Results 1 to 4 of 4

Thread: Calculation of Tax Liability?

  1. #1
    PolicyWala NewBie
    Join Date
    Sep 2009
    Location
    India
    Posts
    13

    Default Calculation of Tax Liability?

    Hi, Could you please calculate the Tax Liability as per the below data -
    Annual salary package of Rs. 200000.
    HRA = Rs. 3500/-
    Medical Insurance by company = Rs. 13000/-
    Investment in ULIP = Rs. 15000/-


    Kindly calculate the tax liability.



  2. #2
    Moderator Taxman's Avatar
    Join Date
    Feb 2009
    Location
    Pune
    Posts
    55

    Default

    Basic salary + HRA + Medical Insurence = 200000 + 3500 + 13000 = 216500
    Less HRA 3500 = 213000
    Less ULIP = 15000 ( 80C) 198000

    Tax on above 13600 Plus Education cess 408
    Total = 14008
    PolicyWala Rules | Register Here
    Everyone thinks of changing the world but no one thinks of changing himself - Leo Tolstoy

  3. #3
    Moderator
    Join Date
    Feb 2009
    Location
    Noida
    Posts
    54

    Default

    To calculate your tax liability, you should provide following data in details :
    1. Exemption of HRA is available subject to condition that you are residing in a rented house. So, if you are residing in a rented house, than the total rent paid during the year.
    2. If you have paid/ employer has deducted the employment tax (popularly known as "Professional Tax"), the amount thereof? (The professional tax qualifies for deduction from Salary U/s 16(iii)).
    3. If you are regular employee, the employer would be deducting the GPF. so the amount thereof? (The contribution by you to GPF qualifies for deduction U/s 80C).

    So, for computaion of correct tax liability, provide the above data.
    Amit
    Pls follow Rules/Guidelines @ PolicyWala
    “The happiest people are not those who live on their own terms…but are those who change their terms for the ones whom they love”

  4. #4
    PolicyWala NewBie
    Join Date
    Sep 2009
    Location
    India
    Posts
    13

    Default

    Thanks Taxman and CA Amit. The HRA amount I have provided after checking with my Finance Department so no need to recalculate again. Anyway thanks for your reply.


Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •