27 October 2007
Nirma aged 27 years having employed in mnc from may 2006 getting a salary 25000 pm, she pays her house rent of rs 5000/-. She paid annully 12300/- as a lic premium of her own, lic of her dependent father 5000/- and her dependent mother 4500/-.. she invest 12000/- in tax saving bond annully.She also had a fixed deposit of rs 10000/-annuly started fronm nov 07 The detaisl of her salary as given below BASIC 7,500.00 HOUSE RENT ALLOWANCE 4,500.00 CONVEYANCE ALLOWANCE 800.00 LTA 1,000.00 MEDICAL REIMBURSEMENT 1,500.00 SPECIAL ALLOWANCE 7,140.00 TOTAL 22,440.00 PROVIDENT FUND (-)900.00 GRATUITY (-)360.00 TOTAL 1,260.00 FOOD COUPONS (-)1,100.00 MEDICAL INSURANCE (-)200.00 TOTAL 25,000.00
Her father recently admitted in hospital in which she received as medicliam of rs 150000/- whole amount received by the hospital for the surgery of her father. The company also pay 3500/- as post 60 days expense ad per the company norms and policy. Please calculate the tax payable for the ay 2008-09 and please advice her for what are the others ways to save her tax.
30 October 2007
first of all, you should let us know your disposable income, that is the amount you have on hand after considerting your normal and excigency expenditure
I would advise NSC investment of around 10000/-
Then Probably PPF 5000/- ( @8.5% interest) if you are patient investor as this will be blocked for 16 years
CAclubindia
