calculation for tds on salary

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which items are excempted from income tax and what are the limitations for calculating tax on salaries

AI Summary

Understanding Tax Exemptions: Children's Allowances, Transport, House Rent, and Deductions under Sections 80C & 24b A query was raised regarding tax exemptions on salary, specifically which items are exempt from income tax and the limitations for calculating tax. Two replies were provided. The first reply mentioned exemptions such as children's allowance, house rent allowance, transport allowance, and expenses incurred during duty. The second reply listed specific exemptions including transport allowances at 800 per month, tuition fees for children, house rent allowance, and deductions under sections 80C and 24b, which cover investments up to 1 lakh and interest on housing loans, respectively.