Confused About Tax on My Salary Structure: Which Parts Are Taxable and What's My Take-Home Pay?

Hi,

I would like some help on calculating the income tax for this salary structure. I have tried a few online tax calculators, but it's all too confusing for me.

Yearly amounts:
Basic: 100,000
HRA: 50,000
Other Allowances: 200,000
Travel Allowance: 10,000
Food Allowance: 12,000
Medical Insurance: 1,500
Employer's contribution to PF: 12,000
Total: 385,550
Employee's contribution to PF: 12,000
Net: 373,500

I would like to know which all components here are taxable and how the tax will be calculated. How much would I end up within hand every month?

Many thanks,
Johnny.

Can you provide me with a copy of the salary slip?

The structure provided by you is not practical and goes against all norms. Although, for your knowledge, if we assume the same, then the tax will be approximately Rs. 3463 - Rs. 3500 per month.

Use this worksheet throughout the year. Since there have been no major changes in the act for salaried individuals in 2006, this will compute your tax liability.

Stan

Hi,

I can help you, but I need the breakup details of other allowances. Are you staying in a rented accommodation? If so, what is the rent? What are your savings and investments during the year (e.g., LI premium, mediclaim, repayment of housing loan, children's education fees, investments in deposits, infrastructure bonds, etc.)?

With regards,
Mani

P.S. If possible, please send me the salary statement of the year.

Vengadamanimuthukumar,

I do not have the breakup of other allowances. This is a new offer that I have received recently. The only thing I know is that it is a taxable component. I am staying along with my parents.

The only tax-saving option that I have right now is an LIC premium of 15,000. Would a housing loan against buying land (no house built) be eligible for tax deduction?

I am also planning on getting an HDFC Tax Save mutual fund for an amount of 25-50k. What is your opinion on this?

Thanks to everyone for all the help. This forum rocks :)