I HAD SEE THAT THE PERSON WHO IS CALCULATING INCOME TAX ON THE TIME OF SALARY PAYABLE IF ANY ONE ASK HIM HE TELLS IMMIDIATELY THAT HOW MUCH ONE PERSON SHOULD INVEST TO SAVE TAX I WANT TO KNOW HOW HE DOES THAT? FOR EG BASIC IS 10000 DA-2000 CONVEYANCE-1000 HRA-2200 (NO GRATUITY;PF;ESIC) TOTAL-15200
CAN ANY ONE TELL ME HOW MUCH I SHOULD INVEST TO SAVE TAX & TELL ME HOW YOU CAME TO KNOW THAT LOGIC.?
WAITING FOR REPLY
If you are paying rent then there is no need to do any investment reasons are following
If you are paying rent then HRA exemption can be taken u/s 10(13A)
Conveyance exemption u/s 10(14) of Rs. 800 pm
After that your gross total income will be Rs 1,46,000 which will be well below the slab of Rs 1,60,000
please consider profession tax of 2500 which will be deducted from gross salary also
| Originally posted by : CA SOM RANKHOLDER | ||
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please consider profession tax of 2500 which will be deducted from gross salary also |
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Deduction for professional tax shall be allowed when there is payment of professional tax. No where in the query he had mentioned that he had paid the professional tax during the year.
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