How i calculate income tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 January 2014 Dear All

Please Solve Mu Confission about this

May Basic Salary is 179000/- Per Year
Conveyance allownce 24000/- Per Year
HRA 60000/- Per Year

My CA Sais That My all Income Is Tax free and Other CA Said That It Is Taxable Please Tell Me Through Calculation
Thanks

CA Mohit Bansal

CA Mohit Bansal (Expert)
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29 January 2014
Yes you are not chargeable to Income Tax provided you are paying house rent

Gayathri Devi

Gayathri Devi (Expert)
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29 January 2014 Exemption limit is Rs.200000/ per year. In your case the tax calculation as follows
Basic salary - 179000
Conveyance - 14400 (24000-(800*12))
total - 193400

claim HRA as fully paid with rent receipt from your landlord.

Finally income is less than Rs.200000/ hence it is not taxable.

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Querist : Anonymous

Querist : Anonymous (Querist)

29 January 2014 But I m in my own house I had not paid any rent

Gayathri Devi

Gayathri Devi (Expert)
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29 January 2014 then it is taxable only