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POSTED BY ON April 15, 2012 1:39 pm COMMENTS (9)
Hi,
I am a 22 year old and just started earning.I wanted to know how much tax do I need to pay and a few good options for tax saving.My salary details are :
basic salary : 201600
hra : 96000
conveyance allowance : 48000
flexible benefits: 134400
fixed bonus : 16800
performance linked bonus : 55200
provident fund : 24192
flexible benefits help in tax planning and include things like food coupons,mediclaim and other allowances.
Please let me know how much would be my tax outgo and some tax saving tips.
Thank You in advance.
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Had I got enough time and understanding of all this,I wouldn’t have posted my query here.I am not asking you to give me a detailed calculation of it ,but your every year experience just tell me an approximate amount.
Dear Mohnish, I can only request you to go & check the Income Tax Act & respective rules. To follow or not follow is your personal choice. I really want you to help you so that you can better understand all the things as we discussed till now. On one hand you are asking for a rough estimation on the other hand you are asking for the details & differences for various allowances. Please do note, providing any rough calculation ‘ll not do any good to you.
Hope you ‘ll understand the point & ‘ll try to read & learn.
Regarding that Conveyance allowance of 48000 Rs. if you can prove that all of that money has been used by you to incur your official duty & related travel expenses this whole thing is tax free other wise only 9600 (800*12).
There are many lose ends in your query & i’m merely trying to tie up the things for you.
Thanks
Ashal
Okay,what will be the tax amount that i’ll pay at the end of the year?
Dear Mohnish, had you read the act?
If yes, you should get your answer there itself.
Thanks
Ashal
How did you get the Travel Allowance amount and what is the meaning of conveyance allowance.
Dear Mohnish, please read the income tax act 1961 & specially the allowances which are tax free & then you ‘ll come to know from where this transport allowance thing came into the picture.
Thanks
Ashal
No I’am not living on rent.Does this mean I wont get any HRA??.
The flexi benefit includes things like : Medical Bills,telephone Bills,Rest and Recreational bills,but not more than 28% of Gross Salary
The above salary is for 2012-2013.
Dear Mohnish, as you are not living on rent, all the HRA component is taxable. Medical bills are tax free up to the max. limit of 15000 Rs. in the FY. Telephone bills are also tax free if you are using the telephone for official purpose.
The FY was asked to know for zero tax slab status.
Thanks
Ashal
Dear Mohnish, are you living on rent? What’s the break up of flexible benefits? Out of the 48K Rs. Transport allowance you are getting only 9600 Rs. yly (@ 800 Rs. mly) is tax free. The above salary is for FY 2011-2012 or 2012-2013? Please answer the questions.
Thanks
Ashal