Dear Seniors,
Please find the attached file of salary breakup calculation.
Can anyone check this breakup and explain how to calculate income tax for this breakup and reimbursement bills details.
Please help me out......
Regards
Arun
8 Replies
Arun Prakash
(Manager HR - Generalist)
(112 Points)
Replied 10 September 2011
hi,
Can anyone please help me out!!!!!!!!!!!
Regards
Arun
Mihir
(Wealth Manager)
(5293 Points)
Replied 10 September 2011
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.
Arun Prakash
(Manager HR - Generalist)
(112 Points)
Replied 10 September 2011
Hi,
I just want to know approximately how much tax has to pay per month as on my salary breakup.
Regards
Arun
Mihir
(Wealth Manager)
(5293 Points)
Replied 10 September 2011
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.
CA Ankur Goel
(sr. executive)
(133 Points)
Replied 10 September 2011
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.
Arun Prakash
(Manager HR - Generalist)
(112 Points)
Replied 10 September 2011
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
(Guest)
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.
Attached File : 39191 826415 salary tds .pdf downloaded: 376 times
Arun Prakash
(Manager HR - Generalist)
(112 Points)
Replied 13 September 2011
Hi,
Can you please explain what are the allowances is taxable & non taxable and non taxable limits?
Regards
Arun
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