income tax computation in first job

sai mukehsh 1
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Dear Sir,
As this is the my first job, I have few doubts which i requests you to clarify.

  1. My company gives HRA and additional HRA under different headings,so,while calculating HRA exemption (3 rules which you said) which one i should consider as "HRA received " either sum of both or either of these?
  2. My company gives conveyance allowance and transport allowance under different headings.So which is exempted from tax up to 9600 p.a and what about others(if we provide valid bills) ?
  3. company is giving 1766 p.m as a superannuation fund.will it be taxable?
  4. company is giving lunch allowance of 1300 p.m.medical allowance of 1250p.m..as a part of salary.Are these taxable (if we produce valid bills)?
  5. In June 2012 i have given a declaration to my company stating that i will invest 1 lakh under 80c and 70k in ppf etc.,roughly after they deducted the tax in April and may.When they asked to submit the proofs in jan,i was on leave and not submitted even a single proof.so they deducted huge amount in feb salary. a)Any penalty or some thing as i declared wrongly (roughly)?
    b)Is it mandatory to invest same amount or in the same instrument which i declared?
    c)Can i get back each penny (with tax exempted investment proofs other than i declared) when i file the returns after i get form 16 ?

I rely on you for accurate answer as i got your help previously.

Last but not least is there any department of you who helps me in filing the returns with whom i can interact at least over phone (personalized help not through email or internet) to get it done !If so,please let me know so that you will not be troubled with these many questions from me in future. I am ready to pay the necessary amount.

Thank you very much.Thanks for your patience.

superannuation-fund first-job conveyance-allowance investment-declaration house-rent-allowance
1 Answers
  1. If both are HRA components, you should consider sum of both.
  2. Conveyance allowance is non taxable for Rs 800 per month. In case company accepts travel/petrol bills under transport allowance and reimburse same after making it non-taxable, then conveyance allowance would become taxable. Either of transport and conveyance allowance should be treated as non-taxable.
  3. Contribution to superannuation fund would be exempted from income tax. It won't be considered as part of your income.
  4. Rs 50 per meal per working day would be exempted from income tax if food bills are provided or employer provides meal vouchers (like sodexo). Medical allowance of Rs 1250 pm would be exempted from income tax if medical bills are provided.
  5. There is no penalty on not following your investment declaration. There is no compulsion to invest in same instruments or same amount as declared. You can get extra tax deducted back from Income tax department as refund once income tax return is filed, but it may be delayed upto one year (if you file in Jul 2013, you may even get amount back in late 2014).

You can email us on services at pankajbatra.com for paid consulting.

Pankaj Batra5212
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