Can any one guide me regarding the Income tax limits and Provision Under the Income Tax Act (Fy 06-07)
What's the Limit of the following Components of CTC under which one evade the tax liability(Mumbai)
SPECIAL ALLOWANCE
EDUCATION ALLOWANCE
REIMBURSEMENT OF CONVEYANCE
LUNCH RE-IMBURSEMENT (COUPONS)
REIMBURSEMENT OF MEDICAL
PERFORMANCE/ VARIABLE PAY
What's the Amount of the above mention components That attracts Tax and what are the various provisions to evade the tax/Get rebate.
Abhishek Arun

From India, Chicalim
Hello Members,

I think no one has yet got any clue to help me, now let me share with you all, the Information i HAVE GATHERED IN THESE DAYS

1 . TAX SLAB(PERSONAL I T, INDIA, FY 06-07) TAX UPTO 100000 NIL

185000 FOR SENOIR CITIZEN NIL

135000 FOR FEMALES

1,00,000 -1,50,000 10%

1,50,000 -2,50,000 20%

2,50,000 ONWARDS 30%

SAVING UPTO Rs 1,00,000/- ONLY ELIGIBLE FOR DEDUCTION FROM GROSS SALARY UNDER (80C,80CCC,80CCD)

IN ADDITION TO 1,00,000 EXTRA DEDUCTIONS CAN BE AVAILED ON:

INTEREST PAYED ON HOUSING LOAN

MEDICAL INSURANCE PREMIUM(NO LIMIT)

EXPENDITURE ON DISABLED DEPENDENT

MEDICAL EXPENSES ON SELF/DEPENDENT/MEM OF HUF

DEDUCTION ON INTEREST ON LOANS FOR HIGHER STUDIES

DEDUCTION TO PERSON WITH DISABILITY

ADDITIONAL:(Heads where one can evade tax by restructuring the salary components)

GROSS SALARY - THE FOLLOWING

1 LTA CLAIMED WITH PROOF.

2 MEDICAL REIMBURSEMENT UPTO 15000/-

THIS IS TO SHARE WITH YOU ALL SUCH THAT ONE CAN MANAGE THEIR SALARY, WELL AND COMPANIES HENCE SHOULD PROVIDE THE CAFETERIA APPROACH TO THEIR EMPLOYEES TO SELECT FOR THE SALARY COMPONENTS THAT WOULD HELP THEM TO EVADE TAX.

IF IAM MISSING ON ANY POINTS THAT WOULD HELP IN SAVING INCOME TAX PLEASE DO ADD ON......

REGARDS,

ABHISHEK ARUN

From India, Chicalim
Hello Members,

I think no one has yet got any clue to help me, now let me share with you all, the Information i HAVE GATHERED IN THESE DAYS

1 . TAX SLAB(PERSONAL I T, INDIA, FY 06-07) TAX UPTO 100000 NIL

185000 FOR SENOIR CITIZEN NIL

135000 FOR FEMALES

1,00,000 -1,50,000 10%

1,50,000 -2,50,000 20%

2,50,000 ONWARDS 30%

SAVING UPTO Rs 1,00,000/- ONLY ELIGIBLE FOR DEDUCTION FROM GROSS SALARY UNDER (80C,80CCC,80CCD)

IN ADDITION TO 1,00,000 EXTRA DEDUCTIONS CAN BE AVAILED ON:

INTEREST PAYED ON HOUSING LOAN

MEDICAL INSURANCE PREMIUM(NO LIMIT)

EXPENDITURE ON DISABLED DEPENDENT

MEDICAL EXPENSES ON SELF/DEPENDENT/MEM OF HUF

DEDUCTION ON INTEREST ON LOANS FOR HIGHER STUDIES

DEDUCTION TO PERSON WITH DISABILITY

ADDITIONAL:(Heads where one can evade tax by restructuring the salary components)

GROSS SALARY - THE FOLLOWING

1 LTA CLAIMED WITH PROOF.

2 MEDICAL REIMBURSEMENT UPTO 15000/-

THIS IS TO SHARE WITH YOU ALL SUCH THAT ONE CAN MANAGE THEIR SALARY, WELL AND COMPANIES HENCE SHOULD PROVIDE THE CAFETERIA APPROACH TO THEIR EMPLOYEES TO SELECT FOR THE SALARY COMPONENTS THAT WOULD HELP THEM TO EVADE TAX.

IF IAM MISSING ON ANY POINTS THAT WOULD HELP IN SAVING INCOME TAX PLEASE DO ADD ON......

REGARDS,

ABHISHEK ARUN

From India, Chicalim
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