income tax on my salary

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MANGESH SHANTARAM MOHITE (Querist)

02 June 2011 Dear Sir,

my monthly salary is Rs. 17050/- what will be the tax liability on my salary.

i am making payment of lIC premium of Rs.1021/- p.m..

plz tell me what will be the tax liability on my salary income

CA KRISHNA KUMAR DARUKA

CA KRISHNA KUMAR DARUKA (Expert)

02 June 2011 Which asst year you are talking about.It will be calculated as follows:

Salary 17050 x 12 = 204600
Less: LIC 12252

Total Income = 192348

Exemption limit for AY 11-12 is 160000 and for AY 12-13 is 180000. Rest will be taxed @ 10.3%

MANGESH SHANTARAM MOHITE

MANGESH SHANTARAM MOHITE (Querist)

03 June 2011 Dear sir,

Thanks a lot for replying, tell me how much investment i have to do to avoid tax liability of Rs. 1235/- [ 192348-180000=12348

Therefore 12348 x 10.3% tax = 1271/-

CA KRISHNA KUMAR DARUKA

CA KRISHNA KUMAR DARUKA (Expert)

03 June 2011 You have to make minimum eligible investment of Rs 12348/- to avoid income tax.

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