A learner (Corporate Accounts ) (345 Points)
05 January 2010hi friends...
i have atached herewith a salary slip. Please give your suggestion regarding breakup i should choose coz co. gives me option to make my breakup.
Please note
for HRA purpose that i am residing in pune and paying rent 10000 per month.
for Children allowance purpose that i am unmarried
PLease suggest some saving devices in 80C so that my tax payment is minimized.
Amir
(Learner)
(4016 Points)
Replied 05 January 2010
1) Maximum exemption of HRA will be Rs. 42,840
2) Instead of Medical Allowances, u can luk for medical reimbursements exempt upto 15,000..
3) Ideal Investments u/s 80 C would be in ELSS Mutual Funds...
A learner
(Corporate Accounts )
(345 Points)
Replied 05 January 2010
thanks dear..
how you arrived at this HRA exemption figure..please give a brief working
Amir
(Learner)
(4016 Points)
Replied 06 January 2010
Exemptin of HRA will be LEAST OF THE FOLLOWING AMOUNT:-
1) AMOUNT OF HRA RECEIVED
2) 40% OF (BASIC + DA+ Fixed % on turnover) = 40%(1,07,100+0+0) = 42,840
3) rent paid-10%(BASIC + DA+ Fixed % on turnover) = 1,20,000 - 10%(1,07,100+0+0) =1,09,290
Therefore maximum anount that can be claimed is Rs. 42,840
jeyalakshmi
(articled assistance)
(28 Points)
Replied 16 April 2011
Any body can give me share based accounting notes in financial reporting of ca final exam
CAclubindia
