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.......
Tax liability would be determined after allowing all the exemptions available @ the rates specified for annual projection
You can claim HRA, Medical, Conveyance, LTA, Telephone, Internet, professional enrichment as Exempted allowances, Subject to submission of Relavent proofs and Documents
In case of Medical it should be in the form of reiumbursement, get the bills and pay, otherwise it would be taxable
Hope you have the Idea of Calculating the Exemptions
CAclubindia
