14 January 2012
sir, my total income from my salary is 314363 rupees and arrear is 113224 rupees in 2011-2012. so my total income is 427587 rupees. my h.r.a. is 11040 and group insurance is 1028. i live on rent of 4000 per month and my tax saving is of 100000. so what will be income tax? i am a government teacher in aligarh (u.p.)
14 January 2012
Ur salary which you mention 314363.00 . including HR & Insurance..? HR-Calculation:Sec10(13A) Rule-2A
Least of the following is Exempted.
1-Actual Amount Received 11,040 2-Rent Paid-10% of Salary* 16,564 3-50%or 40% of Salary( B.salary+DA)1,57,181 *50% Metro City. *40% Non Metro. Exemption Amount 11040 Income Tax Calculation. Total Salary income= 4,27,587 less Exemption U/s 10(13A) 11,040 Less Exemption U/s 80c 80u 1,00,000 ----------- Amount for Tax liability =3,16,547
Tax Slab. 0 to 180000 0 =0 180000 to 300000 10% * =13655 Add Edu.& SHE Cess 3% = 410 ------------- Taxable Amount =14065
CAclubindia
