I want to know how calculate lic, house rent calculation % wise / how?
our company staff claim to us lic and house rent for there income deduction (exp.one employee yearly income from company 175272/- and he show the his yearly lic policy 11,000/- rent show monthly 3000/- mediclaim his personal yearly 3000/-) now how was the amount deduct from his salary monthly.
please given me the details , I am confused about income tax calculate with employee shows there investment? how calculate there incometax deduct amount.
15 July 2009
Hi, Just calculate the probable income tax payable by the employee after all deductions i.e. LIP, mediclaim etc. The tax so arrived has to be evenly deducted throughout the year.
15 July 2009
poonam, u have to calculate exemption U/S 10(13) HRA by giving 40-50% as per city & considering basc salary .Then deduction in 80(c) & 80D then compute TAX .finally deduct in 12 instalments.
CAclubindia
