Tax benefits available for salaried
individuals for A.Y 2022-23| Salary earners are a huge part of the total
taxpayers in
The articles compile a list of benefits available to salaried individuals for A.Y 2022-23.
1. House rent allowance, children's education allowance, dormitory allowance, transportation allowance, and other allowances.
2. Free unfinished accommodation provided by Central and State Government employees, free accommodation provided by other employees, free furnished accommodation for rent, Download Value of Perquisite Calculator U/s17(2)
Accommodation in a hotel, motor vehicle / other transport, housekeeper services including broom, garden, watchman or personal attendant, gas, electricity, or water supply for household purposes, educational facilities, transport facilities provided by the employer passenger or freight vehicles (excluding airlines or railways) ),
You may also, like- Prepare
at a time 50 Employees Form 16 Part A&B for the F.Y.2020-21 as per new
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The amount paid by the employer for insurance or an annuity in the life of the employee, the contribution of the employer for ESOP / Suite equity share, interest rebate or interest rebate, and other permitted interest.
3. Approved Deduction from Salary - Entertainment Allowance received by government employees (fully taxable to other employees) and Employment Tax / Occupational Tax.
4. Retirement benefits taxable in case of National Pension System (NPS), Provident Fund, Voluntary Retirement, Pension, Gratuity, Return Compensation, Leave Encashment
Salary and arrears as per section 89 (1)
Other benefits
You may also, like- Prepare
at a time 100 Employees Form 16 Part A &B for the F.Y.2020-21 as per new
& old tax regime in Excel
List of benefits for salaried persons for FY2021-22
1. 10 (13A) - House Rent Allowance (Section 10 (13A) and Rule 2A)
Minimum discount among the following:
A) Original HRA has been obtained
B) 40% of salary (50% if the house
in Mumbai, Kolkata,
C) Subtract 10% of the rent was paid
* Salary = Basic + DA (if part of retirement benefits) + Turnover based commission
Note:
i. Fully-taxable, if the HRA is accepted by an employee if he is in his own home or if he does not pay any rent
ii. If the rent is more than Rs
10,000, it is mandatory for the employees to inform the employer about the
landlord's PAN. 1,00,000 [Notification No. 08/2013 dated October 10, 2013]. Download automated Income Tax H.R.A. Exemption Calculator U/s 10(13A)
2, 10 (14) - Education allowance for children-
Rs. Up to 100 children per month are exempted up to a maximum of 2 children
3. 10 (14) - Hostel Expenses Allowance
Rs. Up to 300 children per month are exempted up to a maximum of 2 children
4. 10 (14) - Hostel Expenses Allowance
Rs. Up to 300 children per month are exempted up to a maximum of 2 children
5. 10 (14) - uniform allowance
Discount the number of expenses incurred
10. 10 (5) - The employer waives
the Travel Extension or Assistance (LTC / LTA) extended by an employee to go
anywhere in
* Family includes wife, children, and dependent siblings/parents. However, the family does not include more than 2 children of a person born on or after 01-10-1998.
You may also, like- Prepare at a time 50 Employees Form 16 Part B for the F.Y.2020-21 as per new & old tax regime in Excel
The discount will be limited to
going anywhere in
i. Discount limit was the flight is operated by air - the shortest route is the national carrier's economy class airfare or the less money spent
ii. Discount limit where the journey is made by rail - air-conditioned first class rail fares by short routes or the amount of money that is spent less
iii. Vacation limits If the source of the journey and the destination are connected by rail, the journey is completed by some other mode of travel - air-conditioned first-class rail fares by the shortest route or the amount spent
iv. Discount limits where travel and destination sources are not connected by rail:
You may also, like- Prepare at a time 100 Employees Form 16 Part B for the F.Y.2020-21 as per new & old tax regime in Excel
A. Where a recognized public transport system exists - the amount of first-class or deluxe class fare or expense on the shortest route, whichever is less
B. Where there is no recognized public transport system - air-conditioned first-class rail fares on short routes or the amount spent, which is less?
Comments:
i. Exempted two trips in the 4 calendar year block
ii. Taxable only for certain employees
7. 16 (IA) - Standard discount
2,000. 50,000 or salary amount, whichever is less
. 1 16 (ii) - Entertainment allowance received by government employees (fully taxable for other employees)
The following is the lowest discount:
A) 5,000 rupees
B) 1/5th of salary (without any allowance, benefit, or other permission)
C) Receiving actual entertainment allowance
9.16 (iii) - Recruitment / Professional Tax
The following is the lowest discount:
A) 5,000 rupees
B) 1/5th of salary (without any allowance, benefit, or other permission)
C) Receiving actual entertainment allowance
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3)
Automated Income Tax Form 12 BA
4)
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5)
Individual Salary Structure as per the Non-Govt (Private) Concern’s Salary
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Individual Salary Sheet
7)
Individual Tax Computed Sheet
8)
Automated Income Tax Revised Form 16 Part A&B for the F.Y.2021-22
9)
Automated Income Tax Revised Form 16 Part B for the F.Y.2021-22
10)
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