I am a female and I would like to know if my annual gross salary is Rs 3,23,000 and I have invested an amount of Rs 1,00,000 under section 80C then what will be my taxable income and the tax incurred.
RE:Tax Calculation for 2007-8
by lakshmi narayanan on Mar 15, 2008 12:20 PM Permalink
deduct the amount 100000 in gross, i,e Net value is Rs. 2,23,000. Amount above 1,80,000 is 43,000 and 10% of 43,000 is Rs.4300 ( Rs.4300 is the amount that is to be paid as annual income tax - based on nex tax.) ( Rs.15100 is the amount to be paid for old tax xcalculation) Mail to for queries.lakna_3581@yahoo.com
I would like to know if I pay the LIC premium of my parents' LIC policies from my account will it be considered to be exempt from tax under section 80C .
RE:exemption under 80C
by Amitabh on Mar 12, 2008 08:13 PM Permalink
Deduction under 80C is available if the premium is paid for self,spouse or children.In case of an HUF deduction is available if premium is paid for any member of the family.So,in case of an individual,preium paid for parents will not qualify for deduction.
RE:exemption under 80C
by lakshmi narayanan on Mar 15, 2008 12:14 PM Permalink
No Swathi,its not applicable. it is only for self , spouce and children.
RE:please tel me my tax liability
by Amitabh on Mar 11, 2008 09:26 AM Permalink
The exemption limit for 2007-08 is Rs 1,10,000.So please see that your investsments (including PF,but not rent) is Rs 80,000.That way your tax liablity will be zero.For this you may decide to invest addional amount in your PF or opt for PPF,NSC or ELSS.Please act fast.Time is short.
RE:Benefit for people earning above 5 lakh
by Amitabh on Mar 09, 2008 05:17 PM Permalink
Rs 44000 plus 3 % cess.You see tax is calculated in slabs of income only.Even if you earn more than Rs 5 lacs,the first Rs 1,50,000 will be exempt.Then next Rs 1,50,000 will be taxed at 10 % and so on.So for any person who earns Rs 5 lacs or more,the benefit will be Rs 44,000.If you earn more than Rs 10 lacs,you also pay surcharge.Then your total tax saving will be Rs 48,400.Over and above this 3 % of your tax is levied as cess.That will be Rs 1,320 if you earn between rs 5 lacs and Rs 10 lacs and Rs 1,452 if you earn more than Rs 10 lacs.
RE:Tax
by dhakshayini on Mar 10, 2008 12:07 PM Permalink
hi u invest any new funds. like now jm tax gain is there. u want more deatils plz con dhakshayini 080-41154130.
