Dear Experts,
Please find the following details of my monthly Salary structure and I am working on Contract for Software firm, kindly help & give some tips on Tax benefits. How much minimum I can invest to save the Tax.
Basic 22,500.00
HRA 11,250.00
Flexi 38,550.00
Total: 72,300.00
Deduction
Tax - FTM 8,422.00
Prof Tax 200.00
PF 2,700.00
Total - 11,322.00
As of now I have Paid Rs. 25,000/- Insurance Premium, House Rent monthly Rs. 11,000/- and I am Pursuing MBA education from Pvt firm on monthly EMI basis of 3200/- per month.
Also I would like to inform that this Salary hike started from the month August 2008 since I left my previous company.
Thanks & regards
Mahesh
From India, Mumbai
Please find the following details of my monthly Salary structure and I am working on Contract for Software firm, kindly help & give some tips on Tax benefits. How much minimum I can invest to save the Tax.
Basic 22,500.00
HRA 11,250.00
Flexi 38,550.00
Total: 72,300.00
Deduction
Tax - FTM 8,422.00
Prof Tax 200.00
PF 2,700.00
Total - 11,322.00
As of now I have Paid Rs. 25,000/- Insurance Premium, House Rent monthly Rs. 11,000/- and I am Pursuing MBA education from Pvt firm on monthly EMI basis of 3200/- per month.
Also I would like to inform that this Salary hike started from the month August 2008 since I left my previous company.
Thanks & regards
Mahesh
From India, Mumbai
Hi Mahesh,
Your Total annual income is 867600.
Up to 150000 there is no TAX so 867600-150000=717600
Now u can claim tax benefits like HRA = 105000
PF - 32400
PT - 2400
Insurance - 25000
Education - 38400
Mediclaim Insurance - 15000 ( if u have any dependent above age is 65 years, an extra 5000/- can be claimed)
Car maintenance - 1200 per month ( if u have driver u can claim extra 600 per month)
if u have any housing loans and interests up to 150000/
u are also eligible under 80 c upto 1 lakh. but u have only 25000/- u may take another one policy for Rs. 75000/ premium per month
Now u taxable amount is 477800.
If u want exact u taxable amount and tax payable amount u can consult tax consultant.
Thanks and REgards
sree
From India, Pune
1Your Total annual income is 867600.
Up to 150000 there is no TAX so 867600-150000=717600
Now u can claim tax benefits like HRA = 105000
PF - 32400
PT - 2400
Insurance - 25000
Education - 38400
Mediclaim Insurance - 15000 ( if u have any dependent above age is 65 years, an extra 5000/- can be claimed)
Car maintenance - 1200 per month ( if u have driver u can claim extra 600 per month)
if u have any housing loans and interests up to 150000/
u are also eligible under 80 c upto 1 lakh. but u have only 25000/- u may take another one policy for Rs. 75000/ premium per month
Now u taxable amount is 477800.
If u want exact u taxable amount and tax payable amount u can consult tax consultant.
Thanks and REgards
sree
From India, Pune
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