Help me in salary calculation for f.y.2015-16

1. Transport (conveyance) allowance exempt @ 800 p.m.
2. PT is deductible u/s 16(iii)
3. Balance amount is the gross income
4. Deduct 6k (PPF) u/c 80C
5. Balance is the taxable income

Use the calculator for tax computation: https://www.incometaxindia.gov.in/pages/tools/tax-calculator.aspx

Conveyance allowance is exempt upto Rs1600 p.m.

But this change is applicable from FY 15-16 onwards, not for FY 14-15 :)

The OP has mentioned two FY hence the confusion.

Originally posted by : 123456

I want to calculate income tax for Female salaried person . Incomes for F.Y. 2015-16 are as follows:

1) Basic Salary (in hand) 270432 

2) Conveyance Allowance 6300

3) Diwali Bonus 20000

4) Variable Pay 50000 (comission of sales & Services)

5 ) Paid Leave 12000

Deductions: Professtion tax 2500

Investments till now :

Invested 6000 in PPF.

Please tell me how much tax she should pay for F.Y.2014-15 by taking above figures and also explain me the calculations? If possible please suggest any idea to save tax payment i.e. mode of investments.

Dear what you want be clear

income for FY 15-16 and tax for FY 14-15

conveyance or transport Allowance is exempted up to 800 P.a for f.y 2014-15 . but from 2015-16 F.Y onwards transport / conveyance allowance is increased to 1600 P.a.

Mr .sandeep, just answer the questions as others do, you wil not get any rewards for showing my typing error.

Originally posted by : sandeep kumawat
	Originally posted by : 123456I want to calculate income tax for Female salaried person . Incomes for F.Y. 2015-16 are as follows:1) Basic Salary (in hand) 270432 2) Conveyance Allowance 63003) Diwali Bonus 200004) Variable Pay 50000 (comission of sales & Services)5 ) Paid Leave 12000Deductions: Professtion tax 2500Investments till now :Invested 6000 in PPF.Please tell me how much tax she should pay for F.Y.2014-15 by taking above figures and also explain me the calculations? If possible please suggest any idea to save tax payment i.e. mode of investments.  Dear what you want be clearincome for FY 15-16 and tax for FY 14-15

Mr .sandeep, just answer the questions as others do, you wil not get any rewards for showing my typing error.

Dear 123456

I understand we all know basic provision of income tax...

so i will just guide on conveyance allowance...if conveyance allowance is 6300 annual then it will be 525 per month and allowances exemption will be limited to the lower of actual allowance given by employer or limits specified in IT provisions (i.e. 800, 1600 depending on applicable assessment year) on monthly basis for the period of service, so if conveyance allowance is 525 pm then it will be limited to 525 only per month.

Rest as suggested by Poornima

Hope this help