INCOME TAX CALCULATION
This query is : Resolved
29 December 2020
Please inform me the taxable Income & Tax :- FY 2019-20
1. GROSS SALARY [AS PER PAY SLIP] - 266729/-
2. LEAVE TRAVEL ALLOWANCE - 14200/-
3. INCENTIVE - 60000/-
4. MEDICAL REIMBURSEMENT - 9284/-
----------------------------------------------------------------------------
PROFESSIONAL TAX - 1700/-
PF - 19155/-
MEDICLAIM - 15000/-
1. GROSS SALARY [AS PER PAY SLIP] - 266729/-
2. LEAVE TRAVEL ALLOWANCE - 14200/-
3. INCENTIVE - 60000/-
4. MEDICAL REIMBURSEMENT - 9284/-
----------------------------------------------------------------------------
PROFESSIONAL TAX - 1700/-
PF - 19155/-
MEDICLAIM - 15000/-
KAVIRAJA ADDANGADI
(Expert)
29 December 2020
Taxable income
Gross salary + Incentive
Medical reimbursement and LTA can be claimed under sec 10
If it is salary allowance TA CA or MA you cannot claim deduction since you are covered in standard deduction not allowed to claim under sec
Rs.350213
Deduction u/s10 Rs. 23484
Rs.326729
Ded u/s 16
Std deduction 50000
pT1700
Gross taxable 275029
Ded under 80c 19155
Ded 80D 15000
Net taxable income 240874
Threshold 250000 if taxable income exceeds 5 lacs if it is less than 500000/_
Than threshold is 500000/=
Gross salary + Incentive
Medical reimbursement and LTA can be claimed under sec 10
If it is salary allowance TA CA or MA you cannot claim deduction since you are covered in standard deduction not allowed to claim under sec
Rs.350213
Deduction u/s10 Rs. 23484
Rs.326729
Ded u/s 16
Std deduction 50000
pT1700
Gross taxable 275029
Ded under 80c 19155
Ded 80D 15000
Net taxable income 240874
Threshold 250000 if taxable income exceeds 5 lacs if it is less than 500000/_
Than threshold is 500000/=
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