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How i calculate income tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 January 2014 Dear All

Please Solve Mu Confission about this

May Basic Salary is 179000/- Per Year
Conveyance allownce 24000/- Per Year
HRA 60000/- Per Year

My CA Sais That My all Income Is Tax free and Other CA Said That It Is Taxable Please Tell Me Through Calculation
Thanks
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CA Mohit Bansal

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CA Mohit Bansal (Expert)
29 January 2014
Yes you are not chargeable to Income Tax provided you are paying house rent
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Gayathri Devi

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Gayathri Devi (Expert)
29 January 2014 Exemption limit is Rs.200000/ per year. In your case the tax calculation as follows
Basic salary - 179000
Conveyance - 14400 (24000-(800*12))
total - 193400

claim HRA as fully paid with rent receipt from your landlord.

Finally income is less than Rs.200000/ hence it is not taxable.
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Querist : Anonymous

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Querist : Anonymous (Querist)
29 January 2014 But I m in my own house I had not paid any rent
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Gayathri Devi

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Gayathri Devi (Expert)
29 January 2014 then it is taxable only
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