10 April 2012
gud evening to all experts no other experts Solve my query. My query is simple. That calculate my tax liablity as per detail given below. rent paid 6000
basic salary = 12822 hra(40% salary) = 5129 transport allowance= 800 madical remburisment= 1250 total =20000
my calculation
hra calculation
hra rec. = 5129 rent paid - 10& salary = 4718 40% of salary= 5129 least of these= 4718 taxable amt.(5129-4718)=411
basic salary = 12822 153864 taxable hra = 411 4932 less transport exp= 800 madical facilities =1250 add bonus = 20000 total salary = 178796
less lic 11300 167496
tax no tax liablity income less than slab rate
but sir my query started hare . In fy. Year 11-12 my salary increase 2000 (20000+2000=22000) from october"12.now my query is that what will my total tax liablity . Main query is that how I will calculate..plz reply it is very importanr for me. plz plz
11 April 2012
You have calculate your salary income in two different part For period Apr to Sept '11 For Period Oct to Mar'12 The total of the two will be your income
As you mentioned that there is hike of Rs 2000 from Oct please share the breakup of salary from Oct after reveion i.e Basis , HRA , Transport allowance etc. Either provide me the detail so than i can do the working for you or you can do it yoursef as you diid in your query. Calculation in the query is ok. Rgds CA Sandeep Diwan
11 April 2012
Dear Rajiv-please check the break-up rs.2k per month increase since Oct'11 and apply the same in accordance to the process you deployed in your query.
11 April 2012
can u not tell me only this that what will be my tottal tax liablity.for your information i want to told you that only basic salary will be changed basic salary- 14251 hra ( 40 % salary) 5699 transport 9600 madical remburisment 15000 total salary 22000 now sir plz tell me what will my total tax liablity from april "11 to march "12. note- madical bill will be add in mr total income bcoz we can"t deposit madical bill . plz sir reply
11 April 2012
Dear Rajeev: you can enjoy tax exemption despite the increase you did mention. Conveyance Allowance Rs.9600/- and Medical Rs.15000/- fully exempted. Further under Sec 80C you can enjoy upto Rs.1L where you can club EPF,LIC,etc. However to claim your HRA exemption you need to submit Rent Receipts of required amount.