INCOME TAX CALCULATION

This query is : Resolved

P. SHARMA (Querist)
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29 December 2020 Please inform me the taxable Income & Tax :- FY 2019-20
1. GROSS SALARY [AS PER PAY SLIP] - 266729/-
2. LEAVE TRAVEL ALLOWANCE - 14200/-
3. INCENTIVE - 60000/-
4. MEDICAL REIMBURSEMENT - 9284/-
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PROFESSIONAL TAX - 1700/-
PF - 19155/-
MEDICLAIM - 15000/-

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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29 December 2020 Taxable income
Gross salary + Incentive

Medical reimbursement and LTA can be claimed under sec 10

If it is salary allowance TA CA or MA you cannot claim deduction since you are covered in standard deduction not allowed to claim under sec
Rs.350213
Deduction u/s10 Rs. 23484
Rs.326729
Ded u/s 16
Std deduction 50000
pT1700
Gross taxable 275029
Ded under 80c 19155
Ded 80D 15000
Net taxable income 240874
Threshold 250000 if taxable income exceeds 5 lacs if it is less than 500000/_
Than threshold is 500000/=