Income tax on salary

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 January 2012 sir, my total income from my salary is 314363 rupees and arrear is 113224 rupees in 2011-2012. so my total income is 427587 rupees. my h.r.a. is 11040 and group insurance is 1028. i live on rent of 4000 per month and my tax saving is of 100000. so what will be income tax? i am a government teacher in aligarh (u.p.)

PRABHAT MOHANTY

PRABHAT MOHANTY (Expert)
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14 January 2012 Ur salary which you mention 314363.00 . including HR & Insurance..?
HR-Calculation:Sec10(13A) Rule-2A

Least of the following is Exempted.

1-Actual Amount Received 11,040
2-Rent Paid-10% of Salary* 16,564
3-50%or 40% of Salary( B.salary+DA)1,57,181
*50% Metro City.
*40% Non Metro.
Exemption Amount 11040
Income Tax Calculation.
Total Salary income= 4,27,587
less Exemption U/s 10(13A) 11,040
Less Exemption U/s 80c 80u 1,00,000
-----------
Amount for Tax liability =3,16,547

Tax Slab.
0 to 180000 0 =0
180000 to 300000 10% * =13655
Add
Edu.& SHE Cess 3% = 410
-------------
Taxable Amount =14065

*48000-31436=16546
*316547-180000

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
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14 January 2012 * please check the actual HRA amount it is 110040 or 11040?

*Tax calculation is incorrect (incomplete)

*If arrears are for previous years than you can claim rebate u/s 89

* please mention assessment year.

Abhishek Ranjan Singh
ARS Solutions
email2ars@gmail.com
+91 9022838615

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