Particulars

Amt (`)

(i)

Basic Salary

xxx

(ii)

Fees/Commission

xxx

(iii)

Bonus

xxx

(iv)

Allowances:

(a)

Dearness Allowance [Fully taxable]

xxx

(b)

House Rent Allowance (HRA) [Fully taxable]

xxx

(c)

Children Education Allowance [Fully taxable]

xxx

(d)

Children Hostel Allowance [Fully taxable]

xxx

(e)

Transport allowance

xxx

Less: ` 3,200 per month only in case of blind/ deaf and dumb/orthopedically handicapped employee

xxx

xxx

(f)

Entertainment Allowance [Fully taxable]

xxx

(g)

Travelling  Allowance/Daily Allowance/ Conveyance Allowance

xxx

Less: Exempt if the amount is fully utilised for the purpose

xxx

xxx

(h)

Other Allowances including overtime allowance, city compensatory allowance etc. [Fully taxable]

xxx

(v)

Taxable Perquisites

(a)

Value of rent-free accommodation provided to the employee^*/ Value of any accommodation provided to the employee at a concessional rate*

xxx

I) Where the accommodation is provided by the Govt. to its employees

License fee determined by the Govt.

xxx

Less: Rent actually paid by the employer

xxx

II) Where the accommodation is provided by any other employer

If accommodation is owned by the employer

(i)     Cities having population > 40 lakh as per 2011 census

10% of salary in respect of the period of occupation (–) rent recovered from employee

xxx

(ii) Cities having population > 15 lakh ≤ 40 lakh as per 2011 census

7.5% of salary in respect of the period of occupation (–) rent recovered from employee

xxx

(iii)  In other cities

5% of salary in respect of the period of occupation (–) rent recovered from employee

xxx

If accommodation is taken on lease/rent by the employer

Lower of lease rental paid or payable by the employer (or) 10% of salary

xxx

Less: Rent recovered from the employee

xxx

(b)

Obligation of employee discharged by employer: For e.g., Professional tax paid by the employer

xxx

(c)

Any sum payable by the employer to effect an assurance on the life of the employee or to effect a contract for annuity: Actual expenditure incurred by the employer

xxx

(d)

Amount or aggregate of amounts of any contribution made

–  in a recognised provident fund,

–  in NPS referred to in section 80CCD(1)

–  in an approved superannuation fund

by the employer to the account of the assessee, to the extent it exceeds ` 7,50,000 in a P.Y.

xxx

(e)

Annual accretion by way of interest, dividend or any other amount of similar nature during the P.Y. to the balance at the credit of the recognized provident fund or NPS or approved superannuation fund to the extent it relates to the employer’s contribution which is included in total income in any P.Y. under section 17(2)(vii)

xxx

(f)

Value of use of motor car [Refer Table below]

xxx

(g)

Any other perquisite: For example,

xxx

(vi)

(1) Provision of services of a sweeper, gardener, watchman or personal attendant: Actual cost to employer by way of salary paid or payable for such services

(-) amount paid by the employee

(2) Gas, electricity, or water supplied by employer for household consumption of the employee: Amount paid on that account by the employer to the agency supplying gas etc.

(-) amount paid by the employee

(3) Provision of free or concessional education facilities for any member of employee’s household: Sum equal to the expenditure incurred by the employer

(-) amount paid or recovered from the employee

Where educational institution is maintained and owned by employer: Cost of such education in similar institution in or near the locality (-) amount paid or recovered from employee [However, there would be no perquisite if the value of benefit per child does not exceed ` 1,000 p.m.]

Note: Above perquisites in (f) and (g) are taxable only in case of specified employees.

(4)     Interest-free  or  concessional  loan  exceeding` 20,000: Interest computed at the rate charged by SBI as on 1^st day of relevant P.Y. in respect of loans for similar purposes on the maximum outstanding monthly balance

(-) interest actually paid by employee

(5)     Free food and non-alcoholic beverages through paid vouchers

(6)     Value of gift, voucher: Sum equal to the amount of such  gift  [If  value  of  gift,  voucher  is  below ` 5,000, there would be no perquisite]

(7)     Use of moveable assets 

(8)     Transfer of moveable assets: Actual cost of asset to employer – cost of normal wear and tear – Amount paid or recovered from employee 

Leave travel concession [Fully taxable]

xxx

(vii)

Gratuity

(a) Received during the tenure of employment (fully taxable)

xxx

(b) Received at the time of retirement or otherwise

xxx

Less: Exempt u/s 10(10) 

xxx

xxx

(viii)

