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total income = 16000*12=192000
bonus = 42000
total = 234000
investment upto rs 1 lac = 61500
net taxable = 172500
income tax = 50000*10% = 5000
= 22500*20% = 4500
total tax = 9500
cess = 190
net tax payable = 9690
- jindajind
Subhrangshu m
you need to save 100000 to get benifit under 80ccc. Which comes PF+ INsurance+HRa
if you have home loan it come under 20D
starstrategies
you are having the priveledge of rebate upto Rs100000 on your savings for which you can take life insurance policy from pvt insurers who have three year lock in or single premium option since you may not be having excess money next year to continue the insurance any further queries mail me at khuranabusinesssystems@gmail.com we are agents for bajaj life insurence and have both the above options. Your Tax can be almost NIL
veeru
Dear sir,
we considered you is a below the age of senior citizen, and male employee, what ever your investments is considered like 80C like LIC+ PF + AND OTHER SCHEMES.
THEN your tax burden will be like this for the year 2006-07
your salary for the year is 16000x12 = Rs 192000/-
add : bonus you got will be = Rs. 42000/-
Total = Rs.192000+42000 = Rs. 234000
From that you deduct the
savings say Rs.61500
and then you will get Rs. 172500
This is other wise known as total income
on this Rs.172500 , tax will be levied.
Rs.9500+ Add. Ecess. @2% = 190 = Rs.9690/-
then your tax liability will be Rs.9690/- only
further questions all are welcome sir.
sarmamssv@yahoo.com
J G
This is in India and you are paid in Rupees?
Floyd B
I can't believe that you get paid that much money & can't look at a tax form & get at least a rough idea of what your taxes would be.
bitemeimvegan
where do you work? i want your job i don't care what you do i want your job? are you hiring?
Amy T
Please higher some one to do that for you, you have not gave us all the info needed.
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