Computation of Income to bring tax NIL

Save Share

This query is : Open

Rohan (Querist)
Follow

07 April 2010 The assessee is a specified employee i.e director of a company..Basic salary is 4,20,000rs.P.A.(35000rs a month) Please computer Income tax in such a way that tax liability is nil..No other income under any other head..I have taken 1,20,000 deduction under 80c,cc,ccd, and HRA, as deduction..still getting tax liability of around 3500/-...what other perqusite/allowance/deduction can be made to bring tax liablity nil?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

07 April 2010 80D MEDICAL INSURANCE RS.15000/-
TRAVELLING ALLOWANCE RS. 800 P.M.
P.TAX.
80G DONATION

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
Follow

07 April 2010 Agreed But
Travelling allowance is allowed only if car is not provided to Director.
80G deduction limited to 10% to Adjusted Gross salary derived after deduction of 80C,80CCC, 80 D.
for better answer, Plz provide bifurcation of salary basic, HRa, conveyance etc.

Rohan

Rohan (Querist)
Follow

08 April 2010 basic salary 35000pm *12 = 420000/-
I do not have any other break up. I have to plan HRA, Conveyance amount so as to bring Tax liability NIL..so u can allocate HRA, conveyance as u want..I had taken HRA as 11,000 PM..i plan to include children education allowance at 200pm and Tiffin allowance at 50rs per meal ..can i include for specified employee?

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