Income Tax Return P6

Income Tax benefit for salaried person

22 May 2020

Salaried persons constitute a large portion of total taxpayers in India and their contribution to total tax collection. As there are various allowances and perquisites available to an employee, and so forth.

List of benefits available to Salaried Persons  

1. House Rent Allowance, 

2. Children Education Allowance, 

3. Hostel Expenditure Allowance,

4.  Transport Allowance and other allowances

• Perquisites in respect of Rent free unfurnished accommodation provided to Central and State Government employees, Unfurnished rent-free accommodation provided to other employees, Rent free furnished accommodation, A furnished accommodation in a Hotel, Motor Car or Other Conveyance, Services of a domestic servant including sweeper, gardener, watchmen or personal attendant, Supply of gas, electricity or water for household purposes, Education Facilities, Transport facilities provided by the employer engaged in the carriage of passenger Amount payable by the employer to effect an insurance on the life of employee or to effect a contract for an annuity, ESOP/ Sweat Equity Shares, Employer’s contribution towards superannuation fund, Interest-free loan or Loan at concessional rate of interest and other perquisites.

• Retirement Benefits taxability in respect of  National Pension System, Provident Fund, Voluntary Retirement, Pension, Gratuity, Retrenchment Compensation, Leave Encashment.

• Arrear of Salary and relief section 89(1)

• Other benefits

List of benefits available to Salaried Persons