+3 Others
Cite.Co is a repository of information and resources created by industry seniors and experts sharing their real world insights. Join Network
Hi Guys,
Its that time of the year again!! :P
I'm very new to Income Tax/ calculations. Is there anybody out here who can lend a helping hand, it would be really great.
Once i get a response i'll share the specific query i have.
Thanks
Vineeta
Its that time of the year again!! :P
I'm very new to Income Tax/ calculations. Is there anybody out here who can lend a helping hand, it would be really great.
Once i get a response i'll share the specific query i have.
Thanks
Vineeta
Post your query first. some will definitely endeavour to respond appropriately.-----------------------------------------------------------------------------------------------------------------------------------------------
Pon
Pon
Hi Vineeta, Please share your query first and you will definitely find some answers depending upon the query. That’s why we are here and purpose of this forum.
With reference to the attached salary break up, The queries are -
- how much is the taxable income in this salary? (how do u calculate it?)
- how much income tax will be deducted with AND without saving/investment??
- would PF be considered as an investment under 80 C?
- how much is the taxable income in this salary? (how do u calculate it?)
- how much income tax will be deducted with AND without saving/investment??
- would PF be considered as an investment under 80 C?
HRA - 50% basic in metros or 40% in non-metros. The actual rent paid or HRA (whichever is lower) minus 10% of basic is tax exempted.
Transport allowance - 800/- p.m. is tax exempted.
PF contribution is covered under sec 80C
Pon
Transport allowance - 800/- p.m. is tax exempted.
PF contribution is covered under sec 80C
Pon
thanks pon..however i still need more clarity on my queries. can anyone tell me how to calculate taxable income and what are the slabs of income tax deduction?
Hi Vineeta,
Based on your salary detail your taxable income is as under:
Basic 25496*12 = 305952
HRA (152976-122381) = 30595
Taxable Salary = 336547
Less Deduction Ch. Vi (3060*12) = 36720
Deduction for AY 2013-14 = 200000=-236720
Tax on Rs 99827 @ 10% Rs. 9983
Cess & H.S. cess Rs. 300
Total Tax Rs.10283
HRA least of below exmepted
1.HRA-12748*12 = 152976
240% of Basic =-122381
3.as you have not mentioned actual rent paid hence not ascertained.
Hope this will clear your query.
Regards
Sanjeev
Based on your salary detail your taxable income is as under:
Basic 25496*12 = 305952
HRA (152976-122381) = 30595
Taxable Salary = 336547
Less Deduction Ch. Vi (3060*12) = 36720
Deduction for AY 2013-14 = 200000=-236720
Tax on Rs 99827 @ 10% Rs. 9983
Cess & H.S. cess Rs. 300
Total Tax Rs.10283
HRA least of below exmepted
1.HRA-12748*12 = 152976
240% of Basic =-122381
3.as you have not mentioned actual rent paid hence not ascertained.
Hope this will clear your query.
Regards
Sanjeev
Hi Sanjeev, In the calculation of HRA you have taken 40% of basic, but it should be 50% of basic instead of 40%. Regards Sonal
thanks. much clearer than before.
how abt investments? how does it work? how much investment is done to save tax?
what is the income tax deduction with and without investment
investment here pertaining to insurance, nsc, tax saving deposits, ppf etc,.
how abt investments? how does it work? how much investment is done to save tax?
what is the income tax deduction with and without investment
investment here pertaining to insurance, nsc, tax saving deposits, ppf etc,.
This discussion thread is closed. If you want to continue this discussion or have a follow up question, please post it on the network.
Add the url of this thread if you want to cite this discussion.
Add the url of this thread if you want to cite this discussion.
#Listed In: labour law City-India-Delhi tax deduction salary break up taxable income income tax deduction income tax pf contribution tax saving basic salary Country-India
Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
Income Tax Calculator.xls
