1. Less : Allowances Exempt HRA Conveyance LTA Food Coupans
2. Less : Profession Tax
3. Less : Deductions u/s 80C PF LIC MF Others
4. Deduction u/s 80D Medical Insurance Higher Insurance
Taxable Salary..................2,27,760
Income Tax.......................30,552 Cess................................917 Total Tax........................31,469 Tax Deducted......................3,296 Balance Tax to be Deducted.......28,173
The computation of tax on salary would be calculated takling into consideration salary income from both the employers. Further, the deduction shall be allowed only once allowable under the law. eg. Ded. u/s 80C shall be limited to Rs.100000/-.
So as per present case, Salary = 227760
Tax on T.Income = 8448 Add: E.Cess 253 Total Tax 8701 Less: TDS 3296 Net Tax payable 5405
Calculated for A Y 08-09 Assumed no investment.
PLease ignore the calculation done by Prakash. Rgds/ Vineet
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