📘 Core concepts
- 1Salary taxable on due or receipt basis whichever earlier.
- 2Allowances: HRA, LTA, Children Education, Transport — exempted under specific conditions.
- 3Perquisites: rent-free accommodation, motor car, ESOP, free meals (valuation rules in Rule 3).
- 4Standard deduction ₹50,000 (old regime) / ₹75,000 (new regime AY 2025-26).
- 5Gratuity, leave encashment, VRS, retrenchment compensation — partial/full exemptions.
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