hi friends...
i have atached herewith a salary slip. Please give your suggestion regarding breakup i should choose coz co. gives me option to make my breakup.
Please note
for HRA purpose that i am residing in pune and paying rent 10000 per month.
for Children allowance purpose that i am unmarried
PLease suggest some saving devices in 80C so that my tax payment is minimized.
1) Maximum exemption of HRA will be Rs. 42,840
2) Instead of Medical Allowances, u can luk for medical reimbursements exempt upto 15,000..
3) Ideal Investments u/s 80 C would be in ELSS Mutual Funds...
thanks dear..
how you arrived at this HRA exemption figure..please give a brief working
Exemptin of HRA will be LEAST OF THE FOLLOWING AMOUNT:-
1) AMOUNT OF HRA RECEIVED
2) 40% OF (BASIC + DA+ Fixed % on turnover) = 40%(1,07,100+0+0) = 42,840
3) rent paid-10%(BASIC + DA+ Fixed % on turnover) = 1,20,000 - 10%(1,07,100+0+0) =1,09,290
Therefore maximum anount that can be claimed is Rs. 42,840
Any body can give me share based accounting notes in financial reporting of ca final exam
CAclubindia
