Income tax for salaried employee

Bada Muskil Question hai bhaiya. Pura Detail Chahie.....................

Hi Arun, i think u want to know the basic exemption limit for the above mentioned three possible monthly salary

Mothly salary            47500                 60000             65000 

Annual salary            570000               720000           780000

Basic exe. limit         160000                160000          160000

Balance income        410000               560000          620000

exemption u/s 80-C & 80CCF can be claimed by investing in PPF, LIC ,NSC-8th issue, FDR in scheduled bank for minimum 5 yr. lock in period ,or having an installment of house loan taken from any bank  u/s 80-C UPTO Rs 1 lac's

& additional exemption uptp Rs.20000 by investing in infrastructure bond of any infrastructure capital fund ,or inf.cap.company.u/s 80 CCF

so by applying above exemption u/s 80C &80CCF and it is assumed that you have not any other income taxable in this finacial year, you can minimize your tax incidence to the below limit:

taxable income after claiming exemption u/s 80-C & 80-CCF ( Rs 120000 )

                                                                        290000                    440000              500000     

tax @ 10% upto Rs.500000                        29000                      34000                34000  

tax @ 20%on inc. ab. 5lac pto Rs 8 lac    nil                             20000                 32000

 (a)Total tax payable                                     29000                      54000                 66000

 (b) Add. EC & S&HC @ 3% on tax               870                         1620                  1980

TOTAL TAX LIABILITY (a+b)                          29870                    55620                  67980

u/s 80D (Mediclaim) - Rs. 15,000/- pa and Rs. 20,000/- pa for senior citizen

Dear Friends,

Thank you for your valuable reply..............

Regards

Arun

Basic exe. limit         160000                160000          160000

                 or 180000???????????????????????/

Basic exe limit is 1,80,000 for fY 11-12.