Save tax on salary income

Page no : 2

ANKSS (CA) (151 Points)
Replied 04 June 2011

Ya I saw ur calculation....now....considered cess too and hence the difference...

CA kuldeep kothari (own practice) (375 Points)
Replied 05 June 2011

these are general solutions/suggestions

which other friends have given or i can give.......u need customized answer than detail should be there

Raman (Fresher) (32 Points)
Replied 05 June 2011

PLEASE HELP ME
BREAKUP OF MY SALARY IS
BASIC SALARY IS 15000

HRA IS 7500

LTC IS 450

MEDICAL ALLOW. 1250

Transportation-800

ALL OF ABOVE IS PERMONTH
PLEASE TELL ME WHAT WILL BE THE ANNUAL TAX FOR ME AND IF HOW CAN I MINIMISE IT

THANKS IN ADVANCE

Harpreet (* * * * * *) (1670 Points)
Replied 06 June 2011

Income Tax for FY 2011-12 is as follow:

I have assumed that you are not paying rent and doesnt have any 80C, 80D, 80E, 80G deductions as well as no Home Loan.

Tax on Income is: 9540/-

Cess : 286

Total Tax : 9826/-

To save tax you can show rent receipt as per need and do investment like {80 C } - LIC, Mutual Fund (ELSS), Fixed Deposit (5 Yrs) and { 80 D } - Mediclaim for you as well as for your parents.

If you will show Rent receipts @ 7500/- per month then the same will be resuce by Rs. 7415/- and after that you just have to invest Rs. 23000/- approx.

I hope you will get my point.

Thanx

Harpreet

1 Like

RITIKA KUMAR (CA Article) (55 Points)
Replied 06 June 2011

Harpreet is correct if u show your rent receipts and invest in u/s 80C then u save ur tax as much as possible.

Raman (Fresher) (32 Points)
Replied 09 June 2011

Thanks Mr. Harpreet

Raman (Fresher) (32 Points)
Replied 10 June 2011

Women as Air hostess
Basic Salary- 4200 pm
HRA- 2000 pm
Flying Allowance- 10000 pm
Modeling Allowance-5000pm
effeciency Allowances-2000pm
what will be her tax and how can she save maximum tax
conditions applied are till now no 80G,C,D,E and no home loan

thanks in advance