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TAX FREE SAYONARA!

Receive a bouquet of tax benefits when you say good bye to your employer on retirement or termination of service! Under the provisions of Section 10(10) of the Income-tax Act, gratuity received by an employee from his employer, on retirement, or becoming incapacitated before retirement, or expiring, or whose services are terminated, is exempt as under: GRATUITY EXEMPT UPTO RS.10LAKHS v  In case of Government...

TAX FREE RETIREMENT BENEFITS!

Retirement Benefits that can be claimed as fully tax exempt: Gratuity upto Rs.10,00,000 Leave Encashment upto Rs.3,00,000 VRS Compensation upto Rs.5,00,000 Entire PF Balance, without any ceiling INCOME-TAX EXEMPTION FOR GRATUITY Under the provisions of Section 10(10) of the Income-tax Act, gratuity received by an employee from his employer, on retirement, or becoming incapacitated before retirement, or expiring, or...

Minus Social Security : EET=Inequity

Hard Hit Small Salaried Deserve Lower Starting Tax Rates! Both Employment & Retirement Made More Taxing! Allowances & Perks – no longer exempt: House rent allowance (HRA), leave travel concession (LTC), medical reimbursement, value of free or concessional medical treatment and children’s education & hostel allowance. Puny deductions that will still continue: Professional tax paid, transport allowance to...

Not the Common Man’s Tax Code!

Small Salaried & Investors To Feel Soar!   Amar Bhatt, a middle class employee earning monthly salary of Rs 40,000 (annual Rs 4,80,000), currently manages to maintain a zero tax status by availing tax-free LTC & medical perks of Rs 70,000, deduction of interest on housing loan of Rs 1,50,000 and repayment of such loan of Rs 1,00,000 eligible for deduction u/s.80C.He is bound to be shocked when he gets...

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