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YOUR TAXABLE INCOME IS 3.8 -1.1 LACS, I.E. 2.7 LACS, OF THIS YOU CAN CLAIM 80C BENEFITS BY INVESTING 1 LAC IN RELATED INVESTMENTS, WHICH ARE HAVING I.T. EXEMPTIONS UNDER 80C - THESE ARE LIKE LIC, OTHER INSURANCE SCHEMES, PPF, AND ELSS - MUTUAL FUND SCHEMES.
THEN ON THE BALANCE 1.7 LAC, NO WAY OUT YOU HAVE TO PAY THE TAX WHICH WILL BE ABOUT Rs.2000/-. |
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You did not tell your tax status (Male or Female).
If you are a male. (Tax exemption Rs.1,10,000)
04,000 tax Between 1.1 to 1.5 lakhs @10% on 40,000
20,000 tax Between 1.5 to 2.5 lakhs @20% on 1 lakh
39,000 tax Above 2.5 lakhs @30% on 1.3 lakhs
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63,000 Tax (Before Tax savings)
01,890 Education cess @3% on Rs.63,000
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64,890 Net Tax (before tax savings)
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Now if you save tax by way of investing under sec.80C:
3,80,000 is your Salay
1,00,000 is your tax savings u/s 80C
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2,80,000
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04,000 tax Between 1.1 to 1.5 lakhs @10% on 40,000
20,000 tax Between 1.5 to 2.5 lakhs @20% on 1 lakh
09,000 tax Above 2.5 lakhs @30% on 30,000
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33,000 Tax after saving 1 lakh u/s 80C
00,990 Education Cess @3% on tax Rs.33,000
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33,990 Net tax after savings u/s 80C
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If you invest one lakh in 80c investments you will save a tax of Rs.30,900 (Male).
More details about 80C investments:
http://www.rediff.com/getahead/2005/dec/26tax.htm
If you are a female: (1,45,000 tax exemption) on 3.8 lakhs salary:
61,285 before tax savings u/s 80C
30,385 after tax savings of 1 lakh u/s 80C
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30,900 is savings for Women/female after investing in 80C
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