Income tax calculation with HRA Exemption and Standard Deduction

Experts please reply.....

Q1) My HRA exemption under section 10(3) using rent slips is least of three condition is around Rs 60,000 per annum, i am confused with HRA exemption, is it comes under 1.5 lakhs saving or apart of that ?

Ans. Its apart from 1.50L deduction u/s. 80C

Q2) TA is Rs 3852 so full amount is taxable or only 1600/month as exempt from tax. Plz answer ?

Rs. 1600/- PM is tax-exempt........ additional amount taxable

Q3) According to me, Taxable salary =                         Gross income - Saving(1.5 lakhs) - HRA Exemption - Standard deduction                         =  7,50,000 - 1,50,000 - 60,000 - 40,000                         = 5,00,000 ( is it correct or not ?)

Ans Not correct.... For AY 2018-19...... as standard deduction allowable from next year. (in lieu of TA & Med. Allowance)

Q4) Some peoples are saying that HRA Exemption and Standard deduction is part of Saving 1.5    Lakhs. If it is, then Taxable income will be :                                    = Gross Income - Saving (1.5 Lakhs)       = 7,50,000 - 1,50,000       = 6,00,000 ( is it correct or not )  

Ans Not correct.
Check your form 16.

Sir,

What will be the taxable income in my case with saving and hra exemption ....plz calculate ?

Sir,

I think TA 1600 from 3852 also will be exempt from tax and remaining 1600 * 12 = 19200 amount will be tax-free.

FY 2018-19, so Final calculation will be = 750000 - (150000+60000+19200) = 5,20,000 ( is it correct ? )

From Next year FY  2019-20 ; Standard deduction of 40,000 will included then

Final calculation will be = 750000 - (150000+60000+19200+40000) = 4,80,000 ( is it correct ?)

Rama Krishan Ji,

As per your calculation for FY2018-19, my taxable income is 503152

Next year FY 2019-20 Standard Deduction of 40,000 will come , then what will happen with my Taxable salary. ?

Assume that I would join in December 2019, I am confused with Standard Deduction Amount of 40,000. Is amount of Standard Deduction 40,000 comes under Saving section 80C of 1,50,000 lakhs or apart of 1.5 lakh saving ?