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Tax liability

This query is : Resolved 
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(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.
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Prof. Bajaj

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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.
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CA.Karan Dawar

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CA.Karan Dawar (Querist)
03 January 2012 Thank you, but sir how 16160/-
what is the treatment for India allowance.
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Prof. Bajaj

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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.
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