Income tax calculation
This query is : Resolved
28 August 2013
Dear Sir
I am a working women and my monthly salary income is given below. Kindly inform us the actual tax i have to pay.
Basic - 15300
HRA - 6120
Medical All- 1250
Conveyance - 800
Other Exp -19030
Total - 42500
I am paying rent of Rs.6000-00 per month. Kindly do the needful.
Regards
Lakshmi
I am a working women and my monthly salary income is given below. Kindly inform us the actual tax i have to pay.
Basic - 15300
HRA - 6120
Medical All- 1250
Conveyance - 800
Other Exp -19030
Total - 42500
I am paying rent of Rs.6000-00 per month. Kindly do the needful.
Regards
Lakshmi
CMA Ramesh Krishnan
(Expert)
31 August 2013
Basic salary is fully taxable
HRA is exempted least of the below
1. Actual HRA Rs.6120
2. 40% of Basic Rs.6120
3. Rent paid less 10% of basic ( 6000-1530) = Rs.4470
so HRA exempted up to Rs.4470 and balance Rs.1650 is Taxable
Conveyance Rs.800 fully exempted
medical allowance fully taxable
Other expense fully taxable
HRA is exempted least of the below
1. Actual HRA Rs.6120
2. 40% of Basic Rs.6120
3. Rent paid less 10% of basic ( 6000-1530) = Rs.4470
so HRA exempted up to Rs.4470 and balance Rs.1650 is Taxable
Conveyance Rs.800 fully exempted
medical allowance fully taxable
Other expense fully taxable
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