Process of Income-tax calculation for the Salaried Persons for F.Y. 2020-21 As per Budget 2020
Income from salary
is the sum of Basic salary + HRA + Special Allowance + Transport Allowance +
any other allowance. Some components of your salary are exempt from tax, such
as telephone bills reimbursement, leave travel allowance. If you receive HRA
and live on rent, you can claim the exemption on HRA. Calculate the exempt portion of
HRA, by using this HRA Calculator.
