Hi,
Can you please elaborate what is your question?
Salary person income tax
Number of Months(Actual) 8 Projected months 4 Earned Basic 275,128 Projected Basic 137,564 Total Basic 412,692 Bonus 76,222 Medical Taxable 15,000 Total LTA 31,317 Taxable LTA 31,317 Conveyance Allowance 6,400 Conveyance Allowance (Projected) 3,200 Conveyance Total 9,600 Conveyance Taxable 9,600 Total Allowance 55,917 HRA (Paid) 110,056 Projected HRA 55,028 Total HRA 165,084 City Type (Metro - 1, Non-metro - 2) 1 Monthly Rent Paid 8,300 Total Rent Paid 99,600 Salary for HRA (Basic + DA) 412,692 50% of Salary (40% for non-metro) 206,346 Excess of rent paid over 10% of Salary 58,331 DEDUCTION : Lowest of HRA section 58331 HRA Taxable 106,753 Salary For RFA 651,584 15% of Salary 97,738 GROSS SALARY 651,584 Standard Deduction 50k 50,000 Net Salary 601,584 GROSS TOTAL INCOME 601,584 Donations (Sec 80G) 0 PF Actual 33,015 PF Projected 16,508 LIC Premium 15,915 NSC 20,000 Tuition Fee 92,000 Total Rebate U/S 80C (Max 150000) Taxable Income Income Tax before Sec87A rebate Income Tax Total Tax (Tax + Surcharge) Tax Liability (Lower of Total Tax & Max Tax) Education Cess Total Tax Payable TDS Deducted At MSSL balance Tax Monthly Tax Payable (Education Cess and Surcharge)
Asked 5 years ago in Income Tax
madam mera kitna tax banega
Asked 5 years ago
Considering the above details of incomes and deductions to be claimed, your total income is coming to be less than 5 lacs. Hence, there would be no tax liability. Rebate under section 87A shall be given.
Dear Sir,
Your taxable income is less than Rs 5 lakh.
You can claim the rebate of all tax payable under section 87A while filing ITR.
It is advisable to take a phone consultation for detailed discussion.
Hello,
As per the information provided by you, your NEt Taxable Income would be below Rs. 5,00,000 and after rebate u/s. 87A your tax liability would be nil.
I hope that this answer satisfies your requirements.
Regards,
CA Hunny Badlani
For complete computation, you can contact us directly or take a phone consultation.
Hello Sir,
After considering the information provided by you, your total taxable income would be less than 5 lakh.
Hence, there would be no tax liability. The income tax rebate under section 87A will be automatically claimed at the time of filing your Income Tax Return.
If you need any further assistance, you can also get the consultation from taxfull over the phone. For that you can check the home page.
Taxable income 451584.
No tax is payable by you for the above income.
If any TDS is being deducted you will get its refund.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you.
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