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
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
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.
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
