Hi,
I have provided my sister's last month's salary SIP Form 16 summary. Can anyone tell me how much my taxable income is?
Form 16 Summary:
------------------
Gross Salary - 2,97,438.66
Exemption U/S 10 - 58,547.84
Balance - 2,38,890.82
Employment Tax (pro Tax) - 1,095.00
Aggregate Deduction - 1,095.00
Income under Head Salary - 2,37,795.82
Gross Total Income - 2,37,795.82
Aggregate of Chapter VI - 1,00,000.00
Total Income - 1,37,800.00.
In this, I plan to give HRA Rs.7,500.00 as her actual HRA is 8,500/month, and she is also paying Rs. 8,000 per month as rent in the metro. After that, how much amount does she need to invest in any of the insurance premiums? Please tell me quickly because she has to report it within a couple of days. (Basic Pay is Rs.10,050, PF deduction is Rs.1206 per month.)
Thank you.
From India, Delhi
Acknowledge(0)
Amend(0)
I have provided my sister's last month's salary SIP Form 16 summary. Can anyone tell me how much my taxable income is?
Form 16 Summary:
------------------
Gross Salary - 2,97,438.66
Exemption U/S 10 - 58,547.84
Balance - 2,38,890.82
Employment Tax (pro Tax) - 1,095.00
Aggregate Deduction - 1,095.00
Income under Head Salary - 2,37,795.82
Gross Total Income - 2,37,795.82
Aggregate of Chapter VI - 1,00,000.00
Total Income - 1,37,800.00.
In this, I plan to give HRA Rs.7,500.00 as her actual HRA is 8,500/month, and she is also paying Rs. 8,000 per month as rent in the metro. After that, how much amount does she need to invest in any of the insurance premiums? Please tell me quickly because she has to report it within a couple of days. (Basic Pay is Rs.10,050, PF deduction is Rs.1206 per month.)
Thank you.
From India, Delhi
Acknowledge(0)Amend(0)
She is not falling under taxable income. Her taxable income is 137,800 whereas she has got ceiling upto 190,000 Regards R.Ponraj
From India, Lucknow
Acknowledge(0)Amend(0)
616From India, Lucknow
Acknowledge(0)Amend(0)
No need to invest. Her slaray is under limit ans not taxable. If she want to invest any more she can choose VPF/PPF account saving.
From India, New Delhi
Acknowledge(0)Amend(0)
From India, New Delhi
Acknowledge(0)Amend(0)
Hi Pradeep,
I think this is a projected calculation till March 2011, and the deduction under section 10 and Chapter VI A may also include the declared amount. Please confirm if the aggregate of Chapter VI - 1,00,000.00 is the declared amount of investment. If so, what is the actual investment she has? If she does not have any investment, then PF (1206*12 = 14472) will be the actual amount under Chapter VIA, which will result in an increase in the gross taxable income, i.e., it will be 237796-14472 = 223324 (10% tax) plus education cess (3%) equals 100. Therefore, the total tax will be 3432/-. The actual calculation can be provided once you clarify the actual investment.
Regards,
Siji
From India, Mumbai
Acknowledge(0)Amend(0)
I think this is a projected calculation till March 2011, and the deduction under section 10 and Chapter VI A may also include the declared amount. Please confirm if the aggregate of Chapter VI - 1,00,000.00 is the declared amount of investment. If so, what is the actual investment she has? If she does not have any investment, then PF (1206*12 = 14472) will be the actual amount under Chapter VIA, which will result in an increase in the gross taxable income, i.e., it will be 237796-14472 = 223324 (10% tax) plus education cess (3%) equals 100. Therefore, the total tax will be 3432/-. The actual calculation can be provided once you clarify the actual investment.
Regards,
Siji
From India, Mumbai
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
Taxable Income.doc
Income Tax Calculation 2009-10 - Salaries.xls