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fateh singh solanki (Querist)
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31 August 2014 my salary format is as follows according to pay slip.. basic-16659 HRA-10002 CONVEYANCE-774 SPECIAL ALLOWNCE-16926 PROVIDENT FUND-(2000) TDS-(1868) SUGGEST ME HOW TO INVEST AND HOW TO SAVING TAX BURDEN...I AM NON GOVT. EMPLOYEE....

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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31 August 2014 1. Provide rent receipt of Rs. 12000 per month or more. Full HRA will be exempt in this case. However you will need to provide PAN of the landlord.
2. Conveyance allowance is fully exempt.
3. Basic & special allowance are fully taxable. So your taxable income per month is Rs. 33585.
4. Annual taxable income is Rs. 403020
5. You can invest up to Rs. 150000 under 80C. Your PF amounts to 24000 so you have to invest Rs. 109020 for nil tax liability
your tax computation will be as under

Gross total income Rs 403020
Less deduction u/s 80C 133020
Taxable income Rs 270000
Tax thereon Rs 2000
Less rebate u/s 87A 2000
Tax liability NIL

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