Page 10 - HDFC Bank TPP Flipbook

Income Tax Eligible Assessee Deductions Limit of Deduction
Section
17(2)(vii) Salaried employee The amount or the aggregate of amounts of any Maximum r 7,50,000
contribution made to the account of the employee
by an employer Annual accretion
by way of interest,
(a) In a recognised PF; dividend or any other
amount of similar
(b) In national pension scheme of Central nature to the extent
Government; and
it relates to the
(c) In an approved Superannuation Fund contribution which is
included in the total
income.
10(13A) Salaried employee Any House Rent Allowance given to an employee Lower of below:-
a. 50% of Annual
Salary* (40% in case
of non-metros)
b. Actual HRA
received
c. Rent Paid – (10%
of Annual Salary).
*”Salary” includes dearness allowances and commission based on a fixed percentage of turnover achieved by
an employee, if the terms of employment so provide, but excludes all other allowances and perquisites.
The above list is not exhaustive and mentioned tax benefits are subject to changes in tax laws. Please contact
your tax consultant for an exact calculation of your tax liabilities.
Plan your tax and save money
Tax planning is essential, not only to minimise your tax liability, but also to save significantly in the amount you
pay in taxes.
Save taxes by investing in:
• MUTUAL FUND
• LIFE INSURANCE
• HEALTH INSURANCE

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