I have been working in a private firm for past 4 years .But i dont know anything about income tax .Some one please help me to understand the income tax from the basic and provide me some ideas to save the income tax. Thanks in advance .
From India, Chennai
From India, Chennai
Hi,
1st step is how they designed your salary.
HRA - is highly tax saving component in salary strucher.
Conveyence- 800
Medical - 1250
Sodexho - 2200
Telephone - 1500
Car , Meal Coupons, LTA, Uniform aloowances, CEA ( these are the salary components and you can save income tax on these)
Investments:
80(C) upto 1 lac tax is exempted ( policies,PF,PPF,fixed deposit, tution fees,home loan principle, NSC, shares)
80E- education loan interest, total interest exempted.
From India, Mumbai
4271st step is how they designed your salary.
HRA - is highly tax saving component in salary strucher.
Conveyence- 800
Medical - 1250
Sodexho - 2200
Telephone - 1500
Car , Meal Coupons, LTA, Uniform aloowances, CEA ( these are the salary components and you can save income tax on these)
Investments:
80(C) upto 1 lac tax is exempted ( policies,PF,PPF,fixed deposit, tution fees,home loan principle, NSC, shares)
80E- education loan interest, total interest exempted.
From India, Mumbai
Hi Aditya,
Thanks for the information.
My pay slip has following components ,
Basic : 16,446
HRA : 8,223
Special Allowance : 1,505
Other Allowance : 12,268
STATUTORY BONUS : 700
Apart from this i am having following deductions ,
PF : 1,974
Prof Tax : 200.
what is my taxable income and what is the maximum exemption i could get ?
Kindly provide some information .
Thanks ,
Prabaharan.
From India, Chennai
Thanks for the information.
My pay slip has following components ,
Basic : 16,446
HRA : 8,223
Special Allowance : 1,505
Other Allowance : 12,268
STATUTORY BONUS : 700
Apart from this i am having following deductions ,
PF : 1,974
Prof Tax : 200.
what is my taxable income and what is the maximum exemption i could get ?
Kindly provide some information .
Thanks ,
Prabaharan.
From India, Chennai
Hi,
basic is fully taxable
HRA if you are staying in home then you avail the benefit submitting by the proof, for calculation i need rent amount.
other allowances fully taxable
special allowances fully taxable
bonus amount is also fully taxable
PF - total amount and interest tax free
PT - is also tax free
From India, Mumbai
basic is fully taxable
HRA if you are staying in home then you avail the benefit submitting by the proof, for calculation i need rent amount.
other allowances fully taxable
special allowances fully taxable
bonus amount is also fully taxable
PF - total amount and interest tax free
PT - is also tax free
From India, Mumbai
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How to save income tax in India.pdf
Income Tax Calculator.xls