Computation of Income to bring tax NIL

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Rohan (Querist)
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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)
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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)
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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)
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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?

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