Hi, I need maximum amount exempted under section 10 of Form16 for HRA, Transport Allowance, Medical Allowance, Leave Travel Consession, Petrol Reimbersement, etc. Regards, Chintan Shah
From India, Mumbai
From India, Mumbai
1. Basic
2. FBP ( Flexible Benefit Plan)
Basic: The entire basic salary is taxable.
FBP: FBP can be received as non-taxable provided some allocations be made under various head from FBP for tax rebate purpose.
If you have not allocated anything, you will receive entire amount in FBP as Personal pay.
Once allocation is done, personal pay will be reduced and the amount so reduced will be accumulated in HRA/CONVEYANCE/MEDICAL/LTA.
Out of this, HRA and Conveyance will be paid every month. Medical and LTA will be paid as and when the same is claimed.
The maximum limit you can allocate from FBP is
HRA 40 % of basic per month
Conveyance Rs 800 per month (if company not providing free transport)
Medical Rs 15000/- per annum
LTA Rs 40000/- per annum
From United States, Palo Alto
162. FBP ( Flexible Benefit Plan)
Basic: The entire basic salary is taxable.
FBP: FBP can be received as non-taxable provided some allocations be made under various head from FBP for tax rebate purpose.
If you have not allocated anything, you will receive entire amount in FBP as Personal pay.
Once allocation is done, personal pay will be reduced and the amount so reduced will be accumulated in HRA/CONVEYANCE/MEDICAL/LTA.
Out of this, HRA and Conveyance will be paid every month. Medical and LTA will be paid as and when the same is claimed.
The maximum limit you can allocate from FBP is
HRA 40 % of basic per month
Conveyance Rs 800 per month (if company not providing free transport)
Medical Rs 15000/- per annum
LTA Rs 40000/- per annum
From United States, Palo Alto
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