incometax on salary

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 December 2009 Sir my annual salary income is Rs.2,20,000-00
My Insurance premium for anum 33,000/-
is there any chances to pay income tax. of is there any chances to avoid tax. Please help me.

gopal

Aditya Maheshwari

Aditya Maheshwari (Expert)
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04 December 2009 You can take conveyance allowance Rs. 9600 for the year, children education allowance of Rs. 2400 and claim medical reimbursement of Rs. 15000/- You tax liablity will become zero as under:
220000 - 33000 - 9600 - 2400 - 15000 = 160000
So no tax. You can also invest in PPF, LIC ULIP, ELSS u/s 80C to avoid tax. Also if PF or profession tax is being deducted from you salary then the same is allowable expenses.

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