In February all government servants are required to assess their yearly income and present an assessment form for calculating t.d.s of income tax on tentative income for financial year
therefore here is an excel form for your help to calculate the income tax on income
|
S. N. |
Section |
Particulars |
Benefits |
|
A. |
Allowances |
||
|
1. |
10(13A) |
House Rent Allowance (Sec. 10(13A) & Rule 2A) |
Least of the following is
exempt: a) Actual HRA Received b) 40% of Salary (50%,
if house situated in Mumbai, Calcutta, Delhi or Madras) c) Rent paid minus 10% of
salary * Salary= Basic + DA (if part of retirement benefit) + Turnover based Commission Note: i. Fully Taxable, if HRA is received by an employee who is living in his own house or if he does not pay any rent ii. It is
mandatory for employee to report PAN
of the landlord to the employer if rent paid is more than Rs. 1,00,000 [Circular No. 08 /2013
dated 10th October, 2013]. |
|
2. |
10(14) |
Children Education Allowance |
Up to Rs. 100 per month
per child up to a maximum
of 2 children is exempt |
|
3. |
10(14) |
Hostel Expenditure Allowance |
Up to Rs. 300 per month
per child up to a maximum
of 2 children is exempt |
|
4. |
10(14) |
Transport Allowance granted to an employee to meet expenditure for the purpose
of commuting between place of residence and place of duty |
Rs. 3,200 per month granted
to an employee, who is blind or deaf and dumb
or orthopedically handicapped with disability of lower extremities |
|
5. |
Sec. 10(14) |
Transport Allowance to an
employee working in any transport
business to meet his personal expenditure during
his duty performed in the course of
running of such transport from one place
to another place
provided employee is not |
Amount of exemption shall
be lower of
following: a) 70% of such allowance; or b) Rs. 10,000 per month. |
|
|
|
in receipt of daily allowance. |
|
|
6. |
10(14) |
Conveyance Allowance granted to meet the
expenditure on conveyance in performance of duties of an office |
Exempt to the extent of expenditure
incurred |
|
7. |
10(14) |
Any Allowance granted to meet
the cost of travel on tour or on
transfer |
Exempt to the extent of expenditure
incurred |
|
8. |
10(14) |
Daily Allowance to meet the ordinary daily charges incurred by an employee on account of absence from his normal
place of duty |
Exempt to the extent of expenditure
incurred |
|
9. |
10(14) |
Helper/Assistant Allowance |
Exempt to the extent of expenditure
incurred |
|
10. |
10(14) |
Research Allowance granted for encouraging the academic research and other
professional pursuits |
Exempt to the extent of expenditure
incurred |
|
11. |
10(14) |
Uniform Allowance |
Exempt to the extent of expenditure
incurred |
|
12. |
10(7) |
Foreign allowances or perquisites
paid or allowed by Government to its employees (an Indian citizen) posted outside India |
Fully Exempt |
|
13. |
- |
Allowances to Judges
of High Court/Supreme Court (Subject to certain conditions) |
Fully Exempt. |
