Hai i have a doubt.. A female employee who is below 65 years of age earning a net salary of Rs 23480 per month.. Her basic Rs 12670 Per month HRA Rs 6330 Per month Petrol allowance Rs 6000 per month and PF contribution of 12 % is Rs 1520 per month. for the financial year 2008-2009.. and she pays Insurance premium of Rs 2039 each for May, August, November and February.. How much tax she has to pay for the assessment year 2009-2010? What is her taxable amount of HRA and Shall i taken the petrol allowance as transport allowance? Please guide me...
7 Replies
BALASUBRAMANYA B N
(CCI STUDENT....)
(44679 Points)
Replied 23 March 2009
HELLO
PETROAL ALLOWANCE TAKE HAS CONVEYANCE ITS 9600 YOU CAN CLAIM..SHE IS CLAIMING HRA, IF SO THEN HOW MUCH SHE SHOWING AND HOW MUCH EMPLOYER HAS PROVIDING
SUBHASHINI
(Student)
(202 Points)
Replied 23 March 2009
I have calculated as follows,
Basic salary 12670*12 =152040
Hra 6330*12 = 75960
Petrol allowance 6000*12 = 72000
Total 300000
HRA
50 % of salary 76020
Actual HRA 75960
Rent paid - 10% BS 80796 75960
Professional Tax 18240
Premium paid 8156
Petrol allowance 9600
Net Income 188044
Tax liability 805
Is it correct? Somebody please help..
BALASUBRAMANYA B N
(CCI STUDENT....)
(44679 Points)
Replied 23 March 2009
how much rent she paying, and no PT
BALASUBRAMANYA B N
(CCI STUDENT....)
(44679 Points)
Replied 23 March 2009
done the computation pls check out..
note: you should add interest while paying tax...
Attached File : 28 2008-09.xls downloaded: 217 times
BALASUBRAMANYA B N
(CCI STUDENT....)
(44679 Points)
Replied 23 March 2009
HELLO
TELL ME HOW MUCH SHE PAYING THE RENT AND HOW MUCH COMPANY IS PROVIDING RENT TO HER....DONE BUT I NEED SO THAT I CAN DO PROPERLY..U GOT PATTERN SO U CAN ONLY CHANGE....
Manmohan ACA, CS
(Chartered Accountant )
(14243 Points)
Replied 24 March 2009
rent paid not given
empoyee contribution to PF not given
kumar pushparaj
(Practicing Chartered Accountant)
(33 Points)
Replied 24 March 2009
| PARTICULARS | AMOUNT p/m | TAXABLE AMOUNT | ||
| 1 | Basic Salary | 12670 | 152040 | |
| 2 | House Rent Allowance | 6330 | 75960 | |
| 3 | (-)Exempt U/s 10(13A) | 0 | 75960 | |
| 4 | Petrol allowance | 6000 | 72000 | |
| 5 | PF Contribution | 0 | 0 | |
| Gross Total Income | 300000 | |||
| (-) Deduction U/s 80C | 8156 | |||
| Taxable Income | 291844 | |||
| Tax on Income | 14869 | |||
| Education cess | 297.38 | |||
| SHEC | 148.69 | |||
| Total | 15315.07 |
| HRA | |
| i)Amount Received | 75960 |
| ii)50% of Salary | 76020 |
| iii) Rent Paid in excess of 10% of Salary | 0 |
| (Assuming That no rent has been paid) |
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