Arun Prakash (Manager HR - Generalist) (112 Points)
05 September 2011Dear Sir,
Iam working in newly started IT Company as a HR Manager in chennai. I have a confusion in tax deduction for the Amount of Rs.47500/60000/65000.
Can anyone forward the details of Tax exemption above mentioned salaries.
Kindly give me the breakup for above mentioned salary and to pay less tax for this amount.
Regards
arun.bascon @ gmail.com
TRILOCHAN
(SENIOR ACCOUNTANT)
(698 Points)
Replied 05 September 2011
Bada Muskil Question hai bhaiya. Pura Detail Chahie.....................
VISHNU HARIT
(Assistant manager (management trainee))
(59 Points)
Replied 05 September 2011
Hi Arun, i think u want to know the basic exemption limit for the above mentioned three possible monthly salary
Mothly salary 47500 60000 65000
Annual salary 570000 720000 780000
Basic exe. limit 160000 160000 160000
Balance income 410000 560000 620000
exemption u/s 80-C & 80CCF can be claimed by investing in PPF, LIC ,NSC-8th issue, FDR in scheduled bank for minimum 5 yr. lock in period ,or having an installment of house loan taken from any bank u/s 80-C UPTO Rs 1 lac's
& additional exemption uptp Rs.20000 by investing in infrastructure bond of any infrastructure capital fund ,or inf.cap.company.u/s 80 CCF
so by applying above exemption u/s 80C &80CCF and it is assumed that you have not any other income taxable in this finacial year, you can minimize your tax incidence to the below limit:
taxable income after claiming exemption u/s 80-C & 80-CCF ( Rs 120000 )
290000 440000 500000
tax @ 10% upto Rs.500000 29000 34000 34000
tax @ 20%on inc. ab. 5lac pto Rs 8 lac nil 20000 32000
(a)Total tax payable 29000 54000 66000
(b) Add. EC & S&HC @ 3% on tax 870 1620 1980
TOTAL TAX LIABILITY (a+b) 29870 55620 67980
Mihir
(Wealth Manager)
(5293 Points)
Replied 06 September 2011
u/s 80D (Mediclaim) - Rs. 15,000/- pa and Rs. 20,000/- pa for senior citizen
Arun Prakash
(Manager HR - Generalist)
(112 Points)
Replied 06 September 2011
Dear Friends,
Thank you for your valuable reply..............
Regards
Arun
Ajay s
(Accounts Officer)
(243 Points)
Replied 06 September 2011
Basic exe. limit 160000 160000 160000
or 180000???????????????????????/
Sachin Rajput
(account exe)
(593 Points)
Replied 06 September 2011
Basic exe limit is 1,80,000 for fY 11-12.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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