Can the various allowances/ reimbursements falling under FBT be paid to an employee as allowances alongwith the salary/ HRA (one cheque inclusive of all), the employee be asked to submit a declaration that he has spent these for the respective purposes, and thus making them tax free in the hands of the employee, and the employer pays FBT. The employee thus is solely responsile for the correctnss of the declaration. OR is the employee supposed to claim these as reimbursements separately after spending on various purposes.
Dear All, I am not an agriculturist by profession. I purchased 18 acres of land for Rs.50,000 and sold the same after 11 months of purchase for Rs.22,00,000. Do I have to pay tax on surpulus receipts. How do I come to know weather the land is agricultural or not.
Dear All, I am not an agriculturist by profession. I purchased 18 acres of land for Rs.50,000 and sold the same after 11 months of purchase for Rs.22,00,000. Do I have to pay tax on surpulus receipts. How do I come to know weather the land is agricultural or not.
Dear All, I am not an agriculturist by profession. I purchased 18 acres of land for Rs.50,000 and sold the same after 11 months of purchase for Rs.22,00,000. Do I have to pay tax on surpulus receipts. How do I come to know weather the land is agricultural or not
My gross monthly salary was Rs.30000.00 till July 07 and after a revision it is Rs.40000.00 per month. I have already invested arount 1 lakh for tax savings ( Tax saving fund, PPF, LIC) . Please let me know what would be my tax payable this year and if there is any means that I may save and get relief from paying tax. jayanta
Hi. I've been given an option by my employers to opt for Flexible Benefit Package where it allows an employee to fix up his / her own allowances keeping his / her commitments, Income Tax deductions in mind.
Basic Compensation Basic 87,500.00
Flexible Benefit Package * 2,21,541.00
HRA Transportation Allowance Car Lease Arrangement (Indicate the name of the car) Lease / Hiring Charges Fuel / Maintenance Charges Aggregate of 202 B.1 & 202 B.2 Children Education Allowance (Indicate the no. of children) Hostel Expenses (Indicate the no. of children) Telephone / Mobile Reimbursement Medical Reimbursement LTA Special / Additional Allowance Bonus
&nb sp; Variable Pay APDP 26,250.00
Retirals PF &nbs p; 10,500.00 Superannuation Gratuity 4,209.00 Sub Total 3,50,000.00.
Can someone help me in designing a structure where my monthly take home would be the maximum?
By BR
Other Benefits Personal Accident Insurance Premium Medical Insurance Premium White goods Cost to company (CTC) 3,50,000.00
1. My question is how to reduce the tax to minimum, Please show me the calculation 2. I have recently joined the company as on 25 the June 2007. HR department took our tax declaration in which I have not shown HRA but I am definitely claiming that in this financial year at around Rs.90,000/- I am staying in my fathers flat but would they cut my TDS to that extent per month.
RE:How to save tax
by Amitabh on Aug 12, 2007 12:36 PM
If you are staying in your father's flat,plz show a rent receipt to get exemption in HRA.You can get your entire HRA exempt but for that you will have to show a rent receipt of Rs 7500 per month.This will ensure that rent paid less 10 % of your salary (taken as Rs 12,500 pm here) is equal to your HRA.Also I assume that you are living in a metro,otherwise the max exemption available on HRA will be 40 % of your salary,that is Rs 5000 pm only.Besides,plz ensure that you invest such that you can claim deduction of rs 1 lac under sec 80C.This of course,will include your own PF contribution.You may invest in ELSS,PPF,NSC,repayment of home loan principal,etc.
