For individuals living in rented abodes, the government of India offers tax exemption on full or partial house rent paid. Also, employers are directed to pay a house rent allowance to cover the rent charges. The minimum provision on tax exemption on house rents can cover any of the following...
If the contributions are made while the member is in good health there will, in tax terms, be no transfer of value. But if the member is ill, there may be a transfer of value and the IHT exemption may be lost. Source: Nilesh Shah, Barnett Waddingham...
Also Read:7 FAQs on Tax Exemption on HRA Claim HRA and LTA using Form 12BB LTA / LTC Exemption: You need to provide all the tickets and bills as documentary evidence to claim LTA/LTC exemption. The form 12BB just asks for the total amount claimed under LTA. Download:Free Excel based ...
However, the new tax regime brings lower tax rates but eliminates many of the exemptions and deductions available under the old system. Instead, it offers a fixed standard deduction of Rs 50,000 for all taxpayers, along with an increased basic exemption limit of Rs 3 lakh and tax rebates fo...
LTA exemption for salaried individuals for travel purposes An individual or a HUF (Hindu Undivided Family) can claim a tax deduction of up to Rs. 1.5 lakh under section 80C Medical expenses are eligible for a deduction under Section 80D The interest on a self-occupied home loan can be deduct...
Calculation:The conveyance allowance is calculated on the basis of the actual amount of conveyance allowance received from the employer.If the actual amount of conveyance allowance exceeds the exemption limit,the excess amount is taxable. Documents required:To claim conveyance allowance exemption,salaried...
Leave Travel Allowance (LTA): This allows for two trips within a block of four years. The exemption limit for air travel is the economy class airfare or the amount spent, whichever is less. For rail travel, it’s the air-conditioned first-class rail fare or the amount spent, whichever ...
(Incidentally, if you heard that these allowances used to be much more generous, you’re right. They have been slashed over the past few years. More on that below.) What are dividends? Dividendsare cash payouts made by companies:
When you create an Exemptions infotype (0582) LTA subtype record for an employee, the system will check the LTAEX field to see if the employee has claimed an LTA Exemption for this block of four years in his or her previous employment. The indicator for whether the employee has ca...
New Income Tax Bill 2025 : Exemption against Long-term Capital “Gain” & not against Long-Term Capital “Asset” Income Tax Yesterday at 2:32 am Important Key Points about the New Income Tax Bill, 2025 Income Tax Yesterday at 1:31 am ...