One of the most exploited provisions is Section 10(13A), which permits exemption on HRA.
Master the online ITR filing process and then learn the differences between the old and new tax regimes to pick your best option.
Here's all you wanted to know about how to claim your leave travel alowance but did not know whom to ask.
In an online chat with Get Ahead readers, Balwant Jain, CFO and tax expert, ApnaPaisa.com, answered queries on the benefits of leave travel allowance.
Form 16 contains details of salary income, deductions, and exemptions.
LTA can be claimed only for domestic travel and is available for two journeys within a block of four years.
Employees should review the accuracy and completeness of the information provided in Form 16. They should confirm that all the tax deducted has been credited correctly.
Kaizad Bharucha, executive director of HDFC Bank, emerged the highest earning banker for 2021-22 (FY22). This was revealed in a remuneration assessment of the country's top bankers, according to annual reports. Bharucha, who oversees wholesale banking at HDFC Bank, received Rs 10.64 crore remuneration in FY22, mainly due to Rs 4.46 crore as performance bonus. Although earned between 2017-18 and 2020-21 (FY21), the bonus payout was partly paid in FY22.
Policymakers are examining the possibility of increasing the tax-free slab to Rs 5 lakh in the two-year-old alternative personal income tax regime to make it attractive, a government official said. At present, taxpayers don't pay income tax if their taxable income is Rs 2.5 lakh and below. Increasing the threshold will reduce the tax outgo for assessees, thereby leaving more money with them to invest, the official said.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Your financial goals are of utmost importance and the tax saving is an added incentive, advises Dwaipayan Bose.
Defining Leave Travel Allowance: Leave Travel Allowance (LTA) is granted by the employers to the employees as part of the remuneration to provide for travel expenses incurred during the year.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
You can reduce your tax burden by wisely using partially taxable allowances, suggests Bindisha Sarang.
The reimbursement components of your salary require you to furnish bills before they become tax-exempt. Producing them may be difficult this year.
Travelling on holiday is not only good for your health and fun but can also help you claim real tax benefits
If you don't use the two LTA exemptions by December 2013, one can be availed of in 2014-17.
ICICI Bank, the country's largest private sector lender, has revised allowances paid to its executive directors, including that of its managing director and CEO Chanda Kochhar.
Read the illustration here to find out how you can milk your LTA benefits to the maximum.
The government has made employers responsible for verifying whether the claims filed are according to the law. Earlier, companies went only by self-declaration of employees.
Salaried taxpayers may have less kitty for holidays from April 2012, with the government proposing to scrap tax incentives on leave travel allowance in the new direct tax regime DTC.
According to a government notification, the employees can avail the LTA only if they travel by Indian Railways or Air India and state transport corporation buses.
A top up insurance would cost far lesser than a fresh insurance policy for a higher sum insured
Do you know that you can claim tax benefits on rent paid even while housing rent allowance is not a part of your salary? Get Ahead Tax expert Mahesh Padmanabhan tells you how, how much and under which section you can claim tax benefits.
Get Ahead reader Dilip has just got a brand new job with his dream company, but his current firm refuses to settle his dues.
Heading out for a holiday? Read these tips on being safe in your hotel.
While using the family to save tax is legal and smart, ensure you use the ones where clubbing income laws isn't a concern, advises Bindisha Sarang.
'All I want the government to do is to make sure that the children whose parents are seriously ill don't lose their jobs for looking after their parents.'
Salaried employees get several benefits under Sections 80C, 80D, 80G and others.
The Budget is likely to expand the scope of LTA and LTC.
Ensure the employer has all relevant documents. Else, your pay will take a serious hit in the next two months.
A simple primer on how much money taxpayers can save under various sections of the Income Tax Act.
According to TimesJobs.com's latest Compensation and Benefit survey, employees prefer in-hand salary rather than medical facilities, post-retirement benefits and other perks.
If your case is picked up for random scrutiny, any of the tricks that you or your financial advisor may have used to avoid tax will be easily detected.
With RBI likely to make credit costlier and banks to follow, some ideas on switching money to be able to do this.
You need not worry even if there is a mismatch between your income and deduction in Form 16/16A and Form 26AS, says Ashley Coutinho
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