1st step is how they designed your salary.
HRA - is highly tax saving component in salary strucher.
Medical - 1250
Sodexho - 2200
Telephone - 1500
Car , Meal Coupons, LTA, Uniform aloowances, CEA ( these are the salary components and you can save income tax on these)
80(C) upto 1 lac tax is exempted ( policies,PF,PPF,fixed deposit, tution fees,home loan principle, NSC, shares)
80E- education loan interest, total interest exempted.
10th July 2014 From India, Mumbai
Thanks for the information.
My pay slip has following components ,
Basic : 16,446
HRA : 8,223
Special Allowance : 1,505
Other Allowance : 12,268
STATUTORY BONUS : 700
Apart from this i am having following deductions ,
PF : 1,974
Prof Tax : 200.
what is my taxable income and what is the maximum exemption i could get ?
Kindly provide some information .
11th July 2014 From India, Chennai
basic is fully taxable
HRA if you are staying in home then you avail the benefit submitting by the proof, for calculation i need rent amount.
other allowances fully taxable
special allowances fully taxable
bonus amount is also fully taxable
PF - total amount and interest tax free
PT - is also tax free
11th July 2014 From India, Mumbai