Salaried employee, new to tax and need help declaring tax

Gross amount of your Salary is  Rs. 254713.92 per year after deduction u/s 10 Rs. 9600.00 from your CTC (i.e. conveyance allowance Rs. 800.00 p.m.)   & U/s  16(ii) is avaliable for P.Tax which is  Rs. 2400.00 per year . Total deduction U/s  80C is avaliable  Rs. 38,412.00 (i.e. total of Rs. 24000.00 LIC+ EPF Contribution amount Rs.14412.00)  So, Your Taxable Income in respect of F.Y.2012-2013 is Rs. 213901.92 . Your Tax liabllity is 10% of (213901.92-200000.00) i.e. Rs. 1390.19 per year. So, Your Employer  manthly deduct 115.84 from your Salary . If u declar LIC amount to your employer.So, It is advisiable that you make some investment , as max. amount of 80C, 80CCC & 80CCD is Rs. 1 lac   get mediclaim policy etc. aggregrate of which is or  excess of Rs. 13901.19 & eligiable for exemption made  Chapter VI-A

In case if I declare HRA, how will it work...?

Hi Dibyendu, Assume, I pay House Rent of 1500 per month. I stay along with friends. The total rent is 6000 per month. How could I go about decalaration. How much more can I save from tax.

My ultimate target is make the tax deduction to "NIL" from Rs 497 

Thanks

Frinto

Deduction U/s 10(13A) of Income Tax Act is lower of the menimum sum

1. Actual HRA Receive =Rs.5005.94

2. Rent paid over 10% of Salary = Rs..18000.00 -10% of Rs. 120142.68=Rs. 12014.26=Rs. 5985.74

3. 50% of Salary=40% of Rs. 120142.88=Rs. 60071.34 (assume u stey in metro city, otherwise 40%)

So, At least Rs. 5005.94 allowed as HRA deduction

But u must assure that you get rent receipt Rs. 1500.00 per manth from your land lord on your name.

Employeer deduct Rs.74.14 per manth  (i.e. Rs. 889.69 per year) if  HRA deduction made from your salary.

I am a Govt.Employee Of Kerala. Now I am entrusted with the work of deducting E-Tds of employees of our establishment. I am a beginner in this field. So Kindly give me some input relating to How to file e-Tds ie the metods from the beginning