salaried income around 250000/per year (april to march)..how much tax i will have to pay..?

Question

how much should i invest to make tax payment less...
how tax is calculated...1)on the payment above 100000 at some rate...or different slots of payment.....

Answer 1

You can afford a Professional. Pay him fee and get your advance estimates, tax planning etc., Don't try to procure everybody's answers, which may not be authentic. Your earnings are sufficient engough to part with small consultation fee for a professional advice.

Answer 2

Dear S: If you get a 1099 and have no other income, you will not owe any money on $600. If you get a 1099 on a significant amount of money you still maybe able to exclude the 1099C debt forgiveness by calculating insolvency. Look at the IRS insolvency work sheet. Otherwise the $$ goes on line 21 of the 1040 as income. Get a free consultation to work out details. This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent.

Answer 3

You must be getting HRA. you can submit rent receipts for that value. the least value is exempt:
1) rent paid in excess of 1/10 of basic salary
2) 1/2 of basic if living in metro cities or 1/3 non-metro
3) actual HRA

And you can invest in ULIP or mutual funds which give you higher returns and save your tax as well.

As 100000 is already exempted from tax and PF of employee and employer is also exempt.

Hope this answers your query.

Thanks
Crazy

Answer 4

I think the advice given by chartered accountant is aptly right as you can afford the services of a professional as the people like you are more exposed to the scrutiny by the income tax department and thus you shall be prepared for this.
You can prepare yourself by appointing a professional to handle your IT related matters as it is not getting more and more complicated.
But as for answering your question the maximum deduction allowed for computing Income Tax on your income is Rs. 100,000 u/s 80C.
For more personalized advises contact me at [e-mail]

Answer 5

Rs 1,00,000 is tax free. Invest Rs 1,00,000 in tax saving instruments such as PPF.LIC.Mutual fund etc which will be tax free also . On balance Rs 50,000 you will have to pay tax @ 10%, ie Rs 5000. After first 50,000 the tax rate changes to 20%.

Answer 6

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.