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income tax query

satish (student) (60 Points)

08 January 2011

hi fridends, my salary is basic -27000 Hra - 10160 uniform allowance - 2500 transportation -2500 medical exp (reimburs) --2500 food allow --2500 tele --1600 jornal--- 1000 lta ---440 others - 340 Total salary is 52500 joined in the job from 15 th oct2010 how much tax amount is deducted and what savings to be made to avoid tax deductions suggest in which savings to be made ( eg lic , pf ...etc ) reply soon i have to submit to the hr Thanks in advance

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4 Replies

sahana Murthy (Student) (123 Points)
Replied 08 January 2011

Hi Sathish

The maximum investment that can avail to IT deduction is Rs 1,00,000/-. I would suggest spread the same between NSC, PPF, Post office TD etc.

Regards

Sahana Murthy

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Sharath (Desi Tax Consultant) (28 Points)
Replied 13 January 2011

Hi Satish ,

here i understood your problem ,

The maximum investment that can avail to IT deduction based on your salary... Set up a salary tax reduction plan. Under such a plan the employer arranges to set aside a mandatory portion of the employees' salaries. This money is then used to reimburse the employees for any employee incurred business expenses. .

You can participate several Tax Reduction plans

For Example: Tax-exempt Investment,

Salary Earners and HRA,

Joint Ownership of a Residential House,

Concessional Tax Treatment.

If You Dont know how to prepar all this things you can take help from the companies here i suggest you one company once go throw that website.

Having any Tax issues Contact : My Tax Filer

And the company offering many services like H1b tax service,ITIN Tax preparation,Self employed tax return,Indian Taxation.

My Tax Filer is a Certified Public Accountant, a Certified Financial Planner,My Tax Filer Company works with clients helping them manage their money, Indian Taxation, Advanced Tax Planning, IRAs and qualified plan rollovers with an eye towards maximizing tax benefits and minimizing taxes.

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vamshi (employee) (21 Points)
Replied 07 February 2011

Hi,

Thankyou sharath for giving a lot of information about ITIN Tax preparation and Indian Taxation. Really a very nice and detailed review on it.

Thanks for sharing.