cities (Delhi, Kolkata,


Mumbai or Chennai)/40% of [basic salary + DA] for those
living in non-metros CA Nikita Jindal
Leave Travel Allowance( LTA)
Applicable to employees whose salary structure includes LTA
component

Requirements for claiming the exemption

1) Available only on the actual travel costs i.e., the air, rail or bus
fare incurred by the employee. No expenses such as local
conveyance, sightseeing, hotel accommodation, food, etc., are
eligible for this exemption CA Nikita Jindal
Leave Travel Allowance( LTA)

Requirements for claiming the exemption

2)Only domestic travel is considered for exemption i.e., travel within


India. No international travel is covered under LTA

3) LTA exemption is available for only two journeys performed in a


block of four calendar years. Currently we are in the block of 2022-2025.
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Provident Fund

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80 C
Deductions

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Deductions
other than 80 C

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Save taxes
with the help
of your Family

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Save taxes with the help of your Parents

Invest in their name- Interest Income exempted upto


50,000( above 60 years) and 10,000( below 60 years)

Paying rent to Parents- Employee can claim HRA and


parents can claim 30% deduction on rent income u/s 24

Buy Health Insurance- Deduction of upto 50,000 ( above


60 years) and 25,000( below 60 years)
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Save taxes with the help of your Spouse

Take a joint Home Loan to double your tax benefits- 1,50,000


each for Principle repayment and 2,00,000 each for Interest

Buy Health Insurance- Deduction of upto 25,000

Buy Joint life Insurance- Deduction of upto 1,50,000

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Save taxes with the help of your Children

Investing on the Name of Adult children( with age of more than 18


years) - Income not clubbed as independent entity

Tuition fee paid for children- Deduction upto 1,50,000 u/s 80 C

CA Nikita Jindal
[email protected]

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