Uncommuted pension [fully taxable]

xxx

(ix)

Commuted pension

xxx

Less: Exempt u/s 10(10A) 

xxx

xxx

(x)

Leave encashment

(a) Received during the employment [fully taxable]

xxx

(b) Received at the time of retirement or otherwise

xxx

Less: Exempt u/s 10(10AA) 

xxx

xxx

(xi)

Voluntary retirement compensation

xxx

Less: Exempt u/s 10(10C) – Least of the following:

xxx

xxx

(a) Compensation received/receivable on voluntary retirement

xxx

(b) ` 5,00,000

xxx

(c) 3 months’ salary x completed years of service

xxx

(d) Last drawn salary x remaining months of service left

xxx

(xii)

Retrenchment compensation etc.

xxx

Less: Exempt u/s 10(10B)] – Least of the following:

xxx

xxx

(a)  Compensation actually received

xxx

(b) ` 5,00,000

xxx

(c) 15 days average pay x completed years of service and part thereof in excess of 6 months

xxx

Gross Salary

xxx

Less:

Deduction under section 16

Standard deduction u/s 16(ia) – amount of salary or

` 75,000, whichever is less

xxx

Income under the head “Salaries”

xxx

Particulars

Amt (`)

(i)

Basic Salary

xxx

(ii)

Fees/Commission

xxx

(iii)

Bonus

xxx

(iv)

Allowances:

(a)

Dearness Allowance [Fully taxable]

xxx

(b)

House Rent Allowance (HRA)

xxx

Less: Least of the following is exempt [Section 10(13A)]

xxx

xxx

(i) HRA actually received

xxx

(ii) Rent paid (-)10% of salary for the relevant period

xxx

(iii) 50% of salary, if accommodation is located in Mumbai, Kolkata, Delhi or Chennai or

40% of salary in any other city for the relevant period

xxx

(c)

Children Education Allowance

xxx

Less: Exempt upto ` 100 per month per child upto maximum of two children

xxx

xxx

(d)

Children Hostel Allowance

xxx

Less: Exempt upto ` 300 per month per child upto maximum of two children

xxx

xxx

(e)

Transport allowance

xxx

Less: ` 3,200 per month only in case of blind/ deaf and dumb/ orthopedically handicapped employee

xxx

xxx

(f)

Entertainment Allowance

xxx

(g)

Travelling Allowance/ Daily Allowance/ Conveyance Allowance

xxx

Less: Exempt if the amount is fully utilised for the purpose

xxx

xxx

(h)

Other Allowances including overtime allowance, city compensatory allowance etc.

xxx

(v)

Taxable Perquisites

(a)

Value of rent free accommodation provided to the employee/ Value of any accommodation provided to the employee at a concessional rate

xxx

I) Where the accommodation is provided by the Govt. to its employees

License fee determined by the Govt.

xxx

Less: Rent actually paid by the employer

xxx

II) Where the accommodation is provided by any other employer

If accommodation is owned by the employer

(i)    Cities having population > 40 lakh as per 2011 census

10% of salary in respect of the period of occupation (–) rent recovered from employee

xxx

(ii) Cities having population > 15 lakh ≤ 40 lakh as per 2011 census

7.5% of salary in respect of the period of occupation (–) rent recovered from employee

xxx

(iii)  In other cities

5% of salary in respect of the period of occupation (–) rent recovered from employee

xxx

If accommodation is taken on lease/rent by the employer

Lower of lease rental paid or payable by the employer (or) 10% of salary

xxx

Less: Rent recovered from the employee

xxx

(b)

Obligation of employee discharged by employer: For e.g., Professional tax paid by the employer

xxx

(c)

Any sum payable by the employer to effect an assurance on the life of the employee or to effect a contract for annuity: Actual expenditure incurred by the employer

xxx

(d)

Amount or aggregate of amounts of any contribution made –

– in a recognised provident fund,

xxx

–  in NPS referred to in section 80CCD(1)

–  in an approved superannuation fund

by the employer to the account of the assessee, to the extent it exceeds ` 7,50,000

xxx

xxx xxx

E. Annual accretion by way of interest, dividend or any other amount of similar nature during the P.Y. to the balance at the credit of the recognized provident fund or NPS or approved superannuation fund to the extent it relates to the employer’s contribution which is included in total income in any P.Y. under section 17(2)(vii)

F. Value of use of motor car 

G. Any other perquisite: For example,

(1)     Provision of services of a sweeper, gardener, watchman or personal attendant: Actual cost to employer by way of salary paid or payable for such services (-) amount paid by the employee

(2)     Gas, electricity, or water supplied by employer for household consumption of the employee: Amount paid on that account by the employer to the agency supplying gas etc. (-) amount paid by the employee

(3)     Provision of free or concessional education facilities for any member of employee’s household: Sum equal to the expenditure incurred by the employer (-) amount paid or recovered from the employee

Where educational institution is maintained and owned by employer: Cost of such education in similar institution in or near the locality (-) amount paid or recovered from employee [However, there would be no perquisite if the value of benefit per child does not exceed ` 1,000 p.m.]

