PLEASE calculate the taxable income

Tax queries 382 views 2 replies
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STUDENT CS
377 Points Joined February 2010

my freind salary detail is mentioned below during the financial year   2009-10

 

& he is living in ludhiana  
 
 
                                               Amount
CCA                                            5333
CONV                                           7737
ERN_BASIC                              95166
FIX_ALL                                         2381
HMA                                               7987
HRA                                              28555
SPL_ALL                                      5761
VALL                                              5333
BONUS 2008-09                        6258
LWW                                             3988
 
TOTAL AMOUNT                     168499
 
 
& his contribution to PF is   11416/-
 
what is the taxable income ?
 
 
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On 30 July 2010 at 21:29 Report
Replies (2)
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CA
1411 Points Joined February 2009

Your Taxable Salary is Rs. 109417. 

In this way it is calculated.

Gross Salary                                             Rs. 168499/-

Less:  Conveyance Allowance              Rs. 9600

Less. HRA                                                 Rs. 28555

Net Salary                                                  Rs. 120833

Less: Deductions u/s 80C                     Rs. 11416

Taxable Salary                                          Rs. 109417

We have assumed that he pays Rs. 5000 PM as rent and the HRA benefit has given accordingly.

We have assumed that there is no additional income. 

 

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On 30 July 2010 at 22:04
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job
101 Points Joined August 2009

i agree with sumit and his assumptions.

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On 02 August 2010 at 18:47

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