Computation of Income to bring tax NIL
This query is : Open
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?
07 April 2010
80D MEDICAL INSURANCE RS.15000/-
TRAVELLING ALLOWANCE RS. 800 P.M.
P.TAX.
80G DONATION
TRAVELLING ALLOWANCE RS. 800 P.M.
P.TAX.
80G DONATION
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.
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.
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?
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?
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