Matter of calculation

This query is : Resolved

Guest

Guest (Querist)

10 April 2012 gud evening to all experts
no other experts Solve my query. My query is simple. That calculate my tax liablity as per detail given below.
rent paid 6000

basic salary = 12822
hra(40% salary) = 5129
transport allowance= 800
madical remburisment= 1250
total =20000

my calculation

hra calculation

hra rec. = 5129
rent paid - 10& salary = 4718
40% of salary= 5129
least of these= 4718
taxable amt.(5129-4718)=411

basic salary = 12822 153864
taxable hra = 411 4932
less transport exp= 800
madical facilities =1250
add bonus = 20000
total salary = 178796

less lic 11300 167496

tax no tax liablity income less than slab rate

but sir my query started hare . In fy. Year 11-12 my salary increase 2000 (20000+2000=22000) from october"12.now my query is that what will my total tax liablity . Main query is that how I will calculate..plz reply it is very importanr for me.
plz plz

Sandeep Diwan

Sandeep Diwan (Expert)
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11 April 2012 You have calculate your salary income in two different part
For period Apr to Sept '11
For Period Oct to Mar'12
The total of the two will be your income

As you mentioned that there is hike of Rs 2000 from Oct please share the breakup of salary from Oct after reveion i.e Basis , HRA , Transport allowance etc. Either provide me the detail so than i can do the working for you or you can do it yoursef as you diid in your query. Calculation in the query is ok.
Rgds CA Sandeep Diwan

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CMA Ashutosh Kumar Gupta

CMA Ashutosh Kumar Gupta (Expert)
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11 April 2012 Dear Rajiv-please check the break-up rs.2k per month increase since Oct'11 and apply the same in accordance to the process you deployed in your query.

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Guest

Guest (Querist)

11 April 2012 can u not tell me only this that what will be my tottal tax liablity.for your information i want to told you that only basic salary will be changed
basic salary- 14251
hra ( 40 % salary) 5699
transport 9600
madical remburisment 15000
total salary 22000
now sir plz tell me what will my total tax liablity from april "11 to march "12.
note- madical bill will be add in mr total income bcoz we can"t deposit madical bill .
plz sir reply

Guest

Guest (Querist)

11 April 2012 sir wht happen y u not reply

CMA Ashutosh Kumar Gupta

CMA Ashutosh Kumar Gupta (Expert)
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11 April 2012 Dear Rajeev: you can enjoy tax exemption despite the increase you did mention. Conveyance Allowance Rs.9600/- and Medical Rs.15000/- fully exempted. Further under Sec 80C you can enjoy upto Rs.1L where you can club EPF,LIC,etc. However to claim your HRA exemption you need to submit Rent Receipts of required amount.