Please suggest me whether the below mentioned Deduction are Correct or not
Gross Salary 396000
Deductions H R A 118800 Transport Allowance 18000 Conveyance Allowance 9600 Education Allowance 2400 Medical Allowance 15000 Petrol & Vehicle Maintainance for car 14400 Leave Travel Allowance 30000 Telephone Allowance 18000
Total Deductions 226200
Standard Deductions Provident Fund 9360 Professional Tax 1800
11160 Total Deductions (226200+11160) 237360 Net Income 158640
I could not understand whether the amounts you have shown as deductions are included in the figure of 396000 or not. Even though these are included in this figure, the deduction amount will be calculated as per the seperate IT rule.
I suppose, you have already received your Form 16 issued by your employer. There you would find the actual deduction calculation.
Please confirm if this is your salary income details or some imaginary figure. I can help you in this issue.
CAclubindia
