Can anybody explain me how much I need to pay the tax for a gross salary Rs.625000 and please mention the maximum tax exemptions I need to show to finally get the taxable income.Please its urgent
RE:Tax for gross salary 625000
by SOUNDARARAJAN DORAISAMY on Apr 23, 2007 06:51 PM Permalink
Hi, Instead asking others to work hard and pay higher better you please do it. Try to reply the point if not don't waste others time.
RE:Tax for gross salary 625000
by goldie gaba on Apr 23, 2007 12:05 PM Permalink
Your exemptions can be in the following form: 1. U/s 80C investments in LIC, MF, Child tution fees, etc. upto Rs. 1,00,000 2. U/s 80D upto 10,000 for mediclaim premium. 3. If you house rent, then your HRA could be exempt subject to certain limits. 4. If you pay interest of house loan, then interest paid upto Rs. 1,50,000 could be exempt. 5. Your conveyance allowance of Rs. 9600 p.a. is already tax free. 6. Your Medical reimbursements of Rs. 15,000 p.a. are already tax free, in case you receive that.
