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Following amount would be non-taxable: Leave encashment: Payment by way of leave encashment received by Central & State Govt.employees at the time of retirement in respect of the period of earned leave at credit is fully exempt.In such case, the component would become non-taxable.

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Transport/Conveyance allowance: Rs 800 per month is non taxable if salary has this component.

This would not be exempted in case employee also avail car reimbursement.

Following relations are covered under non-taxable rule: If gifts received from non-relative persons is worth more than Rs.50000, one is liable to pay the tax on whole value.

Gift can be in form of a sum of money (in cash/cheque/bank draft/electronic transfer) or any articles.

Car expense reimbursements – In case company provides component for this and employee use self owned car for official and personal purposes, Rs 1800 per month would be non-taxable on showing bills for fuel or can maintenance.

This amount would be Rs 2400 in case car is more capacity than 1600cc.

No proofs/bills required to submit for this exemption.

Children education allowance: Per school going child 1200 per annum is non-taxable.

The excel based Income tax calculator can be used for computing income tax on income from salary, pension, gifts, fixed deposit and bank interest, house rent and capital gains(short and long term gains). Like NPS, tax deduction also available for APY (Atal Pension Yojana) This excel calculator supports inclusion of following components, explanation for each is also provided along: House Rent Allowance (HRA): Rent receipts can be shown for taking tax benefit for living in a rented house.

This tool cannot be used for computing income tax from business or profession. Income tax exemption for HRA will be least of following: In some cases, deduction for both HRA and home loan interest (u/s 24) can be taken together in case owned house is not in same city or not at a commutable distance to office.

This is not an expense, but this head is kept just to put the rest of CTC amount into some component.

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