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How much tax should i pay

Rajesh (Junior Engineer) (48 Points)

03 February 2012

Hi to all,

I dont have any knowledge about tax.I am working in company where i am getting CTC Rs.4,05,000(4Laks 5 thousand ruppes) per annum.

Could any body suggest me how much tax should i pay?

How much amount i am eligible for tax deduction?

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6 Replies

nitin suvarna (C.A FINAL) (828 Points)
Replied 03 February 2012

dear rajesh,

you need to get form 16 from ur company for the same.Also if u have paid any premium for life insurance,mediclaim etc,or purchased a fd for 5 years with a scheduled bank ,or donated any amount eligible u/s 80g you will get such deductions from ypur income .also include any other income like interest ,rent etc. for tax calculation,Also if u have a housing loan u will get good benefits as deduction of int u/s 24 & also the principal repayment u/s 80 c .One needs to file the return before 31st march 2012 if it is for f.y 10-11.

regards,

nitin

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Rajesh (Junior Engineer) (48 Points)
Replied 03 February 2012

Originally posted by : Rajesh
	Hi to all, I dont have any knowledge about tax.I am working in company where i am getting CTC 4,05,000(4Laks 5 thousand ruppes) per annum. Could any body suggest me how much tax should i pay? How much amount i am eligible for tax deduction?

Hi Suvarna,

I am getting salary structure as basics,hra,medical allowance,conveyance allowance,special allowance. other than this i dont have any investments in other areas.

Please help me out.

Harpreet (* * * * * *) (1670 Points)
Replied 03 February 2012

mail me ur salary structure with amount. i will mail back to you with ur tax liability. my mail id is harpreet00 @ hotmail.com

Raghunath Prasad (WORKING) (385 Points)
Replied 03 February 2012

pls right here your salary stacture parts i.e. basic, hra allowances etc and period of salary

Roshan A (Chartered Accountant) (458 Points)
Replied 03 February 2012

Rajesh,

Various calculations are involved,relating to HRA PF and OTHER ALLOWANCES, in calculating the taxable salary in your hands.Also every month your employer would be deducting tax from your salary which he has to pay to the IT Department on your behalf.

I would advise you to meet a CA.

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indraneel karumanchi (student) (49 Points)
Replied 05 February 2012

yup u need to disclose ur salary structure disclosing every thing such as amount of hra pf every thing or else it is better to consult a junior accountant