Hello Everyone,
Need urgent help. I need to calculate salary Breakup of Rs. 50,000 pm (Rs. 6,00,000 pa) in such a way that tax liability should be least. I dont know how to calculate it. So, plz if any1 cn help!!!!!!!
Please help. I need to do this urgently!!!!!!!!!!!!
--> Certain Items which are Exempted u/s 10(14) of IT Act
Transport Allowances - upto 800 pm
Meal Coupons (Sodexho) - upto Rs. 50 per meal
Education Allowance - 100 pm per child (Max. of 2 children)
Medical Allowance - upto Rs.15000 per year
--> If an employee not staying in his/her own house or his/her doest own any house then HRA u/s 10(13A) (Pls check condition - if you have any doubt feel free to ask )
Even you can consider Employer's portion of PF upto 12.5% (same u'll get deduction u/s 80C)
While calculating Tax on salary you can also conside Housing Loan repayment if any made by an employee. i.e. Interest Factor as Loss under House Property & Principal Factor under 80C.
Some mistake in above line
--> If an employee not staying in his/her own house or spouse of such employee does not own any house then HRA u/s 10(13A) (Pls check condition - if you have any doubt feel free to ask )
@ Deepa - I am sending you a excel file for your reference.
Yeah Please Send......
Pls check this. If you have any doubt feel free to ask.
Thanx a lot. Its perfect for me.........
CAclubindia
