Tax query

Hi Sir,
I would like to know what are the components in salary are taxable eg CTC is divided into Basic, HRA, Conveyance...etc now are these components taxable (basic and HRA) apart form special allowance..please help me on this... also hw is income tax is calculated and what are the slabs and will it be calculated on the special allowance left after basic, HRA and conveyance.....I would be grateful to you if you help me on the same.



I would like to know what whether the basic salary is taxable....and special allowance is taxable but how much. Will give you one example Say CTC of ABC is 20,000 PM, then
the salary break up will be as follows:

Basic Salary - 8000
HRA (Metro) - 4000
Conveyance - 800

PF Contibution get deduct both of employer and employee... and then rest all goes to Special allowance...

I would like to know hw much tax amount will be applicable on ABC...hw much he need to pay as a tax...

Regards

hi !

The CTC is divided as follows :

Basic
HRA
DA
Medical allowance
Transport allowance
Special allowance
--------------------
Gross salary
--------------------
Employer contribution to PF
Employer contribution to ESI
Perks( credit cards,free meals,telephone charges,free house,water,electricity suply etc)
----------
CTC
----------

Gross salary :
Less :

1) Employer contribution to PF
2) Employer contribution to ESI
3) Professional tax
4) TDS
--------------
Net salary
--------------

Please find the attached tax calculation slab:

Income Tax %
upto 110000 0
110000-150000 10%
150000-250000 20%
Above 250000 30%


Have a nice day

rAMu

Tax query

can i show my wife education and medical expense, as education and medical expense in my return under deduction?