Hi Gurus,
There is a wage component called Professional Literature paid through IT0008, based on the grades the amount varies, can be 1,000/- to 5,000/- every month. This amount is granted for academic or research or professional pursuits to employees.
Client wants 12,000/- of the total amount paid to be tax exempted in a tax year for all across the organization, balance amount will be taxed as per IT law.
Now the requirement is to get this exemption amount under Section 10 of Income Tax and also displayed in Form 16.
Please help me with your inputs....very urgent
Regards
Dixit