I am getting salary of Rs.3 lack per annum including BASIC+DA,HRA,CITY COMPENSATORY ALLOWANCE,CONVEYANCE .ALLOWANCE,EDUCATION ALLOWANCE,PERSONAL ALLOWANCE,VARIABLE PAY,MEDICAL ALLOWANCE,BONUS,LTA so what will be my liability towards Income Tax considering no other investment
2 Replies
satish kumar voleti
(A.C.A., (ICWAI))
(1686 Points)
Replied 20 December 2011
Salary : 300000
Less: Conveyance allowance 9600
Education Allowance 2400
Gross Salary 288000
Less: PT 2500
Taxable Salary 285500
Gross Total Income 285500
Less: Dedcutins U/s 80GG Rent Paid 24000
Taxable Income 261500
Tax Liability 8150
Add: E Cess & SHEC 245
Tax Payable 8395
8390
the above computation are subjected to your investments, if you have LIC, Children Tution fees, etc, the above computation changes.........
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 22 December 2011
Please also consider exemption for Medical Reimbursement upto Rs. 15k p.a. & exemption towards LTA.
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