Tax Planing

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CA SONI KRUNAL (Querist)
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19 August 2010 one of my client got salary of RS 1.00 lac per month,ie. 12.00 lac annualy

i have suggested following tax planning and break tha sAlary as follows

basic : 88400
children allowance : 200rs
conveyance allowance : 600 rs (assuming he is spending all rs 600)

pf contribution : 10000 Rs

transport allow :800rs

plz analize my plan critically, give me some suggestions.

how can i AVAIL benefit of LTC?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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19 August 2010 In your case Rs.88400 basic is fully taxable, you can plan for 80C Rs.1 lakhs and Other sec. 80D/80G/80E/80DD, and any housing loan is there the Interest can be allowed Max. Rs.1.50 lakhs

CA SONI KRUNAL

CA SONI KRUNAL (Querist)
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19 August 2010 sir plz give me some guidance, whether 1000 rs of pf is fully allowable to my client and his employer will get proper deduction for this amount? and when he receives some amount as LTC whether his employer can get deduction for amount paid for ltc?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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25 August 2010 employer contribution in excess of 12 % on basic only taxable, if it below 12 % not taxable.

LTC can be claimed against the submissio of the travel tickets, 2 journeys in a blocl will be allowed

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