Save tax on salary income

What is the break up???

You need to mention his Salary Breakup first.

Pls give  details?????????

Hi Navratan,

It seems after making calculation out of the 15 lacs salary your client is getting deduction/exemption of around 46,667 which probably be medical allownaces, travelling allowance, PT and PF deduction and balance is taxed.

Keeping that in mind your client can claim HRA (if staying in rented house)  or claim deduction for Interest on housing loan (maximum upto 1,50,000), further he also can invest under section 80C (maximum of Rs.100,000) & 80D Medical insurance premium (maximum 15000 + 20000 senior citizens of 65 yrs +)

I hope that would be of some help to you.

Warm regards

please give details of Form 16

Further to Mr. Samarjeet Singh reply, he can also invest Rs. 20,000/- in infrastructure bond & can claim deduction.

KIYOSH

hummm..................

Kindly see Salary certificate and do accordingly by Act.

Also see which deduction is available to him.

Regards,

Ronak Darji

Hi Navratan,

I agree with the fraternity you have to provide details as to the salary break up,

however I have given you above suggestion (earlier) based on following calculation:-

Upto 180,000               NIL

180,000 to 500,000    32,000

500,000 to 800,000    60,000

800,000 to1500,000   210,000

Total                           302,000

Annual tax (TDS)    24000 X 12 mths = 288,000

Tax saved (302,000 - 288,000) 14,000 on amount (14000/30%) 46,667/-

Assuming that above amount of 46,667 have been deducted or exempted by commonly used tax saving salary structures by companies such as Medical exps 15,000, travel allowance 9600 and balance PF.

I hope this would clarify my stand and would be of some help in planning tax.

Warm regards  

Section 10 Transport allowance 800/-per month,

80E education loan interest amount.

80u independent person or your self  to be expempted upto 50000/- income

GIVE DETAILS OF SALARY INCOME...

Absolutely agreed with Samarjeet.....

Y u all asking a break up from that guy .!!!...Its jus simple...he wants to know how he can save tax for his client..so just give him information about various deductions..

Another example of people completely misunderstamding the questions and complicating in thier exams too..

However samarjeet how did u arrive at 47k approx, while mine it is 83K approx??

Anuways a good reply