Reduce tax

This query is : Resolved

kailash garg (Querist)
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02 September 2016 Dear sir,

i M kailash garg
my salary is 49000/-
basic + specail allowance + Ex Alowance;

I like toreduce my tax Amount and my personnel dept deducting around 3000/- per month as tax

so please give the detail to get benefit under some heads:
HRA
Medical exp/Transport
Mobile exp/ newspaper
LTA
87a Rebate 5000

Also provide me the Tax calculation of my salary of 49000

kailash garg
9845880630

ALKESH T MEHTA

ALKESH T MEHTA (Expert)
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05 September 2016 Your income-tax as per your salary Rs.49000/-p.m.comes to Rs.42600/-.So,you ask your personnel dept.to give income-tax calculation sheet.After getting details of income-tax calculations from your co.,further planning to reduce tax can be done.

kailash garg

kailash garg (Querist)
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06 September 2016 dear sir

calculation sheet:

basic 49000*12= Rs: 588000
LTA: 20000
Award:32000
Hra: 44000
less: 2400 (Professional tax)
Gross tax salary: 681600/-
Mini salary 250000
deductio 80: 150000

taxable salary; Rs.281600

(10% *250000) +(31600*20%) =RS.31320/-

Now please tell me some option to deduce the tax amount

k garg

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ALKESH T MEHTA

ALKESH T MEHTA (Expert)
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07 September 2016 You can have still scope by investing Rs.50000/- in New Pension Scheme & reduce your tax liability to Rs.Nil.