Income tax Updates: The government has released a big update for taxpayers. If your salary is 17 lakhs, then this news can be a relief for you. You know that in the budget, the government had announced income up to Rs 12 lakh (Income Tax Department) as tax-free, but now you can also make income up to Rs 17 lakh tax free in the new tax regime. For this, you just have to do some important work. Let’s know about this.
On February 1, 2025, this month, the Finance Minister had announced in the general budget to make income up to Rs 12 lakh tax-free. The person also gets exemption on many types of allowances by the Income Tax Department.
In the new Income Tax System, many special allowances are completely tax exempted, but for this it is necessary to follow some conditions. If you also want to take advantage of these allowances, then for this you will have to make changes in the salary structure. Let’s know about this in detail.
You will have to talk to the HR department of the employer-
Actually, let us tell you that if you do a private job, then you will not have to pay tax on salary up to Rs 17 lakh. Let us tell you that there are some allowances in the new tax regime, which do not come under the purview of tax. The Income Tax Department says that you can take advantage of these allowances by fulfilling the conditions related to them. You can talk to the HR department of your employer about this.
Do this to take advantage of the allowance-
Under the new tax regime, there is no limit for exemption on telephone and mobile bill. Although there is no limit set for this in both the regimes. One can claim exemption on telephone and mobile bill expenses received from the employer.
According to the report, an expert says that this amount should be practical. Along with this, it should be according to the position and responsibilities of the employee. If your salary structure does not have mobile or internet bill, then you can take advantage of this allowance by including it.
Benefits of Transport Allowances-
Apart from this, Transport Allowances are also given by the companies of disabled employees. Transport allowances do not come under the purview of tax. This allowance is given so that the person can go from home to office and from office to home.
According to the report, disabled employees get a transport allowance of Rs 3,200 every month. If we calculate on the basis of Rs 3,200, then we get Rs 38,4000 annually as Transport Allowance, which is outside the purview of tax.
What is conveyance reimbursement-
Conveyance Reimbursement is very different from transport allowance. It is a kind of facility which is given to the employee by the employer so that his work can be done easily. To avail this allowance, the employee has to submit the bill to the finance department of his office.
This facility is very beneficial for the employee and if you want to avail this facility (Conveyance Reimbursement ke fayde) then for this you will have to talk to the HR department of your employer.
Advantages and disadvantages of car lease facility-
There are many employers who offer car lease facility to their employees. Under the income tax rules, it is called Perquisit, although its value is very low. An expert believes that the perquisite value of the car lease facility provided by the employer for personal and official use of the employee is very low. For this, the valuation formula is the same in the new and old regime.
Let us tell you that if the car engine capacity is less than 1.6 liters, then according to this, the taxable value of the perquisite will be Rs 1,800 every month. If the engine is more than this, then according to this, the taxable value of the perquisite will be Rs 2,400.
Make a salary of Rs 17 lakh tax-free in this way –
You must be knowing that in the new regime of income tax, a standard deduction of Rs 75,000 is available. Along with this, the contribution of up to 14 percent made by the employer in NPS is also outside the scope of tax. Similarly, the contribution of up to 12 percent made by the employee in EPF is also not taxable.
For your information, let us tell you that if you use all these exemptions and deductions, then according to this, your salary up to Rs 17 lakh will become tax-free.
Most Read Articles:
- Cash deposit and withdrawal rules: Definitely know these rules of savings account, otherwise you will have to pay heavy penalty.
- EPF Interest Rate Calculator: How much interest will come in your PF account this year, know the easy way to calculate
- Credit Card Link UPI: Link your credit card to UPI from home, know step-by-step guide
