Hello,
My name is Pratik Ranka. I am working in a software company as Team Lead.
I want to know how can I reduce my income tax. My current package is 660000/-.
Some details which may help you while providing suggestion:
1. I have a home lone of 950000, EMI against this lone is 10799/-. I have paid 13 installments up to now (Feb 2009). This house is in Indore MP.
2. I am leaving in a rented house in PUNE MH - rent per month is 15000
I don't have any children
3. I have some other investments of 31000 aprox. which are listed below :
1 4627 lic 2 10000 sbi tax gain 3
10000 lic money plus 4
6415 mediclame
Please also suggest my salary slip structure so the i will tell my HR to reset the salary structure.
Thanks,
Pratik
From India, Pune
My name is Pratik Ranka. I am working in a software company as Team Lead.
I want to know how can I reduce my income tax. My current package is 660000/-.
Some details which may help you while providing suggestion:
1. I have a home lone of 950000, EMI against this lone is 10799/-. I have paid 13 installments up to now (Feb 2009). This house is in Indore MP.
2. I am leaving in a rented house in PUNE MH - rent per month is 15000
I don't have any children
3. I have some other investments of 31000 aprox. which are listed below :
1 4627 lic 2 10000 sbi tax gain 3
10000 lic money plus 4
6415 mediclame
Please also suggest my salary slip structure so the i will tell my HR to reset the salary structure.
Thanks,
Pratik
From India, Pune
Dear Pratik Ranka,
Before answering your query, you have to furnish some more details
1 ) You have mentioned that your EMI against a loan for Rs.9,50,000/- is 10,799/-.Give details about the interest portion and Principal portion of your EMI of Rs.10,799/- (check your loan agreement or contact your bank)
2) Normally EMI's are being paid in every month (ie. 12 installment in a year). In your case you have paid 13 installment. Clarify this.
Your pay structure and tax can be computed only after receiving this.
regards,
Jishnu.V.Nair
Tax and EPF Consultant
Kerala
From India, Thiruvananthapuram
2Before answering your query, you have to furnish some more details
1 ) You have mentioned that your EMI against a loan for Rs.9,50,000/- is 10,799/-.Give details about the interest portion and Principal portion of your EMI of Rs.10,799/- (check your loan agreement or contact your bank)
2) Normally EMI's are being paid in every month (ie. 12 installment in a year). In your case you have paid 13 installment. Clarify this.
Your pay structure and tax can be computed only after receiving this.
regards,
Jishnu.V.Nair
Tax and EPF Consultant
Kerala
From India, Thiruvananthapuram
Mr. Patrik,
Your Tax liability is depending on your Investments & Expenditure incurred in the Financial Year(FY).
You can get the Tax exemption on Interest paid on Housing loan Max.Rs.1,50,000/- (It should be paid in this FY.
And, The Principle Amount paid in the FY will be exempted.
Based on your "salary structure" you can the reimbursements.
For ex: If you are getting any specila reimb.... like " Communication Reimb..., Entertainment Reimb..., Petrol Reimb..." you will get the tax consideration for these.
Your salary Structure will help to compute your tax perfectly.
regards,
Vijay
From India, Bangalore
Your Tax liability is depending on your Investments & Expenditure incurred in the Financial Year(FY).
You can get the Tax exemption on Interest paid on Housing loan Max.Rs.1,50,000/- (It should be paid in this FY.
And, The Principle Amount paid in the FY will be exempted.
Based on your "salary structure" you can the reimbursements.
For ex: If you are getting any specila reimb.... like " Communication Reimb..., Entertainment Reimb..., Petrol Reimb..." you will get the tax consideration for these.
Your salary Structure will help to compute your tax perfectly.
regards,
Vijay
From India, Bangalore
Hello,
I am posting my all details once again with MORE DETAILS.
Please let me know
Pay Structure: salary 660000 p.a.
Basic: 387360
TA : 9600
DA: 96840
HRA: 161400
Actual rent paid : 15000*12 = 180000 (I am in PUNE m.h.)
I have home lone whose EMI is 10799 p.m (total 129588 p.a.)
Home loan interest paid 94223 this year (Me an my mom papers are submitted while taking home loan. But repayment is made only from my salary. Mom is house wife now)
My home is in INDORE m.p. . My parents are living in that house and i am currently in pune.
Total Investment made: 21042(14627 lic + 6415 mediclame)
Can you please tell me how much income tax i need to pay and is the HRA is eligible in tax rebate.
Thanks,
Pratik Ranka
From India, Pune
I am posting my all details once again with MORE DETAILS.
Please let me know
Pay Structure: salary 660000 p.a.
Basic: 387360
TA : 9600
DA: 96840
HRA: 161400
Actual rent paid : 15000*12 = 180000 (I am in PUNE m.h.)
I have home lone whose EMI is 10799 p.m (total 129588 p.a.)
Home loan interest paid 94223 this year (Me an my mom papers are submitted while taking home loan. But repayment is made only from my salary. Mom is house wife now)
My home is in INDORE m.p. . My parents are living in that house and i am currently in pune.
Total Investment made: 21042(14627 lic + 6415 mediclame)
Can you please tell me how much income tax i need to pay and is the HRA is eligible in tax rebate.
Thanks,
Pratik Ranka
From India, Pune
Dear Pratik Ranka,
Sorry for late reply (Last date for income tax payment was 31/03/2009) .Your Tax computation statement is attached herewith. Any doubt in this regard, please write in this forum.
Thanks,
From India, Thiruvananthapuram
Sorry for late reply (Last date for income tax payment was 31/03/2009) .Your Tax computation statement is attached herewith. Any doubt in this regard, please write in this forum.
Thanks,
From India, Thiruvananthapuram
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