Note: Above perquisites in (f) and (g) are taxable only in case of specified employees.

(4)     Interest-free  or  concessional  loan  exceeding

` 20,000: Interest computed at the rate charged by SBI as on 1^st day of relevant P.Y. in respect of loans for similar purposes on the maximum outstanding monthly balance (-) interest actually paid by employee

(5)     Free food and non-alcoholic beverages: Expenses incurred by employer (-) amount recovered from employee [Free food and non-alcoholic beverages provided during office hours or paid vouchers upto` 50 per meal is exempt]

(6)     Value of gift, voucher: Sum equal to the amount of such  gift  [If  value  of  gift,  voucher  is  below` 5,000, there would be no perquisite]

(7)     Use of moveable assets 

(8)     Transfer of moveable assets: Actual cost of asset to employer – cost of normal wear and tear – Amount paid or recovered from employee 

(vi)

Leave travel concession

xxx

Less: Exempt u/s 10(5) [Refer table at Page 3.63]

xxx

xxx

(vii)

Gratuity

(a) Received during the tenure of employment [fully taxable]

xxx

(b) Received at the time of retirement or otherwise

xxx

Less: Exempt u/s 10(10)

xxx

xxx

(viii)

Uncommuted pension [fully taxable]

xxx

(ix)

Commuted pension

xxx

Less: Exempt u/s 10(10A) 

xxx

xxx

(x)

Leave encashment

(a) Received during the employment (fully taxable)

xxx

(b) Received at the time of retirement or otherwise

xxx

Less: Exempt u/s 10(10AA) 

xxx

xxx

(xi)

Voluntary retirement compensation

xxx

Less: Exempt u/s 10(10C) – Least of the following:

xxx

xxx

(a) Compensation       received/receivable        on voluntary retirement

xxx

(b) ` 5,00,000

xxx

(c)  3 months’ salary x completed years of service

xxx

(d) Last drawn salary x remaining months of service left

xxx

(xii)

Retrenchment compensation etc.

xxx

xxx

Less: Exempt u/s 10(10B)] – Least of the following:

xxx

(a)  Compensation actually received

xxx

(b) ` 5,00,000

xxx

(c) 15 days average pay x completed years of service and part thereof in excess of 6 months

xxx

Gross Salary

xxx

Less:

Deduction under section 16

Standard deduction u/s 16(ia) – amount of salary or

` 50,000, whichever is less

xxx

Entertainment allowance u/s 16(ii) (only for Govt. employees)

xxx

Least of the following is allowable as deduction:

xxx

xxx

(a) ` 5,000

xxx

(b) 1/5^th of basic salary

xxx

(c) Actual entertainment allowance received

xxx

Professional   Tax/Tax   on    employment   (paid   by employer/ employee) u/s 16(iii)

xxx

Income under the head “Salaries”

xxx

Particulars

Amt (`)

Income under the head “Salaries” under default tax regime under section 115BAC

xxx

Add: Deduction under section 16

Difference between standard deduction claimed under default tax regime i.e., lower of gross salary or ` 75,000 and standard deduction available under optional tax regime i.e., lower of gross salary or

` 50,000

xxx

Less: HRA exempt under section 10(13A) – Least of the three limits

xxx

Children Education Allowance (Upto ` 100 per month per child upto maximum of two children)

xxx

Children Hostel Allowance (Upto ` 300 per month per child upto maximum of two children)

xxx

Free food and non-alcoholic beverages through paid vouchers upto ` 50 per meal

xxx

Leave travel concession exempt u/s 10(5)

xxx

Less: Deduction under section 16

xxx

Entertainment allowance u/s 16(ii) (only for Govt. employees)

xxx

Professional Tax/Tax on employment (paid by employer/ employee) u/s 16(iii)

xxx

Income under the head “Salaries” under optional tax regime

xxx