tax planning

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Querist : Anonymous

Querist : Anonymous (Querist)

25 November 2009 Please let me know how to plan tax if the per annum salary is Rs. 3,00,000/- and what break up should it b in like conveyance allowance, medical allowance, etc...

this details is for an resident male individual, single.

please do guide....

hshivakumar

hshivakumar (Expert)
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25 November 2009 you can claim exemption allowance such as Conveyance all Rs. 9600/- pa and Rs. 15,000/- Medical allowance and Rs. 12,000/- for outfit maintenance and take HRA upto 40% on basic.etc.

shakuntala chhangani

shakuntala chhangani (Expert)
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27 November 2009 Hi, assuming 3,00,000 is the gross salary, plan it as under :
1)Invest 1,00000 in 80C preferably Rs. 70,000 in PPF and Rs. 30,000 in bonds etc.
2) take mediclaim of Rs. 10,000 and claim deduction u/s 80D
3)your balance taxable income is now Rs. 1,90,000
4) Basic exemption limit is Rs. 1,60,000
5)Net taxable income is now Rs 30,000 on whoch your tax liability is Rs. 3,000+3% cess - any TDS
Regards, CA Shakuntala Chhangani

Querist : Anonymous

Querist : Anonymous (Querist)

27 November 2009 Thank u soooo much mam....

shakuntala chhangani

shakuntala chhangani (Expert)
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27 November 2009 Most welcome.

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