Tax liability
This query is : Resolved
CA.Karan Dawar
(Querist)
03 January 2012
Female Assessee
Basic- Rs. 8167/-
HRA- Rs. 4083/-
India Allowance - Rs. 8223/-
Conveyance Allowance- Rs. 800/-
Special Allowance- Rs. 687-
Gross Salary per month Rs. 21960/-
Deductions:
PF 12% Rs. 980/-
Net Salary PM Rs. 20980/-
Rent paid in metro city is rs. 3000 per month
what will be the tax liability FOR ASS YEAR 2012-13 if the same salary was given throughout the year.
Basic- Rs. 8167/-
HRA- Rs. 4083/-
India Allowance - Rs. 8223/-
Conveyance Allowance- Rs. 800/-
Special Allowance- Rs. 687-
Gross Salary per month Rs. 21960/-
Deductions:
PF 12% Rs. 980/-
Net Salary PM Rs. 20980/-
Rent paid in metro city is rs. 3000 per month
what will be the tax liability FOR ASS YEAR 2012-13 if the same salary was given throughout the year.
Prof. Bajaj
(Expert)
03 January 2012
Total Tax liability = 10.3% of Rs. 16160 i.e. Rs. 1664.48
This can be brought down to zero by investing those Rs. 16160 in tax saving instruments u/s 80C or 80CCF.
This can be brought down to zero by investing those Rs. 16160 in tax saving instruments u/s 80C or 80CCF.
CA.Karan Dawar
(Querist)
03 January 2012
Thank you, but sir how 16160/-
what is the treatment for India allowance.
what is the treatment for India allowance.
Prof. Bajaj
(Expert)
04 January 2012
India Allowance is treated as normal income.
If you want break-up, you can drop me a test mail on saurabh@nidhiinvestments.com
I will mail u the break up.
If you want break-up, you can drop me a test mail on saurabh@nidhiinvestments.com
I will mail u the break up.
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