EXEMPTIONS AND DEDUCTIONS FOR SALARIES FOR F.Y. 2015-16
EXEMPTIONS & DEDUCTION FOR SALARIES FOR F.Y.2015-16 House Rent Allowance (HRA): Actual HRA received. Rent paid less 10% of salary. 40% of Salary (50% in case of Mumbai, Chennai, Kolkata, Delhi). In this case, salary is basic plus dearness allowance (basic+DA). Leave Travel Allowance LTC or LTA is exempted if the same is actually spent Transport Allowance tax exemption is Rs 1600/month. Children Education Allowance It is Rs. 100 per month per child up to a maximum of 2 children. Hostel Subsidy It is Rs. 300 per month per child up to a maximum of two children. Section 80CCC: Deduction For Annuity Plan There are some limitations on this deduction. You can’t contribute more than 10% ...