Come January, it is time to claim your annual reimbursements such as medical and leave travel allowance (LTA). These reimbursements are as good as tax savings. The difference being that you submit the required bills and treat them as tax-free income If LTA forms a part of your salary, the...
If you have received any portion of your salary in arrears or in advance, or you have received family pension in arrears, you can avail some tax relief under section 89(1) read along with Rule 21A. Calculate Relief under Section 89(1) Before you file form 10E to get tax relief, you ...
Whenever an employee stays after the regular shift hours to meet the targets and project deadlines, he/she can avail of the overtime allowance, which is 100% tax chargeable. The overtime worked by an employee is calculated at a double rate per hour of the employee’s basic salary. The me...