I am getting salary of Rs.3 lack per annum including BASIC+DA,HRA,CITY COMPENSATORY ALLOWANCE,CONVEYANCE .ALLOWANCE,EDUCATION ALLOWANCE,PERSONAL ALLOWANCE,VARIABLE PAY,MEDICAL ALLOWANCE,BONUS,LTA so what will be my liability towards Income Tax considering no other investment
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Income tax on salaries
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Salary : 300000
Less: Conveyance allowance 9600
Education Allowance 2400
Gross Salary 288000
Less: PT 2500
Taxable Salary 285500
Gross Total Income 285500
Less: Dedcutins U/s 80GG Rent Paid 24000
Taxable Income 261500
Tax Liability 8150
Add: E Cess & SHEC 245
Tax Payable 8395
8390
the above computation are subjected to your investments, if you have LIC, Children Tution fees, etc, the above computation changes.........
Please also consider exemption for Medical Reimbursement upto Rs. 15k p.a. & exemption towards LTA.
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