Hi!
Apart for the 1 lac in 80 c, if you are paying your and your parents medical insurance premium, education loan interest and any donation done that all would come under Chapter 4A, Any housing loan taken would come under others, you can also get exemption on your medical bills, LTA, House rent paid, children education and vehicle maintaince.
Chitra
From India, Mumbai
24Apart for the 1 lac in 80 c, if you are paying your and your parents medical insurance premium, education loan interest and any donation done that all would come under Chapter 4A, Any housing loan taken would come under others, you can also get exemption on your medical bills, LTA, House rent paid, children education and vehicle maintaince.
Chitra
From India, Mumbai
Hi Saloni,
For PF contribution, the eligibility is salary < 6500.
Some companies show contribution on Maximum Rs. 6500 (Comes out to Rs. 780). However, the PF act says that even if the salary cap is Rs. 6500 for eligibility, once who is covered under PF will continue to be covered in case of increased salary.
In order to bring a easy structure, some companies calculate on 12% of salary (flat). Hence, though Rs. 780 calculation is not wrong. calculation of more amount is also correct.
Hope its clear.
Regards,
From India, Hyderabad
For PF contribution, the eligibility is salary < 6500.
Some companies show contribution on Maximum Rs. 6500 (Comes out to Rs. 780). However, the PF act says that even if the salary cap is Rs. 6500 for eligibility, once who is covered under PF will continue to be covered in case of increased salary.
In order to bring a easy structure, some companies calculate on 12% of salary (flat). Hence, though Rs. 780 calculation is not wrong. calculation of more amount is also correct.
Hope its clear.
Regards,
From India, Hyderabad
Hi Samant,
If you can show your house rent for More than 1.9 LPA and if you can save around 91000 (as you have PF contribution. no need to save 1 Lakh), the your tax will be around 8475 per month
Regards,
Sreelatha
From India, Hyderabad
If you can show your house rent for More than 1.9 LPA and if you can save around 91000 (as you have PF contribution. no need to save 1 Lakh), the your tax will be around 8475 per month
Regards,
Sreelatha
From India, Hyderabad
Hi Samant Raj,
I want to give you one suggestion that you should think about HOME Loan. It will give you more benefit to save more tax in your income.
You can invest only one lac in all kind of investment plans.
I think you can take 10 to 20 lacs home loan. Home lone installment interest and principal amount will be exempted in your income.
Thanks,
Dinesh
I want to give you one suggestion that you should think about HOME Loan. It will give you more benefit to save more tax in your income.
You can invest only one lac in all kind of investment plans.
I think you can take 10 to 20 lacs home loan. Home lone installment interest and principal amount will be exempted in your income.
Thanks,
Dinesh
Dear Samant,
This brief detail of you tax liability and how much amount you can save as rebate and savings.
Savings :-
You can invest on any life insurance policy, mutual fund(covered under 80C, genrally high risk mutual fund are not covered under it), NSC, PF A/c up to the limit of Rs. 100000/-
You can take benefit of added advantage of medical insurance up to Rs. 10,000/- if you are a senior citizen then you can avail up to the limit of Rs.15000/-
Loan :-
You can get rebate, if you taken any housing loan but applicable to the interest portion only.
This benefit applicable on education loan also.
HRA:-
If you are living in rented accommodation then you get rebate in your salary computation.
If you required full tax computation then mail me on
From India, Delhi
This brief detail of you tax liability and how much amount you can save as rebate and savings.
Savings :-
You can invest on any life insurance policy, mutual fund(covered under 80C, genrally high risk mutual fund are not covered under it), NSC, PF A/c up to the limit of Rs. 100000/-
You can take benefit of added advantage of medical insurance up to Rs. 10,000/- if you are a senior citizen then you can avail up to the limit of Rs.15000/-
Loan :-
You can get rebate, if you taken any housing loan but applicable to the interest portion only.
This benefit applicable on education loan also.
HRA:-
If you are living in rented accommodation then you get rebate in your salary computation.
If you required full tax computation then mail me on
From India, Delhi
Hi Samantraj,
Greetings for the day!!
Apart from the savings of Rs 1,00,000 under sec. 80C you can save upto Rs 1,50,000 under sec. 24(A) as a Home Loan.
I am attaching a tax break up sheet, you can check the maximum limit of investments for saving tax.
Regards
Prem Singh Rawat
The Department of Human Resouces
From India, Delhi
Greetings for the day!!
Apart from the savings of Rs 1,00,000 under sec. 80C you can save upto Rs 1,50,000 under sec. 24(A) as a Home Loan.
I am attaching a tax break up sheet, you can check the maximum limit of investments for saving tax.
Regards
Prem Singh Rawat
The Department of Human Resouces
From India, Delhi
Hey Prem: PFA the IT Declaration for the same salary structure. Let me know if the Income Tax liability can be reduced or minimized any further ..........:icon14:
From India, Secunderabad
From India, Secunderabad
Hey Padhu: It is a Tax Calculator cum IT Declaration Template and the data has been filled by me in the blank template...
From India, Secunderabad
From India, Secunderabad
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Tax Liability.doc
Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf