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General Forum: Money Matters | | clarification on Income Tax.. | |
| AR Rahman also looking for clarification ! Why don't you invite once ?
Posted by: Mr. M Kumar N At: 28, Oct 2005 8:11:11 PM IST
TAX CALCULATION EXAMPLE:
Suppose Mr Ram earns 20,000 (Gross) salary per MONTH. In that 9000/- is basic, 1250/- medical allowance, 800/- conveyance allowance, 5000, is HRA and the rest is Special Allowance. He pays 4000/- as rent every month. If he saves 30,000/- towards insurance, 25000/- NSC, 10000/- Mutual funds (all per year). Then what is the tax he pays ?
1) Total income per year = 2,40,000
Exemptions :
a) Total annual medical allowance - 15,000
b) Total annual conveyance allowance - 9,600
c) Total HRA (here u shud consider 3 steps)
i) Total rent he pays = 48,000
(amount paid more than 10% of basic) = 37, 200/- ( = 12*4000 - 10% of 10,8000 (total basic))
ii) hra given by company = 60,000
iii) 40% of basic = 43,200
Of these 3, min amount = 37,200/-
So total deductions = 1) - (a+b+c) = 1,78,200/-
Total savings per year = 65,000/-
So, net taxable income = 1,13,200/-
Amount upto 1,00,000/- not tax,
so amount over that is 13,200 (taxable)
So, final tax comes to be around 1300/- or so. (approx)
Posted by: Mr. Ram Ram At: 24, Jun 2005 2:40:28 PM IST
I am trying... link not opening.... thanks for your information...
i want just to know whether it taxable or not ?... thankyou very much..
Posted by: Mr. Surya Pudipeddi At: 23, Mar 2005 1:48:35 PM IST
try bhai..
www.incometaxindia.gov.in
clik on heads of income
clik on salary.
it is an official website;
Posted by: ★Vinåyåkåm★ chitt♥♥r At: 23, Mar 2005 1:42:57 PM IST
:))
just now I came to know he is resting in the
pani pATA leni vAlla club , accepting a red carpet welcome :)))
Posted by: ★Vinåyåkåm★ chitt♥♥r At: 22, Mar 2005 10:14:21 PM IST
hey rowdi !! you are not seen now a days..?
I went kanchi..u r not there
I went to telangana ..u r not there
now I am speaking from Rajiv Gandhi airport...
they say u r just left....
where r u man..?
Posted by: ★Vinåyåkåm★ chitt♥♥r At: 22, Mar 2005 6:30:30 AM IST
hey vinayakam garu ..long time
Posted by: Malakpet Rowdy At: 21, Mar 2005 11:52:29 PM IST
clik on heads of income
then clik on salary
Posted by: ★Vinåyåkåm★ chitt♥♥r At: 21, Mar 2005 10:29:16 PM IST
go to
http://www.incometaxindia.gov.in/publications/
1_Compute_Your_Salary_Income/
1_Income_from_salary.asp#EXEMPTIONS%20%20OF%20INCOME
Posted by: ★Vinåyåkåm★ chitt♥♥r At: 21, Mar 2005 10:21:44 PM IST
You bank account is like a overhead tank. Your tank may have many inlets (Income). The IT wanted to regulate tax at outlet (withdrwal).
Indian Govt belives that all firms pay through banks.
Posted by: Mr. M Kumar N At: 21, Mar 2005 5:15:42 PM IST
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