Hi All,
Can anyone guide me in calculating how much will be my taxable income.. My CTC is 2 Lac per annum and i want to know how to save from paying Tax and in what schemes i can invest.. We dont have any PF scheme only PT & TDS..
And also i need to know in brief how tax is calculated..
Cheers,
Swati
From India, Bangalore
6Can anyone guide me in calculating how much will be my taxable income.. My CTC is 2 Lac per annum and i want to know how to save from paying Tax and in what schemes i can invest.. We dont have any PF scheme only PT & TDS..
And also i need to know in brief how tax is calculated..
Cheers,
Swati
From India, Bangalore
For female1.35 L is tax exempted............So 65K is taxable for you. To gain tax benefits you can go for Tax Benefit Schemes, Insurance Policies, Mutual Funds, etc.
From India, Madras
From India, Madras
I am also looking forward to having guidelines and sheet (excel preferably) for calculating income tax as per the recent modifications in itax rules. Help will be highly appreciated. - Hiten
From India, New Delhi
From India, New Delhi
Hai
1.35 L is your exemption limit.
Rest 65,000 is taxable. In this 65,000 your contribution towards PF, conveyance Rs.900 PM, House rent appx 2500 PM (for your CTC) and any investments made in mutual funds which has a lock in period of three years or bank deposit for 5 years, Life Insurance/Health Insurance premiums, housing loans EMI can be deducted and only the rest is taxable. This amount put together should not exceed 1,00,000
From India, Tiruppur
1.35 L is your exemption limit.
Rest 65,000 is taxable. In this 65,000 your contribution towards PF, conveyance Rs.900 PM, House rent appx 2500 PM (for your CTC) and any investments made in mutual funds which has a lock in period of three years or bank deposit for 5 years, Life Insurance/Health Insurance premiums, housing loans EMI can be deducted and only the rest is taxable. This amount put together should not exceed 1,00,000
From India, Tiruppur
Hi Bagema,
Thanks a lot for providing me the details. Actually i've Insured Policy of about 20K per annum. And i'm paying a monthly rental of 3K which comes around 36k per year and the sum comes around 56k rite.. And in my company we are planning to give sudexo coupons to our employees for tax exemption.. and in my case i will be eligible for nearly 12k/annum exempted from tax if i go for this coupon.. so that the sum will come around 68K/ annum.. Is this enough or whatelse i can do? And more over what is the Exemption limit for men. How to calculate the tax slab?
It will be very helpful if u provide me all the details. And I'm in a position that i've to handle alone all the tax calculation for our employees.. For that i want to know in depth regarding this.. Is ther any books or do u've any documents related to tax calculation.
Plz help me out in this issue.
Regards,
Swati :)
From India, Bangalore
Thanks a lot for providing me the details. Actually i've Insured Policy of about 20K per annum. And i'm paying a monthly rental of 3K which comes around 36k per year and the sum comes around 56k rite.. And in my company we are planning to give sudexo coupons to our employees for tax exemption.. and in my case i will be eligible for nearly 12k/annum exempted from tax if i go for this coupon.. so that the sum will come around 68K/ annum.. Is this enough or whatelse i can do? And more over what is the Exemption limit for men. How to calculate the tax slab?
It will be very helpful if u provide me all the details. And I'm in a position that i've to handle alone all the tax calculation for our employees.. For that i want to know in depth regarding this.. Is ther any books or do u've any documents related to tax calculation.
Plz help me out in this issue.
Regards,
Swati :)
From India, Bangalore
SALARY HEADS
GROSS AMOUNT
ACTUAL AMOUNT
BASIC
8000/-
8000/-
CITY ALLOWANCE
800/-
800/-
HRA( 50% OF BASIC)
3200/-
3200/-
MEDICAL REIMBURSEMENT
1000/-
1000/-
CONVEYANCE:
1000/-
1000/-
DEDUCTIONS:
PF(12% OF BASIC)
960/-
960/-
ESI:
-
-
PT
110/-
110/-
OTHER DEDUCTIONS: MOBILE FOR PERSONAL USE
250/-
250/-
TOTAL DEDUCTIONS:
1320/-
1320/-
NAT AMOUNT
12,680/-
12,680/-
CAN ANYBODY HELP ME TO KNOE THE ctc OF THE ABOVE SALARY FORMAT?
rEGARDS
DINAMANI
From India, Calcutta
GROSS AMOUNT
ACTUAL AMOUNT
BASIC
8000/-
8000/-
CITY ALLOWANCE
800/-
800/-
HRA( 50% OF BASIC)
3200/-
3200/-
MEDICAL REIMBURSEMENT
1000/-
1000/-
CONVEYANCE:
1000/-
1000/-
DEDUCTIONS:
PF(12% OF BASIC)
960/-
960/-
ESI:
-
-
PT
110/-
110/-
OTHER DEDUCTIONS: MOBILE FOR PERSONAL USE
250/-
250/-
TOTAL DEDUCTIONS:
1320/-
1320/-
NAT AMOUNT
12,680/-
12,680/-
CAN ANYBODY HELP ME TO KNOE THE ctc OF THE ABOVE SALARY FORMAT?
rEGARDS
DINAMANI
From India, Calcutta
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Tax calculation.xls