Gross Salary = Rs.240000/- as per IT Exemption for Men = Rs.150000/- HRA Exemption = Rs.60000/- Travelling Allowance exempt = Rs.9600/- LiC = Rs.7561/- In form 16 under a head of Gross Salary in (a) which amount i have to show, whether i have show total amount = Rs.240000/- or 240000-150000/-, if i take gross salary 240000/-, in serial no. 11- total income will be = Rs.162839/- next column 12. tax on total income = 162839 x 10%. Actually Total income should be 162839-150000/-. My question is, which amount i have show in under gross salary.
24 June 2009
Please start reading the form from Serial no. 1. U will get all the answers. Serial No. 11: Total Income means gross total income (in ur case taxable salary) less 80-C. Start computing tax on total income at noraml rates. i.e. after granting 150000/- exemption.
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