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my gorss income is 4.5 lacs , my savings in insurance are 82 k and my basic salary is 11 k .whats net tax?

i pay Rs 9800 towards the kids tution fee .whats the net It i need to pay for year 2006-2007 and whats the best way to save more IT.

Public Comments

  1. With the details given by you, your taxable income is Rs 258200/- and tax on it is Rs 58610/- including Edcess. We feel this can not be your taxable income. You may be paying rent, you may be having transport allowance,paying prof tax. etc.., If you can give us the details of the same, we can compute your taxable. For further details mail us @ nnvsatish@vsnl.net or call us at 09440591400 Thanks CA Satish
  2. You cant save more than that....u already crossed 1L limit including PF.
  3. Refer to www.allindiantaxes.com
  4. Has per your data provided your tax liability will Max of Rs.52428/- per annum. For avoding tax you can opt for Gift Voucher and Food vouchers which is exempted from tax, and also apply for LTA, If your in a rented house you will exempted some part of it for further clarification you can mail to me dip_aug22@yahoo.com
  5. To calculate tax with the information supplied by you your tax bill amounts to Rs. 61608.00 incld. E.cess. You have not given the break-up of salary so it is assumed that Rs. 11k pm is your consolidated salary.otherwise tax bill may be much lower than the actual as you know certain allowances are exempt from tax up to certain limits . So exempted amount is excluded while calculating taxable income. Again in the absense of the nature and kind of other income it is not possible to calculate your tax liability. Amount stated above is the maximum possible. From the AY 2006-07 onwards deduction u/s 80C,80CCC,80CCD can not exeeds Rs. 01.00 lac. So you just need Rs. 18000 to reach at the threshold limit. whether it tuition fee of other savings and payment eligible for deuction u/s 80C. For any assistance and clearification u may please call at 09876419131 or e-mail ur query at pschoudharycac@yahoo.com. PS (CA Final)
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