How much tax will i have to pay ??

Question

Hello i am 25 working in an MNC in mumbai

my CTC is 279000/- and the break us is as follows

Basic 6000/-
HRA 3000/-
Medical Allowance 1250/-
Transport Allowance 800/-
Night Shift 742/-
Performance 2700/-
Attendance Allowance 2000/-
CC alowance 1000/-
Lta Monthly 2000/-

Provident Fund cut from my salary is 17280 including Employers contribution.

Professional Tax is 2400, Transport allowance is tax exempted.
I have Medical Bills of around 15000/- with me and can ask my parents to give me rent reciept for HRA .

I do not have any sort of investments and not travel bills for LTA

I am toally new and this is the first time i am paying tax if some one could help me by letting me know the amount of tax i will have to pay this year, i would be extremely Greatful..

Thanks in advance.

Answer 1

the tax comes to Rs.9365/-
Taxable Part BASIC 6000
Night Shift 742
Performance 2700
Attendance 2000
CC Allow 1000
LTA 2000

The Total Taxable Income comes to Rs.70,904(after deducting Rs.2400 Professional tax)
The tax comes to Rs.9365
Yes you can ask your parent for Rent Receipt Of Rs.3600/- to completely save your HRA from being taxed.
But there is a tax attached to it as you will have to file the Return of Income for the rent income that will occur from you.
For more contact me at [e-mail]

Answer 2

Btw which MNC r u working?Looks like ur working for some reputed BPO. Coming to the point.I dont think u will b taxed much.Out of ur 279000,the taxable amount is 179000(Coz in India for males amount upto 100000 is exempted and for females its 135000).Now how u plan ur 179000 is important.As per current tax act,u can show investments upto 1lakh INR.That investment(s) can include the below:
a)EMI of ur educational loan
b)Mutual fund investment(Closed)
c)LIC Premiums
d)National Saving Certificates
e)Provident Fund(PF comes in this 1lakh as investment)

So,imagine uve shown investment proofs for a lakh.Now 179000-100000=79000 INR.This amount wud be the effective taxable income.Now,HRA is taxable if u aint showing the receipts.

HRA taxable as per ur breakup=36000 INR
790000-36000=43000INR

Imagine 43000 INR is ur net taxable amount.Then the tax on that would be 30%.That would come to 12900INR for that financial year = 1075 INR/month

Now,coming to the LTA(2000INR) and Medical Allowance(1250 INR),it comes to around 24000 INR/annum and 15000 INR/annum.

I would suggest you claim the medical allowanceby showing fake/actual medical/chemist/doctor/hospital receipts/bills every month or as a whole(Dont take out the 15k in a single shot,ur company will doubt that move as a pre-resignation gimmick ;-) So it wud b wise to claim that in lots )

LTA money is something which comes to u when u travel alone or with ur family when ur on a paid leave(remember this).So,try to produce fakeactual travel bills when u go to some place on ur weekly offs or CL's,SL's or PL's alone or with ur family.

Now what happens if u dont claim this LTA & Medical Allowance?
If u dont claim,at the end of the financial year,the tax at source for the eligible amounts will be deducted and thats a huge loss for u.30% will be deducted from each of them.ie; 7200INR wud b deducted from ur LTA as tax and 4500INR from ur medical allowance.Now that would come to 11700INR of loss which u cud ve avoided and claimed every penny wid actual/fake bills ;-)

So,thats it with the tax thing..I think it wud be enuf for now as uve just started off..First thing,get ur PAN CARD.. Adios..all the best!

Answer 3

log on to www.allindiantaxes.com and refer to
All About TDS from Salaries

Answer 4

http://www.hrblock.com/taxes/tax_calculators/index.html?calcIndx=1#top

This is a link to H&R Block's tax calculator. Just plug in your numbers and you will get your answer.

Answer 5

89752 exactly. If you send it to me I will turn it in for you.