Tax Planing
This query is : Resolved
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?
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?
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
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?
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
LTC can be claimed against the submissio of the travel tickets, 2 journeys in a blocl will be allowed
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