Hi,
I would like some help on calculating the income tax for this salary structure.
I have tried a few online tax calculators but its all too confusing for me.
Yearly amounts
Basic: 100000
HRA: 50000
Other Allowances: 200000
Travel Allowance: 10000
Food Allowance: 12000
Medical Insurance: 1500
Employer's contribution to PF: 12000
Total: 385550
Employee's contribution to PF: 12000
Net: 373500
I would like to know which all components here are taxable and how the tax will be calculated. How much would I end up in hand every month?
Many thanks,
Johnny.
From India, Bangalore
I would like some help on calculating the income tax for this salary structure.
I have tried a few online tax calculators but its all too confusing for me.
Yearly amounts
Basic: 100000
HRA: 50000
Other Allowances: 200000
Travel Allowance: 10000
Food Allowance: 12000
Medical Insurance: 1500
Employer's contribution to PF: 12000
Total: 385550
Employee's contribution to PF: 12000
Net: 373500
I would like to know which all components here are taxable and how the tax will be calculated. How much would I end up in hand every month?
Many thanks,
Johnny.
From India, Bangalore
47
Hi
I can help You. But I need the break up details of other allowances. Are you staying in a rented accommodation? If so what is the rent. What is your saving and investments during the year( LI premium, mediclaim, Repayment of housing Loan, Children education Fees, Investments in deposits, infrastructure Bonds etc.,)
With regards,
Mani
PS: if you can, send me the salary statement of the year.
From India, Madras
I can help You. But I need the break up details of other allowances. Are you staying in a rented accommodation? If so what is the rent. What is your saving and investments during the year( LI premium, mediclaim, Repayment of housing Loan, Children education Fees, Investments in deposits, infrastructure Bonds etc.,)
With regards,
Mani
PS: if you can, send me the salary statement of the year.
From India, Madras
vengadamanimuthukumar,
I do not have the break up of other allowances. This is a new offer that I have received recently. The only thing I know is that it is a taxable component.
I am staying along with my parents.
The only tax saving option that I have right now is an LIC premium of 15,000. Would a housing loan against buying land (no house built) be eligible for tax deduction?
I am also planning on getting a hdfc tax save mutual fund for an amount of 25-50k. What is your opinion on this?
Thanks to everyone for all the help. This forum rocks :)
From India, Bangalore
I do not have the break up of other allowances. This is a new offer that I have received recently. The only thing I know is that it is a taxable component.
I am staying along with my parents.
The only tax saving option that I have right now is an LIC premium of 15,000. Would a housing loan against buying land (no house built) be eligible for tax deduction?
I am also planning on getting a hdfc tax save mutual fund for an amount of 25-50k. What is your opinion on this?
Thanks to everyone for all the help. This forum rocks :)
From India, Bangalore
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
FURMULA FOR CALCULATING GRATUITY.doc
Water needed.xls
Email Writing Skills.part6.Ho w to agree, disagree and express a ‘disconnect’ if needed.pptx