Tax Free Salary Upto 5,00,000 - Xls Download

Hi all,
It is said that salary upto 5,00,000 can be made tax free.Can you provide certain details with regards to the same.
With regards,
Swarali

Hi All,
I know all of you are quiet busy as its is first day of the week.But I would like to know if it is possible yo give tax free salary till 5,00,000.
With regards,
Swarali

What is tax free salary?
Please note the terminology of Income tax clearly.
Initial exeption of Rs.1 lakh is given to all individuals (Separate slab for working women and Senior citizen)
Further a deduction wrt to Housing loan interest paid upto 1.5 lakhs is available.
Investment under 80C is 1 lakhs is eligible for exeption.
Further, HRA to the permissible extent, Medical insurnace of Rs.15k pa and medical reimbursement of 15k pa is eligible.
Conveyance allowance exempt upto Rs 9600 pa.
Of course companies can pay tax free salary without deducting tax. However, it has to pay tax on its own.
I never heard abt tax free salary upto 5 lakhs so far.
If something is there, it would be sweet news :D
Rgds
Vishwanath

Hello Sir,
Thanks for your rever.I might have used the wrong terminology for it.I apologize.But can you give me the slabs for the tax exumtion for working woman and senior citizens.
With regards,
Swarali

Hi All,
I will like add to what vishwanath has stated, following things will also be considered.
1. LTA appx. one basic
2. Food Coupens upto Rs. 15000/- PA
Shrinath

hi all,
i would like to know where will the education loan be added? how can i benefit from educational loan

Hello Mam,
as my knowledge for working Men 1,10,000/-
and working Women it is 1,35,000/-
1,35,000 to 1,50,000 ---------------- 10%
1,50,000 to 2,50,000 ---------------- 20%
2,50,000 to above ----------------- 30%
any information reg Income Tax.
pls contact me [Login to view]
Bye Bye.....
Ram.

Hi,
Please find enclosed herewith Income Tax slab for Male, Female & Sr. Citizen.
Hope it will help you.
Regards
VIKAS JAIN
ERP FUNCTIONAL CONSULTANT- HRMS

Hi Swarali,
What you heard as tax upto 500000 is nil is partially right. There were reports that in near future tax slabs are going to change. The new tax slabs will be as below:
upto 150000 no tax
from 150001 to 250000 10%
from 250001 to 500000 20%
above 500000 30%.
you must have heard something like this and you have misunderstood it as there is no tax upto 500000.
Thanks & Regards
Nishanth