How much should i invest?

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This query is : Resolved

Ram (Querist)

06 January 2015 Dear Team,

I want to know how much should I invest, so that the total tax payable is nil.

Please find attached my payslip, and tax calculation sheets for your reference. Also let me know if you need any other information.

Note: Medical reiumbursement of Rs.15,000 and LTA of Rs. 20,000/- is to be claimed by me before March 2015.

Regards,

CA Kumar Mukesh

CA Kumar Mukesh (Expert)

06 January 2015 You salary slip is missing.

Note: It better to write the figure, rather than attaching pay slips

Ram

Ram (Querist)

08 January 2015 Earnings (Dec 2014)
--------

Base Salary 7944.00
House Rent Allowance 3972.00
Additional Personal Pay 8894.00
Conveyance Allowance 800.00
Monthly Bonus 1000.00
Adv Variable Pay (60%) 1765.00
Reconciled Variable Pay 1118.00

Total Earnings 25493.00

Deduction
---------

Provident Fund 953.00
Profession Tax 200.00
Transport/Bus Recovery 1500.00 fmg input

Total Deduction 2653.00

Pay Summary
-----------
Net pay (25493 - 2653) = 22840/-

April Net Salary: 31302
May: 22605
June: 22605
July: 22605
August: 22899
Sep: 22899
Oct: 22510
Nov: 22236

Med reimbursement of Rs. 15,000 and LTA of Rs. 20,000 to be claimed by me yet before March 31, 2015. This is part of salary.

[per year]:

Exemptions U/s 10 Amount Tax Rebate
------------------
Conveyance Exemption 9,600 9,600

Deductions Under Section 80c
----------------------------

LIC Premium 4,981
Provident Fund 11,437
Prof tax 2,400