PRITI RUPAREL (ACCOUNTANT) (193 Points)
05 November 2009Dear Friends,
Can anyone explain me how much Tax i have to deduct from monthly salary. I give below the annual fighure2 of Income & Investments.
Annual Salary & Bonus 6,50,000/-
LIC Premium 33,000/-
Investment in PPF 50,000/-
Mediclaim 17,000/-
Housing Loan (Principal) 83,000/-
Int. on Housing Loan 2,45,000/-
Profession Tax. 2,500/-
Thanks,
CA Namita Ganatra
(Self)
(70 Points)
Replied 05 November 2009
Priti,
The approximate tax liability figures for A.Y. 2010-11 would be as follows:
For individual male: Total Rs. 31415 (5236 per month)
For individual female: Total Rs. 28325 (4721 per month)
For senior citizen: Total tax Rs. 23175 (3863 per month)
Assumptions: Mediclaim is not for senior citizen. Insurance premium does not exceed 20% of sum assured.
CA Trinath Galla
(student)
(3130 Points)
Replied 05 November 2009
No complete info
k deem lic is allowed..(33000).LIC n housing pricipal(83000) n PPF(50000)= 1,00,000 deduction under 80C.
prfosessional tax allowed under sec;17 fully if it is paid
interest on housing loan allowed fully if house is let out.else only , 1,50,000 is allowed if it is taken for construction purposes.
mediclaim is allowed Dupto ,15,000 and 17,000 is allowed if paid for a senior citizen(parents)-under
so urself check which applies to u and reduce those from ur , 6,50,000 and calculate tax according to slabs.
divide dat by 12.
dat is tax to be deducted every month
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
