Hi,
I have some queries regarding IT calculation of any salaried person:
What is the cap limits of HRA/MA & conveyance under current Income Tax Policy.
Is PF (Employee & Employer Side) is free from Tax policy...
Kindly provide me if any Tax calculation sheet is available with you.
Looking forward to a positive response from you all HR professionals.
Thanks & Rgds,
Sudhsi

From India, Delhi
HRA Policy,
HRA exempted from Tax is the least of the following three conditions
1. Actual HRA received
2. Rent Paid - 10% of salary (Basic+DA)
3. 50% of Salary in case of Metro (Chennai,Delhi,Mumbai,Kolkotta)
Example
Salary - Rs 20,000 (Basic + DA)
HRA - Rs 10,000
Actual Rent Paid - Rs 7500
Residence - Mumbai
1. Actual HRA Received - Rs 10,000
2. Rent paid - 10% of salary = 7500-2000=5500
3. 50% of salary = 10,000
Least of above three is Rs 5500. So this is exempted from tax. He has to pay tax on remaining Rs 4500.
Regards,
Srinivasan
Welcome to ModelExam.in, Write Online MOCK TEST for NISM, NCFM, BCSM (BCFM), AMFI & CPFA exams, Model exam & Model test question paper for NISM & NCFM, Have a real exam feel. NISM Mutual Fund exam mock test,NISM DEPOSITORY, NCFM Captial Market exam m

From India , Madras
HRA Policy,
HRA exempted from Tax is the least of the following three conditions
1. Actual HRA received
2. Rent Paid - 10% of salary (Basic+DA)
3. 50% of Salary in case of Metro (Chennai,Delhi,Mumbai,Kolkotta)
Example
Salary - Rs 20,000 (Basic + DA)
HRA - Rs 10,000
Actual Rent Paid - Rs 7500
Residence - Mumbai
1. Actual HRA Received - Rs 10,000
2. Rent paid - 10% of salary = 7500-2000=5500
3. 50% of salary = 10,000
Least of above three is Rs 5500. So this is exempted from tax. He has to pay tax on remaining Rs 4500.
Regards,
Srinivasan
Welcome to ModelExam.in, Write Online MOCK TEST for NISM, NCFM, BCSM (BCFM), AMFI & CPFA exams, Model exam & Model test question paper for NISM & NCFM, Have a real exam feel. NISM Mutual Fund exam mock test,NISM DEPOSITORY, NCFM Captial Market exam m

From India , Madras

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