Posted by
Mukesh Patel on Oct 22nd, 2012 in
Save Tax - The Smart Way,
Tax Clues - Ahmedabad Mirror |
Comments Off on 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...
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...
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...
Posted by
Mukesh Patel on Aug 14th, 2009 in
Direct Tax Code,
Taxing Times TOI |
Comments Off on 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...