taxable income
This query is : Resolved
02 April 2010
MY SALARY DETAIL IS AS FOLLOWS
BASIC SALARY 18000
CONVEYANCE ALLOWANCE 2000
MY TAXABLE SALARY IS 240000
NOW SIR PLEASE TELL ME WHAT IS MY TAXABLE INCOME.AS PAR MY KNOWLADGE THE NEW SLAB RATE AFTER BUDJET(AY. 10-11)160000 UPTO 500000 10%. SO SIR PLEASE TELL ME WHAT IS MY TAXABLE INCOME.AS PAR MY KNOWLADGE THE CALCULATION OF MY TAXABLE SALARY IS MAY BE
BASIC SALARY 18000(18000*12)216000
CONVEYANCE ALLOWANCE 2000(2000*12)24000
CONVEYANCE ALLOWENCE DEDUCTION IS 800 PER MONTH.
24000-9600 -14400
NET SALARY 216000+14400-230400
160000 UPTO NIL
THAN BALANCE AMT. 70400
SO MY TAX 70400*10/100- 7040
SIR IF MY CALCULATION IS WRONG SO SIR PLEASE TELL ME WITH EXAMPLE .PLEASE CLEAR MY DOUBT ABOUT CONVEYANCE ALLOWANCE LIMIT THANKS IN ADVANCE.
BASIC SALARY 18000
CONVEYANCE ALLOWANCE 2000
MY TAXABLE SALARY IS 240000
NOW SIR PLEASE TELL ME WHAT IS MY TAXABLE INCOME.AS PAR MY KNOWLADGE THE NEW SLAB RATE AFTER BUDJET(AY. 10-11)160000 UPTO 500000 10%. SO SIR PLEASE TELL ME WHAT IS MY TAXABLE INCOME.AS PAR MY KNOWLADGE THE CALCULATION OF MY TAXABLE SALARY IS MAY BE
BASIC SALARY 18000(18000*12)216000
CONVEYANCE ALLOWANCE 2000(2000*12)24000
CONVEYANCE ALLOWENCE DEDUCTION IS 800 PER MONTH.
24000-9600 -14400
NET SALARY 216000+14400-230400
160000 UPTO NIL
THAN BALANCE AMT. 70400
SO MY TAX 70400*10/100- 7040
SIR IF MY CALCULATION IS WRONG SO SIR PLEASE TELL ME WITH EXAMPLE .PLEASE CLEAR MY DOUBT ABOUT CONVEYANCE ALLOWANCE LIMIT THANKS IN ADVANCE.
02 April 2010
YOU ARE ABSOLUTELY CORRECT.
BUT YOU FORGOT TO ADD CESS 3%.
YOUR TAX LIABILITY = RS 7251
BUT YOU FORGOT TO ADD CESS 3%.
YOUR TAX LIABILITY = RS 7251
02 April 2010
THE LIMIT OF RS. 800/- PM IS FOR TRANSPORT ALLOWANCE,
FOR CONVEYANCE ALLOWANCE NO SPECIFIC LIMIT IS PRESCRIBED, IT EXEMPT UP TO ACTUAL EXPENSE MADE FOR PERFORMANCE OF DUTIES OF AN OFFICE.
FOR CONVEYANCE ALLOWANCE NO SPECIFIC LIMIT IS PRESCRIBED, IT EXEMPT UP TO ACTUAL EXPENSE MADE FOR PERFORMANCE OF DUTIES OF AN OFFICE.
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