Tax benefits available for salaried individuals for A.Y 2022-23| with Automated Income Tax Preparation Excel Based Software All in One for the Non-Govt (Private) Employees for F.Y.2021-22 as per Budget 2021

 

Tax benefits available for salaried individuals for A.Y 2022-23| Salary earners are a huge part of the total taxpayers in Indiaand their contribution to the collection of total taxes is considerable. The document includes a brief introduction of the various allowances and permits available to an employee and tax treatment, inter alia, house rent allowance, gratuity, provident fund, and much more.

 

The articles compile a list of benefits available to salaried individuals for A.Y 2022-23.

 

1. House rent allowance, children's education allowance, dormitory allowance, transportation allowance, and other allowances.

2. Free unfinished accommodation provided by Central and State Government employees, free accommodation provided by other employees, free furnished accommodation for rent, Download Value of Perquisite Calculator U/s17(2)

Accommodation in a hotel, motor vehicle / other transport, housekeeper services including broom, garden, watchman or personal attendant, gas, electricity, or water supply for household purposes, educational facilities, transport facilities provided by the employer passenger or freight vehicles (excluding airlines or railways) ),

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The amount paid by the employer for insurance or an annuity in the life of the employee, the contribution of the employer for ESOP / Suite equity share, interest rebate or interest rebate, and other permitted interest.

 

3. Approved Deduction from Salary - Entertainment Allowance received by government employees (fully taxable to other employees) and Employment Tax / Occupational Tax.

 

4. Retirement benefits taxable in case of National Pension System (NPS), Provident Fund, Voluntary Retirement, Pension, Gratuity, Return Compensation, Leave Encashment

 

Salary and arrears as per section 89 (1)

 

Other benefits

 

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List of benefits for salaried persons for FY2021-22

 

1. 10 (13A) - House Rent Allowance (Section 10 (13A) and Rule 2A)

Minimum discount among the following:

A) Original HRA has been obtained

B) 40% of salary (50% if the house in Mumbai, Kolkata, Delhi, or Madras)

C) Subtract 10% of the rent was paid

* Salary = Basic + DA (if part of retirement benefits) + Turnover based commission

Note:

i. Fully-taxable, if the HRA is accepted by an employee if he is in his own home or if he does not pay any rent

 

ii. If the rent is more than Rs 10,000, it is mandatory for the employees to inform the employer about the landlord's PAN. 1,00,000 [Notification No. 08/2013 dated October 10, 2013]. Download automated Income Tax H.R.A. Exemption Calculator U/s 10(13A)

 

 

2, 10 (14) - Education allowance for children-

Rs. Up to 100 children per month are exempted up to a maximum of 2 children

 

3. 10 (14) - Hostel Expenses Allowance

Rs. Up to 300 children per month are exempted up to a maximum of 2 children

 

4. 10 (14) - Hostel Expenses Allowance

Rs. Up to 300 children per month are exempted up to a maximum of 2 children

 

5. 10 (14) - uniform allowance

Discount the number of expenses incurred

 

10. 10 (5) - The employer waives the Travel Extension or Assistance (LTC / LTA) extended by an employee to go anywhere in Indiawith his family *

* Family includes wife, children, and dependent siblings/parents. However, the family does not include more than 2 children of a person born on or after 01-10-1998.

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The discount will be limited to going anywhere in Indiawith the family twice on the four-year block:

 

i. Discount limit was the flight is operated by air - the shortest route is the national carrier's economy class airfare or the less money spent

 

ii. Discount limit where the journey is made by rail - air-conditioned first class rail fares by short routes or the amount of money that is spent less

 

iii. Vacation limits If the source of the journey and the destination are connected by rail, the journey is completed by some other mode of travel - air-conditioned first-class rail fares by the shortest route or the amount spent

 

iv. Discount limits where travel and destination sources are not connected by rail:

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A. Where a recognized public transport system exists - the amount of first-class or deluxe class fare or expense on the shortest route, whichever is less

 

B. Where there is no recognized public transport system - air-conditioned first-class rail fares on short routes or the amount spent, which is less?

 

Comments:

i. Exempted two trips in the 4 calendar year block

 

ii. Taxable only for certain employees

 

7. 16 (IA) - Standard discount

 

2,000. 50,000 or salary amount, whichever is less

 

. 1 16 (ii) - Entertainment allowance received by government employees (fully taxable for other employees)

The following is the lowest discount:

A) 5,000 rupees

B) 1/5th of salary (without any allowance, benefit, or other permission)

C) Receiving actual entertainment allowance

 

9.16 (iii) - Recruitment / Professional Tax

 The following is the lowest discount:

 A) 5,000 rupees

 B) 1/5th of salary (without any allowance, benefit, or other permission)

C) Receiving actual entertainment allowance

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