Regarding Income Tax Exemption - Doc Download

Hi All,
I am working in IT firm and my CTC is 400680/-
BASIC : 114000
DA : 105600
HRA : 56400
MEDICAL ALLOWNCES : 31200
SPECIAL ALLOWNCE : 31200
CITY COMPENSATORY ALLOWNCE : 48600
PF CONTRIBUTION BY COMPANY : 13680
For 2007-2008 period , how maximum i can show for exemption. can anybody calculate my income tax.
i am paying an insurance of 36000/- per annum.
is city compensatory allownce and special allownces are taxable???

Hi,
Based on limited information given , I may suggest you that you may claim exemption under Section - 80-c of IT up to One Lakh in different investments ( htere is long list ) , please ask your accounts department to show that to you .
CCL , SL etc. are all taxable .
If you take medicalim if your company has not taken , you may additionally get exemption up to Rs.15000/- as per budget proposal for the financial year 2007-08.
Regards,
Rajpal

Hi Prashanth,
Your Tax will be Rs.50476 on the basis of your PF and Insurance premium.
If you stay in a rented house and if you could produce house rent receipts,
you could get an exemption on HRA received.
Ex. If you pay a rent of Rs. 10000 then your HRA exemption will be Rs. 56400,
then your tax will come down to Rs. 33556.
And if you could also produce your Medical bills you can get a further exemption.
The maximum exemption on medical bill is Rs. 15000. So if you could produce medical
bills for you or your dependents, then you Income Tax will be Rs.29,056
CCA and Special allowance are Fully Taxable. You can save further tax according to
Section 80C by investing in some of the Investments. Please find attached a list of Investments
eligible under section 80C.
Hope it will help you out. If you need further clarification you can mail me, my email ID is
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Hi chandrakanth,
Thanks for your reply. Lot of my doubts are cleard now.
Actually when asked for IT calculation sheet. My employer has given the IT Sheet. i am attaching the sheet. Please verify it.
When i talk to my employer he said few points like..
1. He is including the employer PF in the salary. when asked the same, he said like there is no exemption is available for that amount. Is this correct??
2. Regarding HRA Exemption and Section 80c, Employer is saying that, i have to give the proofs right now, if i want exemptions under these sections. What about this exemptions??? whether we have to really provide the proofs now itself or we can give them on next jan or feb??
Please clarify me above points.