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Income Tax

This query is : Resolved 
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(Querist)
27 May 2009 Salary Structure
Basic 92760.00
DA 13200.00
HRA 55104.00
Medical Allow. 34440.00
Transport Allow. 13788.00
LTA 34440.00
Annual Bonus 534.00
TP Incentive 2356.00
Tatal Monthly Bonus 20136.00
Gross Salary 266758.00

Less Exemption 9600.00
Transport Exemption 9600.00
Total Gross Salary 257158.00

Less: Prof Tax 2550.00
Taxable Salary 254608.00

Gross Taxable Income 254608.00
Less Chapter VIA 12720.00
PF + VPF 12720.00
80C - Deductions* 12720.00
Taxable Income 241890.00
If monthly rent is 2375 than what will be the amount of investment & mode of investment.is medical allowance & lta is exempt if bills provided to company.
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
28 May 2009 Since Medical allowance is given, it will be taxable irrespective whether bills are submitted or not.
LTA will be exempt subject to submission of bills and provisions of Sec.10(5).
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