WebApr 13, 2024 · Section 10 of Income Tax Act - Complete Information on Exemptions under Section 10 for Salaried Employees. Visit our site for more info on Section 10 (14). 15 Apr 2024. ... Allowances ranging from Rs.200 to Rs.1300 pm are exempt under the Rule 2BB. Allowance for children education: ... WebEducation allowance: This is fixed at Rs. 100 each month for each child. Note that the exemption is limited only to 2 children. If CEA is applied for a 3rd child, it will not be eligible for reimbursement. Hostel charges allowance: Currently, this allowance is Rs. 300 per child, only for 2 children of a family.
Income Tax Department
WebApr 3, 2024 · under section 10 (14) read with Rule 2Bb(2)(5) of the Income Tax Act. ... Now the current rate of this allowance is Rs.1000 per child. Para 5.4 (A)(13) of Income Tax Circular dated 16.8.2011 indicates the details w.r.t. “Tuition Fee” which can be claimed for deduction under Section 80C. The same is reproduced below: WebJun 26, 2024 · CBDT issued Notification No. 38/2024-Income Tax Dated- 26/06/2024 amending rule 2BB of Income Tax Rules to allow taxpayers who are opting for the new tax … cup holder wet washcloth holder
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WebApr 10, 2024 · Rule 2BB of the Income Tax Rules, 1962 specifies the conditions for claiming these exemptions. Let me explain these provisions in detail. Section 10 (14) (i): This section provides for various allowances granted to employees that are exempt from income tax. These allowances include: 1. WebAn ELSS or an Equity Linked Savings Scheme is the only Mutual Fund category that provides tax benefits under Section 80C of the Income Tax Act. You can get tax benefits of up to Rs 1.5 lakh annually by investing in this scheme. An ELSS is an efficient tax savings tool compared to other investment options. WebAmount exempt from tax varies from Rs. 300 per month to Rs. 7,000 per month. Individual - Salaried employee. 19. Sec. 10(14) read with Rule 2BB. Border area allowance Remote Locality or allowance or Disturbed Area allowance or Difficult Area Allowance (Subject to certain conditions and locations) cup holder wireless iphone charger