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Description
Basic Pay
The rent receipt to capture the PAN No: of the landlord if the rent
payment is more than 180000 per annum.
The tax benefit on this component is inapplicable for those
employees who are receiving tax benefit under section 80C of the
Income Tax act against the principal repayment paid towards loan
obtained for construction/purchase of house for self-occupancy.
However, if the aforesaid property is rented out, then employee
can claim exemption for home loan as well as tax benefit on HRA
Children Educational
Allowance
Medical Bill
Reimbursement
Tax free perquisite under Section 17(2) of the Income Tax Act, upto
Rs. 15, 000/- per annum (1,250/- per month) subject to production
of medical bills. Bills pertaining to availing allopathic or ayurvedic
This reimbursement is paid by the employer to meet any treatment and purchase of prescribed medicines alone can be
expenditure incurred by the employee on his medical treatment/ considered for reimbursement.
expenses or treatment of any member of his family.
In case, the employee doest submit any bills/ bills to the extent of
15000 during the year, the whole/ balance amount would be paid
as taxable salary.
Gratuity
4.81% of your Basic Pay is allocated towards Gratuity and payable
as mentioned above.
Retiral benefit provided @ 15% of your Basic Pay. If the employee
Superannuation/Allowance
hasnt opted for this benefit, then the same will be paid as
in lieu of superannuation
allowance in lieu of superannuation in the monthly payroll.
Annual Components