Calculation of i tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 June 2013 the following is my salary details from my employer and i have joined in June 2013.please tell me the calculation of Income tax for 10 months for FY 2013-2014 and what can be the best options to save I TAX. I have taken one house on rent @Rs.10000 p.m in N delhi and i am having a educational loan of Rs.1257000.

1.Basic salary-Rs.25000 p.m
2.HRA-Rs.14215 p.m
3.Medical allowance-Rs.2000p.m
4.Flexi basket-Rs.32500p.m(includes car lease rental,fuel reimbursement and LTA)
5.PF-annual-Rs.36000(annual)
6. Insurance & medical benefits-Rs.25000 p.a for hospitalisation cost reimbursement,term life insurance cover and disability cover due to accident)

CA.Vinita Gupta

CA.Vinita Gupta (Expert)
Follow

11 June 2013 Claim transport allowance 800 per month. Hra is least of the following. 50% of basic salary ie 125000. Excess of rent paid less 10%of salary ie 75000. Actual hra 141250. So u will be eligible for 75000. 32500 being reimbursement will not be taxable.
15000 can be claimed us 800d. Claim ptax deduction of actual ptax deducted. Invest in 80c upto 1 lac

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now