Taxable Income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 April 2010 Hi,

My Salary is 560000, what will be my taxable income for the year 2010-2011 and how much do i need to invest in order to avoid tax.

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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04 April 2010 Taxable income = Rs. 560000/-

Maximum deduction allowed in sec.80C is Rs.100000/-

Rahul Gupta

Rahul Gupta (Expert)
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05 April 2010 Agreed. Also u can claim deduction of upto 15,000 u/s 80D, if u invest in mediclaim.

VIKAS AGGARWAL

VIKAS AGGARWAL (Expert)
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05 April 2010 following are the exemption available with you subject to passing of Finanace act 2010.

80C--Rs. 100000
80D- Rs. 15000
and 20000 for invest ment ij Infrastructure bonds.

Please also note that slabs for 2010-11 are also changed as under

up to 160000 NIL
160000 to 500000 10%
500000 to 800000 20%
more than 800000 30%

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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05 April 2010 agree with vikasji

Querist : Anonymous

Querist : Anonymous (Querist)

05 April 2010 Thanks all for your replies so the max investment that i make in year is:
100000
20000
15000

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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05 April 2010 but Rs.20000 will be available for deduction in A.Y. 2011-12 for investment in Infrastructure bonds. it is not applicable for A.Y. 2010-11.

CMA Arif Farooqui

CMA Arif Farooqui (Expert)
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07 April 2010 full salary of RS 560000 will not be taxable.
there must be some allowances & perquisite which are either exempt or partly taxable.

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