amol (ACC MGR) (204 Points)
20 December 2011I am getting salary of Rs.3 lack per annum including BASIC+DA,HRA,CITY COMPENSATORY ALLOWANCE,CONVEYANCE .ALLOWANCE,EDUCATION ALLOWANCE,PERSONAL ALLOWANCE,VARIABLE PAY,MEDICAL ALLOWANCE,BONUS,LTA so what will be my liability towards Income Tax considering no other investment
satish kumar voleti
(A.C.A., (ICWAI))
(1686 Points)
Replied 20 December 2011
Salary : 300000
Less: Conveyance allowance 9600
Education Allowance 2400
Gross Salary 288000
Less: PT 2500
Taxable Salary 285500
Gross Total Income 285500
Less: Dedcutins U/s 80GG Rent Paid 24000
Taxable Income 261500
Tax Liability 8150
Add: E Cess & SHEC 245
Tax Payable 8395
8390
the above computation are subjected to your investments, if you have LIC, Children Tution fees, etc, the above computation changes.........
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 22 December 2011
Please also consider exemption for Medical Reimbursement upto Rs. 15k p.a. & exemption towards LTA.
Live Course on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance
CAclubindia
