Suresh Chandra (Manager - Accounts) (206 Points)
22 July 2010Dear Sir,
My Salary is 40000 Per month and break up as follows:
Basic 24000
HRA 12000
Conveyance 800
Medical allowance 1250
Special allowance 1950
Please give me the Salry break up other than this for saving tax. and other provisions under IT act.
Thanks / Regards,
SureshChandra
DT Fundas - Tarun rustagi
( Author)
(1150 Points)
Replied 22 July 2010
dear sir
medical allowance and special allowance are fully taxable.conveyance allowance is subject to expenditure.instead of conveyance u can claim transport allowance which is exempt upto rs.800 p.m.if u have pf contibutions then u can claim them as deductions.u can claim deduction u/s 80C.
regards
tarun rustagi
mehul kishnani
(student)
(264 Points)
Replied 22 July 2010
Dear suresh
you can invest u/s 80c up to rs one lac in eligible
investments like pf etc further now from this yr 20000 in infra
bonds means you can claim deductions up to that amt
from your taxable income. Further medical insu
premium also eligible for deduction
Harpreet
(* * * * * *)
(1670 Points)
Replied 22 July 2010
If Salary is 40000 Per month so break up as follows:
Basic 23000
HRA 11500
Transport Allowance 800
Medical allowance 1250
Uniform Allowance 1500
Special Allowance 1950
U can get exemption of Transport allowance, medical allowance provided u r providing the bills, uniform allowance provided u r providing the bill, hra exemption if u hire a house on rent. U can save tax on Rs.3550/- per month (42600/- per year) except hra.
DT Fundas - Tarun rustagi
( Author)
(1150 Points)
Replied 22 July 2010
dear harpreet
plz clarify that medical allowance is exempt if we submit bills.in my view allowance is fully taxable.
OldSchool
(None)
(50 Points)
Replied 22 July 2010
| Originally posted by : tarun rustagi | ||
 |
dear harpreet plz clarify that medical allowance is exempt if we submit bills.in my view allowance is fully taxable. |
 |
HRA, medical allowance, telephone allowance is non-taxable if you can furnish the bills.
Ashish Sharma
(Service)
(1028 Points)
Replied 23 July 2010
Right word is Medical Reimbursement not medical allowance, medical allowance is taxable
Shekhar
(FINANCE HEAD)
(21 Points)
Replied 31 July 2011
what will be right break up to minimise theTax on Salary Income if My salary is Rs. 1,50 lakhs per month... please reply as soon as possble.
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
CAclubindia
