04 April 2014
Gross Salary 278817/- Conveyance Allowance (800/- X 12) 9600/- P. Tax 1560/- U/S 80C 48075/- Taxable Amount 219582/- Standard Deduction 200000/- Tax 2017/- (including education cess 3%) Should we shown Rebate 2000/-? During the preparation of Return 24Q And in 24Q Annexure 2 on which column we shown conveyance, P. tax & Rebate.
05 April 2014
The deductions allowable under allowances are to be dealt in arriving gross salary. In Annexure 2, after gross salary, columns available in 24Q return are Professional Tax, House loan Interest, Chapter VI-A deductions and other specified deductions. Here for the mentioned salary income, in my view there will be no Incometax Liability arise.
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