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Exempt income u/s 10(14)
Allowances mentioned in point (i) to (v) are exempt upto the amount spent by the employee for the purpose for which these allowance are given to the employee.
This allowance is covered separately under Transport allowance where a fixed exemption uptoRs 800 per month is given to such allowances in case of toyota rav4 2002 manual all employees.
HRA actually paid. .Click here to Read Other Articles from Sensys Technologies.It is fixed, pre-determined and given irrespective of actual expenditure.10,00,000 - Gratuity payable when employee has served minimum service of 4 years 240 days.Such allowance shall include any sum paid in connection with transfer, packing and transportation of personal effects on such transfer.Exemption allowed upto 800.m.For per child maximum for two children only.
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Following are the prescribed allowances for the purpose of section 10(14) and their respective treatment in computing the income under the head Salaries.
The following allowances are exempt under section 10(14) to the extent the amount is utilised for the specified purpose for which the allowance is received.
Any allowance (by whatever name called) to meet the expenditure on the purchase or maintenance of uniform for wear during the performance of duties of an office.
Exempt Amount : Least of the following is exempt from tax: (i) 50 of salary* for metro cities* and 40 of salary for other cities (ii) Actual HRA received (iii) Excess of rent paid over 10 of salary* * Salary Aggregate of basic salary,.
Basic salary of last 10 months / 30 days - Maximum leave allowable per year to be considered as 30 days while calculating leave balance on leaving organisation 10(10B retrenchment Compensation,.
If any amount is given by employer to employee as education cs 1.6 portable para windows 7 allowance for the education of own children in India, it shall be exempted upto 100.m.Name of the allowance, nature of allowance, travelling allowance/transfer allowance.Compensation for voluntary retirement (V.R.S.Businesses pay taxes on their profits.Highly Active Field Area Allowance.