Dear Sir,
I am attaching salary sheet and i am confusse how i will calculate the tax libility after exepmtion under saction10 and what is the exepmtion for these allowance per month,
Kindly help me to calculate the exact tax liability for FY -2009-10.
Thanks,
Anuj Kumar
MR. RAHUL,
M ATTACHING COMPUTATION SHEET FOR YOU.JUST ENTER THE RENT PAID BY YOU ACTUALLY IN THE YEAR (MARCH 08-APRIL 09) IN THE HIGHLIGHTED CELL.
TAX WILL BE CALCULATED AFTER YOU DEDUCTIONS U/S 80, IF ANY.
IF YOU WANT TO CALCULATE TAX LIABILITY KINDLY LET ME KNOW DETAILS OF YOUR DEDUCTIONS U/S 80. LIKE
LIC PREMIUM
CHILDREN TUTION FEES
MEDICAL INSURANCE PREMIUM
REPAYMENT OF HOUSING LOAN PRINCIPAL
INVESTMENT IN ANY EQUITY LINKED SAVING SCHEME
ANY FDR MADE IN THE YEAR FOR 5YEARS OR MORE
Hi Rahul,
On the basis of whatever information provided by you, Tax Liability coming Rs. 6,700/- (including Education Cess)
Assumptions :-
1) Basic Salary, all Allowances are mentioned in Salary Sheet are after adjustments and are part of Taxable portion.
2) There is no PF contribution made by assessee other than mentioned in Salary Sheet.
3) Assessee is a Male below 65 years.
Sir there is no any child and age is 28 year of employyes and he has not planed for investment for 80C he will plan as per tax liability and sir which sheet you have sent me there is not include bonus and parformance incentive.
With regards
Thanks,
Anuj Kumar
m again attaching a revised sheet.
i have taken your rent as 3000 p.m
ang i have taken your whole salary slip into consideration refer to gross salary amount
your total tax is Rs. 3116
Mr. Yogesh can you please show your computation to us
| Originally posted by :RITESH KOTHARI | ||
| " | Mr. Yogesh can you please show your computation to us | " |
Dear sir,
i have a confussion please go to the salary sheet the CTC include the PF contribution of Employyer but it may be Tax exempted, it will be less with taxable income and employee contribution will be claimed in U/s 80C .
Kindly clear this confussion.
CAclubindia
