• Salary person income tax

Meri salary 6 lakh per annum hai to mera income tax kitna calculate hoga Maine  60000 ki nsc Liya hai  mai rent pe karta hu 84000 yearly lic 3500 yearly aur kitna investment karna hoga mujhe income tax calculation samaj nahi aa raha hai 
Asked 11 months ago in Income Tax from Delhi, Delhi

Dear Sir,

What is the amount of HRA and Basic Salary in your salary structure?. Check the amount from salary slips. I need HRA amount to calculate the HRA exemption. Any TDS deducted by the employer till date or not.

Thanks

Vivek Kumar Arora
CA, Delhi
1832 Answers
63 Consultations

5.0 on 5.0

Your tax will be around 19800 excluding the HRA claim. To calculate HRA, let us know your actual HRA and basic salary.

Also, some part of salary would be tax exempt. So, please let us know your salary structure.

Lakshita Bhandari
CA, Mumbai
2368 Answers
86 Consultations

5.0 on 5.0

Then, it would be around 11800-11900 tax for the year. Your company will deduct TDS on monthly basis.

Lakshita Bhandari
CA, Mumbai
2368 Answers
86 Consultations

5.0 on 5.0

Dear Sir,

Other components in your salary structure.

Basic +Salary= 40,855 and you salary is Rs.50,000 per month , what is the balance component of Rs.9145?

Thanks

Vivek Kumar Arora
CA, Delhi
1832 Answers
63 Consultations

5.0 on 5.0

When this TDS has been deducted? From Apr 17 to Jan 18?

Lakshita Bhandari
CA, Mumbai
2368 Answers
86 Consultations

5.0 on 5.0

for calculation of tax, pl provide following:

1.Name of the city you live in

2. Any other allowances you receive

Vidya Jain
CA, Kolkata
646 Answers
15 Consultations

4.8 on 5.0

First of all, you are eligible for a deduction of 1.5 lakhs under section 80C. From the details that you have shared you have invested only Rs. 60000+3500=Rs. 63500. This, of course excludes the PF amount that would be deducted from your salary. So assuming your basis of 29182, there should be Rs. 3500 per month as PF deduction. So all together you have invested, 63500+3500*12= 105500 under Sec 80 C.

You can invest further Rs. 44500 in PPF, Equity linked Savings Schemes, Bank Fixed Deposits (5 yesr lock in), etc to get total tax benefit.

So based on the above, your tax for the year will be around Rs. 8000 out of which Rs. 7549 has already been deducted . The remaining amount will also be deducted in Feb and Mar.

However, as suggested above if you invest 44500 before 31st March, you will be able to save total tax of Rs. 2225 which you can claim as refund while filing return.

Hope I have been able to clarify your doubt.

You can reach out to me in case of any further queries.

Nikhil Khanna
CA, Mumbai
1429 Answers
19 Consultations

4.8 on 5.0

Dear Sir,

Assuming you remaining income is taxable, Tax payable after TDS claim would be Rs.2514. If you want to save this tax also, please invest Rs. 48,815. Is there any PF deduction from your account?. If yes, please share that amount otherwise open PPF account and invest Rs. 48815 to save tax of Rs.2514.

Further if you want TDS refund then you need to invest Rs.1,95,398/-.

Thanks

7060029944

Vivek Kumar Arora
CA, Delhi
1832 Answers
63 Consultations

5.0 on 5.0

Dear Sir,

Please ignore my previous calculation.

Calculation of exempt HRA.

1) HRA received - (11673*12) Rs.1,40,076

2) 50% of basic salary- 350184/2- Rs. 1,75,092

3) Rent paid -(10%of basic salary)- 84000-35018- Rs.48,982

Exempt HRA- Rs.48,982

Calculation of total income and tax liability for A.Y. 2018-19

Total Salary - Rs. 6,00,000

Less; exempt HRA Rs. 48,982

Gross total income Rs. 5,51,018

Less deductions

NSC Rs. 60,000

LIC Rs. 3,500

Total Income 4,87,518

Tax liability 12,232

Less TDS 7,549

Tax payable 4,683

To save tax you need to do investment of Rs.2,37,515 more apart form the above investments.

Thanks

Vivek Kumar Arora
CA, Delhi
1832 Answers
63 Consultations

5.0 on 5.0

Hi,

As per the details provided by you, total investments made by you are Rs. 63500 (NSC + LIC). Hence, you can make additional investments of Rs. 83,500/- to take total benefit of Rs. 150,000/-

Aap extra investments Rs. 83,500 ki abhi aur kar sakte hain.

As per the details, your tax calculation is as below:

COMPUTATION OF TAXABLE INCOME

INCOME FROM SALARY

(Per Month) (Annualised)

Basic Salary 29,182.00 = 3,50,184.00

House Rent Allowance 11,673.00 = 1,40,076.00

Other Allowances 9,145.00 = 1,09,740.00

6,00,000.00

HRA - u/s 10 (13A)

50% of Basic Salary 1,75,092.00

HRA Actually received 1,40,076.00

Rent Paid - 10% of Sal. 48,981.60 = 48,981.60

-48,981.60 5,51,018.40

Gross Total Income : 5,51,018.40

Deductions under chapter VI A u/s 80C

NSC 60,000.00

LIC 3,500.00

Other Investment 86,500.00

-1,50,000.00

Total Income : 4,01,018.40

Tax on Total Income (Annualised) : 7,777.45

Per month Tax Liability : 648.12

Regards,

Sunny Thakral
CA, Delhi
224 Answers
5 Consultations

5.0 on 5.0

Hi,

If yo invest 86500 more in eligible instruments and dont have any other tax-free allowance other than HRA, your annual tax liability will be around 7700.

Please feel free to call/ revert in case you need more clarity.

Thanks and regards

Abhishek Dugar

CA CS B.Com

Abhishek Dugar
CA, Mumbai
3576 Answers
164 Consultations

5.0 on 5.0

1. Apko 1 lacs Rupya tak aur ka agar investment karenge to apko tax dena hoga Rs. 2500/- Jisme ki aapka already 7549 Rs. TDS hai to aapka refund hoga Rs. 5000.

2. Aur agar further investment ni karte hain to apko tax dena hoga approx Rs. 10000/- TDS ka amount hata ke approx rs. 2500/-

Regards,

CA Rakesh

Rakesh Kumar Thakur
CA, Kolkata
6 Answers

Not rated

Hi,

Please provide your appointment letter or salary structure to calculate your tax liability.

Regards,

Keerthiga Padmanabhan

M.Com., CA, LL.B

Keerthiga Padmanabhan
CA, Greater Mumbai
784 Answers
25 Consultations

5.0 on 5.0

Hello,

Please provide the entire salary structure of your CTC to help calculate your taxes.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, FCA, LLB, CERT. FAFP

Rohit R Sharma
CA, Mumbai
2104 Answers
91 Consultations

5.0 on 5.0

You can take 80C deduction upto 150000

further in 80 D up to 15000

can take NPS -deduction allowed up to 50000

Swati Agrawal
CA, Indore
740 Answers
2 Consultations

5.0 on 5.0

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