Conveyance allowanceis given to employees to meet travel expenses from residence to work. The conveyance allowance for up to Rs.9,600 per annum is exempt from tax. Starting FY 2015-16, this limit has been increased to Rs.19,200 per annum. Leave Travel Allowance: Salaried employees can avail...
For metro cities in India, the HRA is defined to be 50% of the basic pay, while it is 40% of the basic pay for other cities. Employees can claim tax exemption on the HRA, up to a certain limit, provided they can declare their rent agreement details. ➔ Leave Travel Allowance (...
A maximum monthly limit of INR 1,600 The full amount of Conveyance Allowance received Medical Allowance Every month, the employee’s account is credited with a specified sum as a medical allowance in addition to the salary. The allowance is provided for medical expenditures incurred during the co...
Employer contributions are exempt up to a certain limit. Role: Provides financial security post-retirement. 7. Professional Tax Definition: State-level tax on employment. Taxation: Varies by state, with a maximum limit of ₹2,500 per year. Role: Deducted ...
The fundamental change is the limit on the allowances set by the new rules. All allowances put together should not exceed more than 50% of the salary package. This in turn will impact the calculation of Basic and PF components. An increase in basic salary will attract more tax. Increased...
In any case, if you opt for the loan with respect to the salary then every month a fixed EMI shall get deducted from the account. A payslip is an effective asset during the time of providing the loan. As it provides the assurance to the lender that within the prescribed time limit, yo...
Generally, there is an upper limit for every category of reimbursement. Employer Provident fund/EPF or Provident Fund Provident fund is an investment both by the employer and the employee each month, the lump sum amount of which acts as an employee's retirement benefits scheme. Provident fund ...
Q: Am I required to connect to my PAN and aadhaar with the EPF portal? Ans: Yes, if you intend to access the EPF portal to access online services, it is necessary to connect the UAN directly to both your PAN and Aadhaar. Q: What is the process for employees to receive the UAN num...
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MLAs can also make telephone calls upto Rs 15000 per month . The earlier limit was Rs 10,000. Salary of MLA in Assam FromASSAM LEGISLATIVE ASSEMBLY,In July 2010 the salary of Assam MLAs was nearly doubled with a jump to Rs 72,084 from the previous Rs 34,300. ...