CHART SHOWING ALLOWANCES AND PERQUISITES

 

CHART SHOWING ALLOWANCES AND PERQUISITES

1

ALLOWANCES

EXEMPTION

SALARY FOR THE PURPOSE OF EXEMPTION=

2

HRA

Least of the following        1.50 % of SALARY for metropolitan cities 40% for other cities                                 2. HRA actually received                3.Rent Paid -10% of SALARY

BASIC+DA(F.P)+COMMISSION ON TURNOVER

3

RPF

12% of SALARY

BASIC+DA(F.P)+COMMISSION ON TURNOVER

4

Interest credited to RPR

Upto 9.5% intererst is exempt

 

5

Education allowance

Rs.100X12X2 =2,400

 

6

Hostel Allowance

Rs.300x12x2=7,800

 

7

Transport Allowance

Rs3,200 p.m.(only for Blind/handicapped)

 

8

Tribal Area Allowances

Rs.200 p.m.

 

9

Running Flight Allowance

70% of Rs.10,000 whichever is less

 

PERQUISITES

 

PERKS

OWNED BY EMPLOYER

HIRED BY EMPLOYER

1

Rent-Free Unfurnished house

TAXABLE VALUE

TAXABLE VALUE

 

1)Population <15lakh

5% of SALARY

Actual rent or 10% of SALARY

 

2)15 lakh- 40 lakh

7.5% of SALARY

Actual rent or 10% of SALARY

 

3) >40 lakh population

10% of SALARY

Actual rent or 10% of SALARY

 

 

 

 

2

Rent-Free Furnished house

Rent free unfurnished house+10% of cost of furniture

Rent free unfurnished house+10% of cost of furniture

 

CAR FACILITIES

 

 

Taxable value

 

3

Small Car ie. ,1.6 lit

Rs.1,800 x12=23,400

 

4

Big Car,>1.6lit

Rs.2,400x12=31,200

 

5

Driver salary

Rs.900x12=10,800

 

DEDUCTION U/S 16

1

Standard Deduction

Rs.50,000 ( old tax) Rs.75,000 (New Tax)

 

2

Entertainment Allowances

XXXX

 

3

Professional Tax

XXXX

 

 G.VINCENT

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