Worried about my tax calculation...

This query is : Resolved

harsh (Querist)
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28 December 2012 dear sirs,

not much of an tax savvy, however representing my data for you all to guide regarding the same.

payband+gradepay+basicpay+da+hra+cca = Total

this total is equilaent to amount =

314532

Less Epf that is : 9360

314532 - 9360 = 305172
Less as for female sister : 200000
105172 now education cess 316

total = 10900 hope its clear and correct ::

Now question is to save this much amount of 10900. what one need to do for the same, I am confused what i precieve as per my understandings that i only need to invest this much only in either of following FFD, mutual fund.

Friends suggest you need to invest 1 laks in any form

Please Guide in this respect...
how one can ascertain returns on Mutual fund. to save 10% as per 200000 band limit.

@VaibhavJ

@VaibhavJ (Expert)
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29 December 2012 Hey HI,

Total limit for 80C is 1Lac which include PF contribution.

For list of instruments in which you can invest, pl refer to :
https://www.caclubindia.com/forum/deductions-under-chapter-via-of-income-tax-act-231661.asp

Also you can claim HRA if you are not staying in owned property, its helps in major to tax saving.

Mediclaim premium paid u/s80D can give you benefit of 15K to 40K.

Investment in Mutual Fund is Subject to Market Risk so its not advisable, you can go for secured scripts if you are opting for MF or balanced one can be good.

Hope i am able to solve your queries.

Thanks!!

harsh

harsh (Querist)
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29 December 2012 @ vaibhav,

sir, please clear the base question, to save 10900 do i have to invest the figure achieved that is 105172... simple and clear i do understand limit upto 1 lakhs only...

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@VaibhavJ

@VaibhavJ (Expert)
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29 December 2012 Hi,

Your Taxable gross is Rs.3,14,532/-

After Rs. 2 lac std deduction amount left for investment is Rs.1,14,532/-

So u need to make total Investment of Rs. 1,14,532/=

So excluding EPF contribution bal. amt would be Rs. 1,05,172/=

Your 80C balance will be Rs. 90,640 ( 100000 - 9360)

Balance Rs. 14,532/= you can opt for other instruments.

Thanks!!

harsh

harsh (Querist)
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29 December 2012 @Vaibhav :: quite clear,
Apparently one more thing as an question what do u mean by saying :: Balance 14532 to be invested with other instruments, kindly provide link, thanks for helping a slow guy like me... hope not disturbing...
if you caould elaborate other instruments?

harsh

harsh (Querist)
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29 December 2012 one more thing if i decide to pay tax instead of saving then what is the figure :: 105172 * 10% = 10517.2

3 % edu cess :: 10517 * 3% = 319 + 10517 = therefore 10892

is the final figure hope i computed it right can i directly debit the same through my netbanking...

@VaibhavJ

@VaibhavJ (Expert)
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29 December 2012 Hi

Since limit for 80C is only one lac. To claim deduction you can take shield of 80D, 80G etc..

Refer link for more such instruments where you can invest / amt spent is eligible for deduction.

https://www.caclubindia.com/forum/deductions-under-chapter-via-of-income-tax-act-231661.asp

Thanks!!

@VaibhavJ

@VaibhavJ (Expert)
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29 December 2012 Hi

Tax calculated figure is correct!!

Taxable Income would be Rs. 1,05,170/- after rounding off (U/s 288A)

& Tax Payable would be Rs. 10,890 after rounding off (U/S 288B)

So you know about calculations isnt that impressing!!

Thanks!!

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