Income tax payable

This query is : Resolved

Bhupinder Bhardwaj (Querist)
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03 May 2014 My salary is Rs. 27000 pm after deductions
I pay House rent Rs. 5000 pm
My Insurance Premium paid yearly is Rs. 18900.
What will be my income tax payable. kindly provide me the calculations.
Also I want to know whether House rent is deducted from total annual income for paying tax and if yes to what limit.
Please help me if you can provide me how much more should I invest under 80c to obtain tax rebate.

CA Devanand Jethanandani

CA Devanand Jethanandani (Expert)
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03 May 2014 Hi Bhupinder,

You can get deduction of rent of house property if you are receiving HRA from employer.

Can you share your salary structure ? to calculate your tax liability and how much you need to invest more to save tax maximum.

Regards,
Devanand

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Bhupinder Bhardwaj

Bhupinder Bhardwaj (Querist)
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03 May 2014 Salary Rs. 27000 per month after deduction (EPF, DA)
HRA Rs. 5500 per month
LIC Premium Rs. 16180

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CA Devanand Jethanandani

CA Devanand Jethanandani (Expert)
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03 May 2014 Hi Bhupinder,

If you are receiving conveyance allowance,it allowed as deduction upto Rs.800 per month.

You will get deduction of HRA least of below,

1. Rent paid Less 10% of salary
2. HRA actual received
3. 50% of salary if residing in matro cities, else 40%

( Salary for this purpose = Basic + D.A. )

Give effect of above deductions and allowances, insurance etc. then you will get the taxable salary income

Regards,
Devanand