How to save tax
by Tushar Shinde on Aug 11, 2007 09:42 PM

      Income of Tushar G. Shinde

      Mon thly      Yearly

Basic Salary       12,500.00        150,000.00

HRA       6,250.00        75,000.00

Transport allowance        800.00        9,600.00

Medical Reimbursement       1,250.00        15,000.00

Employers Provident fund       1,500.00        18,000.00

Sodexho       -        -

Special Allowance       2,700.00        32,400.00

       &nb sp;
Gross CTC      25000      300000
       ;
Deductions
Total Provident fund      3000      36000

Profession Tax      200      2500
      &nb sp;
Meal      30      360
&nb sp;
Total Deductions      3230      38860

Net take Home (Pre Tax)      21770      261140

1.       My question is how to reduce the tax to minimum, Please show me the calculation
2.      I have recently joined the company as on 25 the June 2007. HR department took our tax declaration in which I have not shown HRA but I am definitely claiming that in this financial year at around Rs.90,000/- I am staying in my fathers flat but would they cut my TDS to that extent per month.

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