Can someone tell me the tax liability for the year 2008-09 for the following salary structure:
CTC: 750000
Basic : 375000 pa
HRA : 150000 pa
Conveyance : 9600 pa
LTA : 37500 pa
Medical Allowance : 15000 pa
Special Allowance : 153540 pa
Employer's Contribution to PF : 9360 pa
Total CTC : 750000 pa
I want to know how much savings (and what type of savings) can be done to be exempted from TDS.
I need it soon please....
From India, Secunderabad
12CTC: 750000
Basic : 375000 pa
HRA : 150000 pa
Conveyance : 9600 pa
LTA : 37500 pa
Medical Allowance : 15000 pa
Special Allowance : 153540 pa
Employer's Contribution to PF : 9360 pa
Total CTC : 750000 pa
I want to know how much savings (and what type of savings) can be done to be exempted from TDS.
I need it soon please....
From India, Secunderabad
Hi!
Ur tax would be approx of 7500/- pm. You can do savings of 1 lac under section 80c. Apart from that you can show your house rent receipt and medical bills and get an exemption on that also. If you are paying your's, ur parents medical insurance premium and any housing loan taken you can even get exemption on that also. If your company give you petrol allowance and vehicle maintainces then you can product those bills and can get exemption on that.
Chitra
From India, Mumbai
Ur tax would be approx of 7500/- pm. You can do savings of 1 lac under section 80c. Apart from that you can show your house rent receipt and medical bills and get an exemption on that also. If you are paying your's, ur parents medical insurance premium and any housing loan taken you can even get exemption on that also. If your company give you petrol allowance and vehicle maintainces then you can product those bills and can get exemption on that.
Chitra
From India, Mumbai
Hi Samantraj,
Kindly note the below mentioned calculation of Income Tax as per my knowledge.
SALARY HEADS MONTHLY YEARLY
BASIC 31250 375000
HRA 12500 150000
CON 800 9600
LTA 3125 37500
MED. ALL 1250 15000
SPE. ALL 12795 153540
PF 780 9360
CTC 62500 750000
CALCULATION DETAILS
TOTAL EARNINGS 60940 731280
EXEMPTION - HRA 12500 150000
EXEMPTION - CON 800 9600
TAXABLE SALARY 47640 571680
SAVINGS 8333 100000
TAXABLE SALARY 39306 471680
INCOME TAX 4234 50816
Apart from above i am trying to attach a tax calculator, but i am unable to attach, please provide me your email id so that i can provide you the tax calculator.
Hope this will help you.
Regards
Prem Singh Rawat
From India, Delhi
Kindly note the below mentioned calculation of Income Tax as per my knowledge.
SALARY HEADS MONTHLY YEARLY
BASIC 31250 375000
HRA 12500 150000
CON 800 9600
LTA 3125 37500
MED. ALL 1250 15000
SPE. ALL 12795 153540
PF 780 9360
CTC 62500 750000
CALCULATION DETAILS
TOTAL EARNINGS 60940 731280
EXEMPTION - HRA 12500 150000
EXEMPTION - CON 800 9600
TAXABLE SALARY 47640 571680
SAVINGS 8333 100000
TAXABLE SALARY 39306 471680
INCOME TAX 4234 50816
Apart from above i am trying to attach a tax calculator, but i am unable to attach, please provide me your email id so that i can provide you the tax calculator.
Hope this will help you.
Regards
Prem Singh Rawat
From India, Delhi
Hi Samantraj,
I believe PF is divided in two parts ( Employee's + Employer's Part).
You have mentioned Rs. 9360 PA as Employer part of PF. While calculating the Net Salary both the Employee's as well as Employer's part is deducted from the CTC.
Total Earnings = Basic Pay + HRA + Conv + LTA + Medical + Special Allowances - Employee's PF - Employer's PF.
I Hope both of your queries are resolved now, i am attaching the tax calculator for your reference.
Regards
Prem Singh Rawat
The Department of Human Resources
From India, Delhi
I believe PF is divided in two parts ( Employee's + Employer's Part).
You have mentioned Rs. 9360 PA as Employer part of PF. While calculating the Net Salary both the Employee's as well as Employer's part is deducted from the CTC.
Total Earnings = Basic Pay + HRA + Conv + LTA + Medical + Special Allowances - Employee's PF - Employer's PF.
I Hope both of your queries are resolved now, i am attaching the tax calculator for your reference.
Regards
Prem Singh Rawat
The Department of Human Resources
From India, Delhi
hello,
I have a point to raise here..As i was going thru the post, I found out that the HRA was not 50% of the basic!
In a metro city, HRA should be always 50% of the basic, while it should be always 40% of the basic in case of a non metro city.
Thanks and regards,
Ayona
From India, Delhi
I have a point to raise here..As i was going thru the post, I found out that the HRA was not 50% of the basic!
In a metro city, HRA should be always 50% of the basic, while it should be always 40% of the basic in case of a non metro city.
Thanks and regards,
Ayona
From India, Delhi
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Tax Liability.doc
Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf