Salary breakup

hi,

Can anyone please help me out!!!!!!!!!!!

Regards

Arun

Basic - Rs. 312,000/- (fully taxable)

HRA - Rs. 156,000/- (depends on rent receipt)

Medical - Rs. 15,000/- (exempt upto Rs. 15,000/-)

Special Allowance - Rs. 165,000/- (taxable)

Telephone Allowance - Rs. 12,000/- (taxable)

Conveyance - Rs. 75,000/- (exempt on actual conveyance for work related)

Food coupon - Rs. 30,000/- (exempt upto Rs. 50/- per meal)

Gratuity - Rs. 15,000/- (provision for gratuity for the employee starts after a continuous service of 5 years)

I may be wrong somewhere. Wait for others to reply.

Hi,

I just want to know approximately how much tax has to pay per month as on my salary breakup.

Regards

Arun

You can deduct around Rs. 4,000/- per month approximately for now for the AY 2012-13.

Make sure you use u/s 80C.

And before the end of 31st March 2012, you can re-calculate your tax liability after availing 80C deductions.

Determining tax liability is a continuous process, so plan your investments u/s 80C, 80D etc to minimuze your tax liability.

I agree with Mr. Mihir's reply on all points.

First of all u have to mention the monthly rent that u r actually incurring now and place of residence.

On the basis of above , one can calculate the exempted HRA amount.

After that the tax payable by u can be calculated.

Hi,

Thank you!!!!

Can you please explain how to calculate the income tax calculation in excel format  for above attached salary breakup.

Please explain the calculation..............

Regards

Arun

Arunji,

Please see the attached circular from IT dept. hope it solves ur query.

Also in my opinion food coupon are exempt if coupons are distributed to employees upto Rs. 1500/- per month. Any payment to employees in name of food coupon will be taxable.

In case of further query please revert.

Hi,

Can you please explain what are the allowances is taxable & non taxable and non taxable limits?

Regards

Arun