RE:tax saving
by Sanjay Singh on Mar 04, 2007 10:05 PM Permalink
its depend on allowence you get with salary i)eg 800rs pm for convence allowence 2)1250 rs pm for medical allowence 3)HRA will be min amount with following rule rule 1) max 40 or 50 % of basic 2) actual rent paid 3) rent paid - 10% of basic
4) 1 Lac u can save in insurance poicy 5) 10000 saving for 80 D
if u salary is divide in above allowence then u can save else :-(
RE:RE:tax saving
by Sanjay Singh on Mar 04, 2007 10:27 PM Permalink
take the example you are getting 3 LPA and it divided in 1 LPA and 2 LPA allowence Out of 2LPA its again divided in Conve/Travel allowence , medical allowence and other allowence Basic 1 LPA HRA 40000 peranum(for non metro city) Conve /Travel all 9600 peranum medical allowence 15000 per anum if u are paying rent of 50,000 per anum taxable income will be 300000 - (40000 15000 9600)= 235400 if you are saving 1 LPA in LIC etc 10,000in medical insurance 80D Taxiable income will be 235400 -110000 = 135400 Total Taxiable income = 135400 Tax calculation upto 1 Lac 0 % remaing you check slab and calculate
RE:RE:RE:tax saving
by Rajesh S on Mar 04, 2007 11:10 PM Permalink
Check out "Do it yourself Tax Planner" in ICHP portal. You can find out your tax outgo and make your tax plan yourself.
RE:RE:RE:RE:tax saving
by sreenivas murthy on Mar 04, 2007 11:29 PM Permalink
hey rajesh, how do i enter the taxable income column in ichp portal, it is not accepting any combination i am trying, words or numbers
RE:RE:RE:RE:RE:tax saving
by Rajesh S on Mar 05, 2007 08:45 AM Permalink
Hi Sreenivas, You have to enter just the number (amount of your taxable income) without any comma or prefixes or words.
For instance, your Taxable income is Rs.5,00,000 pls key in as 500000
