Salary Exemption Under Section 10
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However in both the above cases according to section 10 10 gratuity is exempt upto a certain limit.
Salary exemption under section 10. Death cum retirement gratuity received by government servants section 10 10 i. Section 10 14 i. Ultimate guide to understand income tax on salary in india.
This can range from agricultural to house rent allowance. Leave encashment or leave salary tax section 10 10aa many organisation provide the facility of leave encashment by whatever name called be it earned leave sick leave etc either. If leave encashment is received by an employee from more than one employer in the same previous year or in different previous years the aggregate maximum amount exempt from tax on account of leave encashment cannot exceed rs.
Special individuals receiving allowances exempt. Section 10 14 also grants a special allowance exemption that is considered as a special allowance given to specific individuals these are. The tax rebate that is given to salaried people falls under this section of the income tax act 1961.
Therefore in case gratuity is received by employee salary would include only that part of the gratuity which is not exempt under section 10 10. Actual amount used for the purpose for which the allowance has been granted. 1 15 days salary based on last drawn salary for each year of service.
To qualify for exemption employees generally must meet certain tests regarding their job duties and be paid on a salary basis at not less than 684 per week. According to section 10 of the income tax act 1961 the salaried employees are entitled to enjoy the tax exemption. The exemption depends on the following points.
Average salary average of salary drawn in the last 10 months immediately preceding the date of retirement. Special allowances under section 10 for salaried employees. Leave travel allowance lta is an assistance given by employer to employee for traveling anywhere in india along with his her family.
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