chitra.sharma
24

Hi!
Apart for the 1 lac in 80 c, if you are paying your and your parents medical insurance premium, education loan interest and any donation done that all would come under Chapter 4A, Any housing loan taken would come under others, you can also get exemption on your medical bills, LTA, House rent paid, children education and vehicle maintaince.
Chitra

From India, Mumbai
ash.pgdm
2

Hi Saloni,
For PF contribution, the eligibility is salary < 6500.
Some companies show contribution on Maximum Rs. 6500 (Comes out to Rs. 780). However, the PF act says that even if the salary cap is Rs. 6500 for eligibility, once who is covered under PF will continue to be covered in case of increased salary.
In order to bring a easy structure, some companies calculate on 12% of salary (flat). Hence, though Rs. 780 calculation is not wrong. calculation of more amount is also correct.
Hope its clear.
Regards,

From India, Hyderabad
Sreelatha
Hi Samant,
If you can show your house rent for More than 1.9 LPA and if you can save around 91000 (as you have PF contribution. no need to save 1 Lakh), the your tax will be around 8475 per month
Regards,
Sreelatha

From India, Hyderabad
kaladinesh
Hi Samant Raj,

I want to give you one suggestion that you should think about HOME Loan. It will give you more benefit to save more tax in your income.

You can invest only one lac in all kind of investment plans.

I think you can take 10 to 20 lacs home loan. Home lone installment interest and principal amount will be exempted in your income.

Thanks,

Dinesh


mannupauri
Dear Samant,

This brief detail of you tax liability and how much amount you can save as rebate and savings.

Savings :-
You can invest on any life insurance policy, mutual fund(covered under 80C, genrally high risk mutual fund are not covered under it), NSC, PF A/c up to the limit of Rs. 100000/-
You can take benefit of added advantage of medical insurance up to Rs. 10,000/- if you are a senior citizen then you can avail up to the limit of Rs.15000/-

Loan :-
You can get rebate, if you taken any housing loan but applicable to the interest portion only.
This benefit applicable on education loan also.

HRA:-
If you are living in rented accommodation then you get rebate in your salary computation.

If you required full tax computation then mail me on

From India, Delhi
prakhar_ss@yahoo.co.in
Find the attached document to find it by urself.........
From India, Hyderabad
Attached Files (Download Requires Membership)
File Type: xls Auto_Tax_Calculator_2008.xls (56.5 KB, 87 views)

Prem Singh Rawat
5

Hi Samantraj,
Greetings for the day!!
Apart from the savings of Rs 1,00,000 under sec. 80C you can save upto Rs 1,50,000 under sec. 24(A) as a Home Loan.
I am attaching a tax break up sheet, you can check the maximum limit of investments for saving tax.
Regards
Prem Singh Rawat
The Department of Human Resouces

From India, Delhi
Attached Files (Download Requires Membership)
File Type: xls TAX_BREAK_UP.xls (55.5 KB, 74 views)

samantraj
12

Hey Prem: PFA the IT Declaration for the same salary structure. Let me know if the Income Tax liability can be reduced or minimized any further ..........:icon14:
From India, Secunderabad
Attached Files (Download Requires Membership)
File Type: xls INCOME_TAX_DECLARATION_2008-09.xls (64.0 KB, 77 views)

samantraj
12

Hey Padhu: It is a Tax Calculator cum IT Declaration Template and the data has been filled by me in the blank template...
From India, Secunderabad
sureshv13
hi friends.. i would like to know in detail about the contribution & calculations towards pf , esi & prof.tax. can anyone help me straight away. thanks suresh
From India, New Delhi
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.






Contact Us Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2024 CiteHR ®

All Copyright And Trademarks in Posts Held By Respective Owners.