Gross Salary Rs.___________
Add Perq. Value - (Form 16BA)
Add. Income from other sources.
Deduc. u/s - 10
Vehicle Allowance = 800 x 12
Education Subsidy Rs.100/- p.m. per child.
Rental accomodation - HRA - 10(13A)
Leave Travel Assistance.
Medical reimbursement upto Rs. 15000/-
Deduc. u/s 16
Proffessional Tax.
Deduct Loss from house property - 192(2B)
Deductions:
Ext. of Rs.10000/- to 15000/- invested in medical insurance premium.- u/s 80D
Ext. of Rs.50000/- incurred in the treatment of retarded dependant.- u/s 80DD
Ext. of Rs.40000/- incurred in the treatment of chronic deseases.- u/s 80DDB
Ext. of Rs.40000/- if individual is blind / handicapped / retarded.- u/s 80U
Donations to charity - u/s 80G
Repayment of interest on education loan upto Rs.40000/- for 8 yrs - u/s 80E
Deduc. u/s 80C
1) Contributions to PF.
2) Contributions to PPF.
3) To premium paid for LIP of self/spouse/children, ULIP, Dhanraksha.
4) To NSC VII issue / accrued interest on NSC.
5) To schemes of PSU's providing long term housing finance.
6) Time deposits with Post Office.
7) To ELSS of Mutual Funds.
8) Repayment of home loan principle.
9) Tution fees of full time education for 2 children - Rs. 12000/- each.
10) Investments in Infra-structure bonds.
11) Investment in Pension fund.- u/s 80CCC
12) Investments in Bank Fixed Deposits for 5 years.
Total Taxable Income
Calculate tax according to slabs:
upto Rs. 100000/- - Nil
Rs. 100000/- to 250000/- - 10%
Rs. 250000/- to 350000/- - 20%
Rs. 350000 onwards - 30%
Add 2% education cess.
2007-01-30 23:57:40
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answer #1
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answered by HMT 7
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Yes, income is always considered pretax (or your gross income). Generally, your housing should only be up to 25% of your pay, 30% with all housing costs (utilities, etc). Plus, that $1,500/month payment is not including: pmi (if you put down less than 20%), taxes, and insurance. These will raise your payment several hundred dollars. In general terms, you can afford a home no more than 3x your gross annual income. So, for a $250,000 home, you should be earning at least $83,400 per year. When you start actively looking for a home, be sure to see if the full monthly payment (meaning: principle and interest, taxes, insurance, and possibly pmi) will fit into your monthly budget. My home budget was a lot less than yours is, but it always shocked me how much the additional items raised the monthly price. For example, the home I ended up buying was only $350/month with principle and interest, but when you add insurance, taxes, and pmi to that, I pay $566/month.
2016-05-23 22:27:14
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answer #2
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answered by Anonymous
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Your question not reveled that in what way your are getting income.
First annual Income calculated 01- April to 31-March .
classified proper heads
1. salary 2. Business or profession 3.Income from house property (rental income) 4. Income from Other sources 5. Income from capital gain etc.,
Each head get some deduction .
Each savings & Life Insurance premium are get some deduction.
2007-01-30 23:53:08
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answer #3
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answered by samsung 4
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Easy Way- Just calculate ur nett Income in the financial year, after deducting the allowable rebates such as Interest,Notified Investments,Rent Earned, etc...
Then calculate ur tax liability according to chart given by HMT.
It is advisable to take service of professional CA in this regard.
2007-01-31 01:25:24
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answer #4
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answered by AVANISH JI 5
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Hi Dear, You have got the right person for your queries. Since I am a Chartered Accountant, I can surely understand and help you better to solve your problem and make your life easy. For your any problem you can contact me at 9810329536.
Thanks
Sachin Aggarwal
Chartered Accountant.
2007-02-01 22:22:08
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answer #5
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answered by CASachinTaXpert 1
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