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Withdraw your PF amount from the comforts of your home

You can withdraw 90 per cent of EPF money to buy house, pay home loan EMI

10 Best words to Include, and Avoid, on your Resume

Understand the Salary structure and Tax saving components
Understand the Salary structure and Tax saving components

Most of us do not understand that there is a big difference between CTC, gross salary and net salary in-hand.
Basic Salary: Basic salary is a fixed part of your compensation structure and the complete amount becomes a part of your in-hand salary.
Allowances: Apart from basic salary, there are some allowances your CTC will contain. Examples include HRA, conveyance allowance, leave travel allowance. Some of these allowances are tax free up to a certain limit and some of them are dependant on your actual spending.
Deductions: A major part of your CTC comprises compulsory deductibles. These include deductions for provident fund, medical insurance etc.

Allowance : HRA
Taxability :
40-50% of basic
Rent paid less 10% of basic salary

Allowance : Medical (allowance) reimbursement
Taxability : Exempt up to Rs 15,000 per annum

Allowance : Transport (conveyance) allowance
Taxability : Exempt up to Rs 1,600 per month

Allowance : LTA/LTC
Taxability : Actual travel cost can be claimed exempt under Section 10(5)
twice in a block of four years

Mobile/telephone reimbursement
: Exempt to the extent of actual expenditure towards the mobile and telephone expenses

Meal Coupons:
Meal Coupons like Sodexo or Ticket are tax free subject to Rs 50 per meal.

Gift voucher:Gift Vouchers up to Rs 5,000 per year is exempted from tax

Transport Allowance:
Transport Allowance up to Rs 1600 per month is tax free

PF Contributions

Employer's contribution taxability: Exempt up to 12% of salary
Employee's contribution taxability: Qualifies for tax deduction up to Rs 1.5 lakh u/s. 80C

No deductions for special allowance and telephone allowance

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