Tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 July 2012 What deduction are allowed for salaried employee???
I have heard that Conveyance allowance is allowed....plz help me out as i wanna file my return

Thnks

CA Amit Jaiswal

CA Amit Jaiswal (Expert)
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21 July 2012 First of all I would like to tell you that Conveyance Allowance is an exempted allowance upto INR 800 per month, it is not a deduction.

If you talk about deductions, section 80C and 80D are widely used by salaried employees.

Under section 80C you can claim PF, PPF, LIC, FD, etc. Maximum limit is INR 100000/-

80D for Health Insurance.

CA Amit Jaiswal

CA Amit Jaiswal (Expert)
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21 July 2012
Apart from above, salaried employees are also getting the benefit of HRA. Here you can get the benefit of Rent paid to landlord, if you are getting HRA.

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Querist : Anonymous

Querist : Anonymous (Querist)

21 July 2012 Hey i knw about the section 80C....like my Salary Income is Rs.120,000/- p.a. so i would like to know is there any conveyance allowance which i can deduct from the above figure and show the net figure in my ITR form for AY 2012-13.

CA Amit Jaiswal

CA Amit Jaiswal (Expert)
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21 July 2012 If your annual salary is INR 120000/- then there is no reason to worry.
First of all you are not mandatorily required to file ITR.
Secondly even if you show all the income as taxable, then also no tax liability is going to arise.

If still you want to claim the benefit of Conveyance allowance you will have to refer your salary slip. If the amt is mentioned there, it is exempt upto a max of 800 p.m.