Pon1965
Construction

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Hello, Everyone,
Seeking your help for Calculation of Tax on Salary of Employees. The Salary component of my company are:
A. 1. Basic
2. HRA = Basic/2
3. Medical
4. Conveyance
B. Reimbursements ( Monthly)
1. Conveyance
2. Mobile
C. Variable Pay
1. Performance Incentive
2. Retention Bonus
Please let me know how to calculate the Income Tax deduction.Waiting for your valuable suggestions.
You can ask if the provided information is not inadequate.
Thanks
Sangeeta

1. Basic taxable
2. HRA - 50% of basic in Metros or 40% of basic in Non metros - (actual rent paid minus 10% of your basic) is empted from tax.
3. Medical - upto 15000/- p.a. on production of bills is exempted.
4. Conveyance - Rs.9600/-p.a. is exempted from tax.
Reimbursements:
Conveyance, mobile are non taxable
Variable pay:Performance Incentive & retention bonus are taxable.
Regards
R.Ponraj

Good Morning Ponraj,
Thanks for your reply. I am providing you an example with details salary. Please reply the taxable amount.
1. Basic=15200
2. HRA = 7600
3. Medical=1250
4. Conveyance=800
B. Reimbursements ( Monthly)
1. Conveyance=500
2. Mobile=250
C. Variable Pay
1. Performance Incentive(Yearly)=99760
2. Retention Bonus(Yearly)=30720
Total(Monthly)=25600, CTC=437680

Pls enter tour salary components in the attached spread sheet. You will know the tax. Regards R.Ponraj

Attached Files
File Type: xls Income-Tax-Calculator-FY-2009-10.xls (58.5 KB, 566 views)

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