Please suggest me how to save and pay the tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 June 2012 Hi,

I have listed the salary and my expenses ,please advise me how to minimize the TAX Amount

Income -
Salary - 600000

Expenses

House rent - 8500 per month

I don't know anything about the tax, I felt really happy that I have seen lot of experts in this sites.

Please advice , How can I plan for this

Raja

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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01 June 2012 Only with the complete break up of Salary income we can calculate or suggest the tax savings.

Querist : Anonymous

Querist : Anonymous (Querist)

01 June 2012      Basic Salary (Basic+DA) 383,916
     H.R.A received 118,128
     Conveyance allowances 9,600
    allowances 78,996
    Professional Tax 2,400
PF 9,360

Total 6L per Annum

Hope this details are enough

raja

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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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01 June 2012 Your Basic salary & DA fully taxable

HRA is exempted subject to the rent payment

Conveyance allowance is fully taxable

Other allowances - if the nature is official then exempted otherwise taxable

PF - Your contribution is covered under 80C and employer contribution exempted

you can save up to Rs. 1 lakh under 8OC in various options like. PPF, NSC,LIC Premium, Housing principal, Children tuition fees etc.
Under 80D you can save up to Rs.15000 for Mediclaim premium and Rs.5000 for preventive health checkup

Querist : Anonymous

Querist : Anonymous (Querist)

01 June 2012 Thank you. Is it possible to talk to you. i have questions about it.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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01 June 2012 you can reach me at :cma.rameshkrishnan@gmail.com

Querist : Anonymous

Querist : Anonymous (Querist)

01 June 2012 Sir Please come in online