Allowance/ deduction from salary

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Accounts & Finance Manager

53 Points Posted on 24 January 2012

I want to Know that whethe following wiil be taxable under salary or will get deduction of these items.

1. Medical allowance - 15000

2. Petrol Reimbursement - 14000

3. Telephone Reimbursement - 6000

4. Provident Fund - 80000

5. Sodexo mill voucher - 26400

These items are include in Gross Salary. What will be deduction for computing net salary.

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Team Lead

5675 Points Posted on 27 January 2012

Medical allowance whole 15k would be exempt, provided you can produce medical bills of that amount.

Provident fund is deducted by the employer from yoru salary, so deduction can be availed u/s 80C.

sodexho meal vouchers if they are given in cash then tax would be applicable. If the vouchrs are provided then no tax will be deducted.

For rest there is no exemption available.

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