TaxTMI 
TaxTMI 
TaxTMI 
Salary Specific Exemption or Deduction
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....(ii) from his employer or former employer for himself and his family, in connection with his proceeding to any place in India after retirement from service or after the termination of his service; (b) such sum is subject to such conditions as may be prescribed (including conditions as to number of journeys and the amount which shall be exempt per head); (c) the conditions in clause (b) shall have regard to the travel concession or assistance granted to the employees of the Central Government; and (d) the sum not included in the total income shall in no case exceed the amount of expenses actually incurred for the purpose of such travel. Schedule III 9 Any allowances or perquisites paid or allowed as such outside India by the Government. A citizen of India. Such sum is paid or allowed for rendering service outside India. Schedule III 10 Income in the nature of a perquisite. An employee, being an individual. (a) Such perquisite is not provided for by way of monetary payment, within the meaning of section 17(1); and (b) the tax on such income actually paid by his employer, at the option of the employer, on....
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....by way of interest accrued during the tax year shall not be eligible for exclusion from total income where,-- • (i) it is attributable to the contribution (including aggregate thereof) made by that person on or after the 1st April, 2021; • (ii) such contribution exceeds-- • (A) Rs. 5,00,000 in a tax year in such fund where no contribution is made by the employer of such person; • (B) Rs. 2,50,000 in other cases; and (b) the amount of income not to be excluded from total income as referred to in clause (a) shall be computed in such manner, as may be prescribed. Schedule II 4 The accumulated balance due and becoming payable to an employee participating in a recognised provident fund to the extent provided in paragraph 8 of Part A of the Schedule XI. a person (a) The income by way of interest accrued during the tax year shall not be eligible for exclusion from total income where,-- • (i) it is attributable to contribution (including aggregate thereof) made by that person on or after the 1st April, 2021; and • (ii) such contribution exceeds-- • (A) Rs. 5,00,000 in a f....
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....er. FX-1/3/2024-PR of the Department of Financial Services, dated the 24th January, 2025; Schedule II 16 Any sum received as "lump sum amount" from the National Pension System Trust by an assessee being a subscriber to the Unified Pension Scheme. a Person The said "lump sum amount" is as per clause (vi) of Para 2, of the Notification number. FX-1/3/2024-PR of the Department of Financial Services, dated the 24th January, 2025. Upto 31.03.2026 Under Income Tax Act, 1961 Section Particulars (For conditions / details see the relevant clauses) Limit of Exemption 10(5) r.w. Rule 2 Leave travel concession or assistance (LTA) provided by an employer to his Indian Citizen Employees Actual amount spent or Amount prescribed whichever is lower. Only 2 journeys in a block of 4 years is exempt. [ For more details refer this chapter ] 10(7) Any allowance or perquisite paid or allowed by Government to its employees posted outside India and who are citizens of India, for rendering services outside India. However, Basic salary shall be taxable in India. Entire Amount 10(10) Gratuity Please refer chapter 10....
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....de by him 10(13) Any payment from an approved superannuation fund Subject to conditions. [For details please refer chapter] 10(13A) read with Rule 2A House Rent Allowance Exemption of HRA will be available up to the minimum of the following three options: • Actual house rent allowance received from your employer • Actual house rent paid by you minus 10% of your basic salary • 50% of your basic salary if you live in a metro or 40% of your basic salary if you live in a non-metro. For details refer chapter 10(14) i. Children Education Allowance Up to 100 per month per child up to a maximum of 2 children is exempt 10(14) ii. Hostel Expenditure Allowance Up to 300 per month per child up to a maximum of 2 children is exempt 10(14) iii. Transport Allowance is granted to an employee to meet expenditure on commuting between place of residence and place of duty Up to 1,600 per month (3,200 per month for blind and handicapped employees) is exempt 10(14) iv. Allowance granted to an employee working in any transport business to meet his personal expenditure during his duty performed in the course ....