taxation

This query is : Resolved

PRABIR NATH (Querist)

09 August 2010 My brother's gross salary 15lacs/ per annum. could anyone pls give me salary components brekup so that he can get maximam tax benefit for F.Y.-2010-2011

Regards

Prabir

srinath

srinath (Expert)

09 August 2010 DEDUCTION AVAILABLE FOR SALARY

Deduction U/s 10(14)
a) Conveyance allowance Rs. 800 per month.
b) Children Education Allowance Rs. 100 per child for 2 Children
c) Children Hostel Allowance Rs. 300 per child for 2 Children

Deduction U/s 10(13A)
House rent allowance.
Least of the following will be allowed as deduction.
a) Actual HRA received.
b) 50% of the basic pay
c) Rent paid in excess of 10% of salary. i.e. Rent paid – 10% salary

80C deduction (max Rs. 1,00,000/-)
Investment or subscription in any of the following
a) LIC Premium
b) PPF
c) National savings certificate
d) School fees for children
e) ULIP policies

80D Deduction (Max Rs. 15,000/-)
Payment of medical insurance premium. Payment to be made by cheque only
if premium is paid in the name of parents additional 15000 can be claimed and if pareents are senior citizens den 15000 would be replaced by 20000

Murtaza I Bhagat

Murtaza I Bhagat (Expert)

09 August 2010 yes good explanation,
and other additional eligible deduciton is also now having you is investment in long term infrastructure bond u/s 80ccf max. upto Rs. 20,000/-

Murtaza I Bhagat

Murtaza I Bhagat (Expert)

09 August 2010 U can also take benefit from housing loan
princial amount is calculate in sec. 80C max upto 1,00,000/-
but interest you can claim as deduction is rs. 1,50,000/- max. u/s 24b

Murtaza I Bhagat

Murtaza I Bhagat (Expert)

09 August 2010 there are lots more thing which is useful while tax planning like 80E,80G,89(1)if arreas received and many more.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)

09 August 2010 Send me your Email ID I will send you detailed Sectionwise Information

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