Taxes Benefits for Salaried Individuals

As soon as the filing season begins, salaried class are frenzy about taxes they…

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As soon as the filing season begins, salaried class are frenzy about taxes they must pay for the said financial year. It is important to understand tax slab and what each of salary breakup component means. This can help to figure out how to save on taxes. Here are the important things to understand.

Standard Deduction: Salaried person are given a standard deduction of Rs. 40,000/- from their salary income irrespective of their salary per annum.

House Rent Allowance: This allowance can be claimed by those individuals who live in rented house. This can be partially or completely exempted from tax. Method for computing HRA is given in the income tax act that can be claimed as exemption. Also note that, if you received HRA and don’t live on rent, then it is fully taxable.

Leave Travel Allowance (LTA): Salaried employees can avail exemption for a travelling expenses, i.e., travel fare within India under LTA if the same is reimbursed by the employer. This allowance can only be claimed for a trip taken with your spouse, children, and parents, but not with other relatives. This particular exemption is up to the actual expenses, therefore unless you actually take the trip and incur these expenses, you cannot claim it. It can be avail only 2 times in block of 4 years. Submit the bills to your employer to claim this exemption.

Professional Tax: In our income tax return, professional tax is allowed as a deduction from our salary income. It is usually deducted by the employer and deposited with the state government. The maximum amount of professional tax that can be levied by a state is Rs. 2,500.

Food Allowance: The amount given as food allowance upto Approx. Rs. 15000/-per annum is non-taxable in the hands of employees.

Donation to Political Parties U/s 80GGC: Any Donation made to political parties is exempt from tax if it satisfies certain conditions.

Donation to Charitable Trust u/s 80G: Any donation made to registered charitable trust by cheque is exempt upto 50% of donation amount from tax if it satisfies certain conditions.

Interest On Housing Loan: Under Section 24 of the Income Tax Act, an individual can claim tax deduction of the interest payment on the housing loan up to a maximum amount of Rs. 2,00,000.

Deduction u/s 80C: Following expenses are claimed as exemption u/s 80C. Maximum amount which can be claimed as deduction for the following expenses is Rs. 1,50,000/- per annum.

  • Tuition fees of school or college
  • Life Insurance premium
  • National Saving certificate and Kisan Vikas Patra
  • Employee Linked Saving Scheme
  • Principal Repayment Towards Housing Loan
  • Sukanya Samridhhi Scheme (It is only for those who has girl child)
  • Public Provident Fund
  • Statutory Provident fund
  • Stamp duty and registration charges of house purchase, etc.

NPS: An individual can avail an exemption of Rs.50,000 if he invested in National Pension Scheme under section 80CCD regardless to the deduction of 1,50,000 in 80C.

Mediclaim u/s 80D: This deduction can be avail by an assesse upto Rs.25000 for his family. However, if any of the parents covered by the mediclaim policy is a senior citizen, then the deduction amount is increased to Rs. 30,000.

Education Loan u/s 80E: The deduction allowed is the total interest part of the EMI paid during the financial year. There is no limit on the maximum amount that is allowed as deduction. You, however, need to obtain a certificate from your Bank.

You can also write to us at [email protected]. We provide people of any background a simple, effective and practical training in Accounting, Taxation, GST, Tally. You can know more about our courses at www.s20.in/courses.

B.Com Student – Ready For The Job

“Ma’m, can I get a job after completing this course?” asked a curious voice.…

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“Ma’m, can I get a job after completing this course?” asked a curious voice. And the sweet reply from a lady was “Oh yes, why not?”

This is not a movie scene. We at Super 20 Training Institute (a.k.a. S20) get such questions from the students day in and day out. But the above question was asked by Rohan – a third year BCom (TY BCom) student exactly a year back. The question was not unique to us, but it was very obvious and unique for Rohan.

Well, Rohan was resident of Ahmedabad and called up the institute for Tally Course. After getting first-hand information over the course, he decided to visit Super 20 Training Institute. After inquiry, he was satisfied that this is the best tally course in Ahmedabad. But he was skeptical about the job prospects. That’s why he asked this question.

Rohan joined morning batch of the institute. Day by day, he was learning. Initially, he was a bit slow on learning. So he took to the mentor at the institute to know what to do. He was advised to put extra 1 hour daily at the institute for practicing what was taught. The trick worked for him. Gradually, he picked up. Rohan was an average student. He got second class in the previous examination of the university. But here he liked the practical approach and practical way of learning thing. The entire course turned out be a guiding factor for Rohan. He got Tally Training, Accounting Training, GST Training, Income Tax Training and soft skills training. This was not only enough. He felt confident about himself after doing the course training.

3 months course was completed. Bells rang for his university examination. He went for the college as well as university examinations. After the examination, he again approached S20 asked for the promise made to him.

“Ma’m, can I get a job?”

In reply, the lady handed over him list of three suitable job vacancies, where he can appear for the interview. He appeared for the interviews at two places and got selected at one of his choice. What else does a BCom student need?

Every year thousands of B.Com students get passed from various colleges / universities. All of them face a situation, where, even after getting good marks, they struggle to find a job of their choice. This situation is created because of our education system. Students get passed, but they do not have required skills for the desired jobs.

At S20, we have endeavored to develop courses which help students to improve their skills, which in turn help them in building careers in Accounting, GST, Income Tax etc. Every year, we have hundreds of cases of BCom students like Rohan, who make their career with the help of Super 20 Accounting Training Institute.