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urgent tax doubt please help me

Tax planning 590 views 2 replies

 

Our s is a privated limited company, 


Basic      12,285


HRA          4914


Coneveyance      800


Special Allowance 5321


medical Allowance  1250


Gross Salary           24750


Professional Tax        200


So i am paying 10000, and 15000 insuranse i,e 25000 under 80c


rebt paying 7000 per month , residence at hyderbad


can any one say how much is my taxable income.



i want to pay donation to charitable trust and how much i can donate to claim excemption and to which trust i


can pay .please give me reply


and also they are giving 1250 as medical allowance , can i claim that amount as excemption

Replies (2)

 

Basic      12,285  Taxable

 

HRA          4914

 

Coneveyance      800 Exempt upto Rs.800

 

Special Allowance 5321 fully taxable

 

medical Allowance  1250  Taxable

 

Gross Salary           24750

 

Professional Tax        200 Deductible from total tax liability

 

So i am paying 10000, and 15000 insuranse i,e 25000 under 80c  Deductible from gross salary

 

rebt paying 7000 per month , residence at hyderbad  for metro city 50 % for others cities 40 %, actual paid or 10 % of excess over basic salary is exempt.

 

can any one say how much is my taxable income.

 

 

i want to pay donation to charitable trust and how much i can donate to claim excemption and to which trust i

 

can pay .please give me reply

 

and also they are giving 1250 as medical allowance , can i claim that amount as excemption

Originally posted by : saivarma

 

Our s is a privated limited company, 




Basic      12,285 - Taxable 




HRA          4914 - Exempt as its 40% of basic




Coneveyance      800 - Exempt




Special Allowance 5321 - Taxable




medical Allowance  1250 - Taxable




Gross Salary           24750




Professional Tax        200 - deductible




So i am paying 10000, and 15000 insuranse i,e 25000 under 80c - deductible from annual taxable income




rebt paying 7000 per month , residence at hyderbad - no impact 




can any one say how much is my taxable income.







i want to pay donation to charitable trust and how much i can donate to claim excemption and to which trust i





can pay .please give me reply




and also they are giving 1250 as medical allowance , can i claim that amount as excemption

total taxable income 223872  less 25000 80C = 198872

for males tax on 38872

for females tax on 8872


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