Dear Friends,
let me know what is income tax payable by a male individual below 60 years getting salary of 4.8 lacs per year and what are the exemption and tax planning.
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Income tax for the employee
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| Salary | 480000 |
| Less: | |
| Medical All | -15000 |
| Conveyance | -9600 |
| Prof Tax | -2500 |
| Ded u/s 80C | -80000 |
| Net Salary | 372900 |
| Tax Liability | 19290 |
Given above is tax liability based on the income 4.8l. The exemptions would be based on your salary structure. I have shonw exemptions for medical & conveyance allowance. If you salary includes Leave travel allowance then the same would be eligible for exemptions You can however take teh deduction u/s 80C upto Rs. 1lacs maximum. Also if you have any home loan, the interest paid would bededucted from your Gross Income. If you have any meducal insurance then teh same would be eligible for deductino u/s 80D upto a maximum of Rs. 15k p.a.. However in case of senior citizens the maximum limit would be Rs. 20k p.a.
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