Tax calculation (HRA)
This query is : Resolved
28 March 2009
I work on contract basis with software firms. I need feedback regarding my tax calculation.
How do i calculate my HRA and Tax when i'm paid lumpsum by any firm. It is 50,000 per month and i was on contract only for 7 months.Before this, I worked elsewhere for 15,000 per month for 4 months.
I paid 6,500 per month as rent at noida.
The total income was 4,10,000 and TDS (tax deduction at source was 10.3% at both the places) how much do you think would be my HRA??
Awaiting your early reply
Thanks & regards
Arun
How do i calculate my HRA and Tax when i'm paid lumpsum by any firm. It is 50,000 per month and i was on contract only for 7 months.Before this, I worked elsewhere for 15,000 per month for 4 months.
I paid 6,500 per month as rent at noida.
The total income was 4,10,000 and TDS (tax deduction at source was 10.3% at both the places) how much do you think would be my HRA??
Awaiting your early reply
Thanks & regards
Arun
28 March 2009
I think ur are on contract basis, not a employee
29 March 2009
You must take the deduction of rent paid u/s 80GG which is minimum of
1.2000/- per month
2.25% of Adjusted GTI
3.Rent paid - 10% of GTI.
1.2000/- per month
2.25% of Adjusted GTI
3.Rent paid - 10% of GTI.
29 March 2009
Hi Nitin
Thanks for the reply but what is GTI and how do i calculate it?
Thanks for the reply but what is GTI and how do i calculate it?
29 March 2009
GTI = Gross total income
For the above section, GTI = Total income - deductions under chapter VIA - Long term capital gains - short term capital gains.
For the above section, GTI = Total income - deductions under chapter VIA - Long term capital gains - short term capital gains.
29 March 2009
Hi Nitin
Now considering that there is no other income source other than that mentioned, total HRA for my income would be 24,000.
Am i right?
Now considering that there is no other income source other than that mentioned, total HRA for my income would be 24,000.
Am i right?
30 March 2009
Yes.
Deduction u/s 80-GG comes to 24000/-.
Deduction u/s 80-GG comes to 24000/-.
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