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
Aditya Maheshwari
(Expert)
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
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- Working on Gold wastage during Melting of old gold jewellery
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Import Order Cancelled.
- GSTR-9C filing
- GST ITC as per notification 12/2023- central tax
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
