Answer to Question #262358 in Finance for anshika

Question

Mr. Lalit has a total annual income of 16 lacs p.a. His salaried income is 11 lacs and remaining 5 lacs is agricultural income. It is time for him to file yearly tax return. Which tax slab does Mr. Lalit fall into? Accordingly, list all the possible deductions/allowances which Mr. Lalit can avail under different heads (with section).

Answer 1

Tax slab does Mr. Lalit fall into Rs lakh 15 Lakhs and above.

Deductions

Tax saver fixed deposits.

National Pension Scheme (NPS)

 Contribution to Employee Provident Fund (EPF)

Medical insurance premium

Donations

Interest on loan taken for higher studies

Allowances:

House rent allowance (HRA)

Leave travel allowance (LTA)

Telephone reimbursement

Meal coupons