What benefits are taxable/tax-free in both the tax regimes?
Following is the list of taxable and tax-free benefits in both regimes.Flexible Benefit | Income tax Section | Old Regime | New Regime
Meal/Food allowance | Section 10 | ✓ | x
Books and Periodicals allowance | Section 10 | ✓ | x
Attire/Uniform allowance | Section 10 | ✓ | x
Learning and Development allowance | Section 10 | ✓ | x
Leave and Travel (LTA) allowance | Section 10 | ✓ | x
Conveyance allowance | Section 10 | ✓ | ✓
Travel allowance | Section 10 | ✓ | ✓
Daily allowance | Section 10 | ✓ | ✓
Telecommunication or Phone allowance | Section 17 | ✓ | ✓
Fuel allowance | Section 17 | ✓ | ✓
Driver’s salary | Section 17 | ✓ | ✓
Gadget or Device allowance | Section 17 | ✓ | ✓
Health and fitness allowance | Section 17 | ✓ | ✓
Gift allowance | Section 17 | ✓ | ✓ SUCCESS Available Now! Watch the video on to how to declare flexible benefits and upload proofs.Declare Benefits
Ensure the Flexi-benefit plan (FBP) declaration window is open. Contact your HR/Manager to understand when the window is open. To declare benefits:- Log in to the Payroll Dashboard.
- Navigate to Reminders on the home page and click Declare now against FBP.
- On the Flexible benefit plan declaration page, click Edit Declaration.
- Select the check boxes for the components listed to choose the flexible benefits to declare.
Upload FBP Proofs
To upload flexible benefits proofs:- Log in to the Payroll Dashboard.
- Navigate to Reminders on the home page and click Upload proofs against FBP.
- On the Flexible Benefits FY page, select the Flexible Benefit from the drop-down menu. Only those benefits you declared are available for proof upload.
- Enter the amount for reimbursing as part of FBP. For example, if you declared ₹2000 for Fuel Allowance, check your bills and enter the total amount spent on fuel bills.
What if my proof amount exceeds my declared amount?
Consider the above example where the amount declared is ₹2000. Your proof upload amount is ₹3000. Here, the proof amount is greater than the declared amount. In such cases, your organisation may do the following two things:- Pay only the approved amount for that month, that is ₹2000 only.
- Prorate the proof amount and pay only the undeclared amount from the FBP allocated for that month. The unpaid amount is adjusted in the upcoming month/s when the proof upload amount is less than the declared amount. Suppose your fuel bills are less than the declared amount in the upcoming month. In that case, your organisation can adjust the unpaid FBP amount.
- Provide a description for the proof uploaded. This is optional.
- Click Choose a file in the Images or documents (maximum 5MB each) and add the proofs.