7 Tips to Maximize Income Tax Benefits with Allowances
By Priyanka Roshan | July 9, 2024
Claim HRA exemption if you live in a rented house with rent receipts, provided you don't own the property.
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Covers travel expenses within India for you and your family. Claim LTA exemption twice in a block of four years.
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Claim tax benefits for your children’s education expenses up to a specified limit per month for two children.
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Claim exemption for commuting between home and work.
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Tax-exempt meal vouchers from employers reduce taxable income.
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Tax-free allowance for uniform upkeep if required by your job.
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Previously non-taxable medical reimbursement is now included under the standard deduction.
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