could any one please help me
here is a salary detail of an employee
basic 14000
hra 7000
LTA 2800
medical 1250
transportation 800
internet excess allowance 800
telephone calls allowance 500
special performance payout monthly 2400
professional enrichment allowance 450
gross salary is 30000/- per month
please tell me how would i compute tax liability for f.y.11-12(a.y. 12-13)
and do we get exemption on HRA,Medical , transportation, and any other allowance?
tell me in detail please.......
Hi,
The Tax liability is calculated as follows. You are eligible to get exemption ins respect of Medical Reimbursement upto 15,000 p.a. provided you have submitted the medical bills & transport allowance upto 9600 p.a.
You are also eligible to claim exemption in respect of HRA of you paying rent. You have not provided the amount of Rent paid so I am not able to calculate the exemption amount. Rest of the allowances are not eligible for exemption.
You can also claim expemtion on LTA provided you have submitted the actual Travel Bills to your company.
Have any investments/payments being made that eligible for deductions under sec 80C, you can get the benefit of these to reduce your Tax Liability
| Gross Salary | 360000 | |
| Less: Exemptions | ||
| Medical | -15000 | |
| Conveyance | -9600 | -24600 |
| 335400 | ||
| Less: Prof Tax | -2500 | |
| 332900 | ||
| Less: Deductions | ||
| 80C | 0 | |
| 80D | 0 | |
| Net Salary | 332900 | |
| Tax Liability | 17290 | |
| TDS Per month | 1441 |
Abic and Mani Chartered Accountants
Kottayam
B.Com
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CCI
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CAclubindia
