Matter of tax calculation

This query is : Resolved

Guest

Guest (Querist)

10 April 2012 good morning sir,
plz calculate tax liablity of my friend by detail given below. he live from uttarakhand.

rent paid 6000 per month

basic salary- 12822
hra (40% of salary) 5128
transport allowance 800
madical remburisement 1250
total salary 20000
80 c detail.
lic 11300

but sir from month of oct"11 salary increased 2000 (20000+2000=22000)

sir plz calculate my total tax liablity

CA Kishore Tallam

CA Kishore Tallam (Expert)
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10 April 2012 Can u provide salary structure after increment of Rs. 2,000 also so that i can give u exace tax liability.

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Guest

Guest (Querist)

10 April 2012 sorry sir i have salary structure only when was my salary is 20000 plz sir help

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Guest

Guest (Querist)

10 April 2012 reply sir

CA Kishore Tallam

CA Kishore Tallam (Expert)
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10 April 2012 Ur tax liability is 0 subject to you submit proper Rent Receipt, Premium paid receipt and medical bills for Rs. 15,000.
Even if u are unable to submit medical bills also, no tax is payable by u.
Ur taxable income after submission of medical bills is Rs. 159,486 and before submission is Rs. 174,486.
Hence, no tax.

Guest

Guest (Querist)

10 April 2012 but sir what is the calculation after increaement from oct"11

CA Kishore Tallam

CA Kishore Tallam (Expert)
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10 April 2012 It is after increment only. But i have considered that increment of Rs. 2,000 as taxable only on safe side. Even then ur income is not taxable.

Guest

Guest (Querist)

10 April 2012 sir can u tell me in breif as i give u breakup wise plz sir it is very urgent 4 me

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CA Kishore Tallam

CA Kishore Tallam (Expert)
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10 April 2012 U know the gross salary right. Its 252,000.
TA is fully exempt - Rs. 800*12 = Rs. 9,600
LIC Deduction - Rs. 11,300
HRA Deduction is Rs. 56,614 lower of below:
1. 40% of Basic = 12,822*12*40% = 61,545
2. Actual HRA received = 5,128*12 = 61,536
3. Rent Paid - 10% of Basic = (6,000*12)-(153,864*10%) = 56,614
Total deductions = Rs. 77,514.
Net Salary before Medical Remi = Rs. 174,486.
Less: Med reim (on submission of bills) = 15,000
Net Salary after Medical Reim = Rs. 159,486.
Hope this clarifies ur purpose.

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Guest

Guest (Querist)

10 April 2012 this is structure after both salary

Guest

Guest (Querist)

10 April 2012 hie it will come dont know calculation