Hi,
I am a fresher and i got my offer letter two days ago. The annual compensations were given as:
basic -150,000
house rent allowance- 75,000
provident fund -18,000
leave travel allowance -30,000
medical allowance -15,000
conveyance allowance -9,600
special allowance -202,400
total pay-500,000
deductions:
provident fund-18,000
professional tax- 2,500
net take home -461,500
net take home excluding medical and travel allowance 416,500
What does all this mean and how much money will i get after the tax is deducted? is there any special tax savings for women?
From India, Hyderabad
I am a fresher and i got my offer letter two days ago. The annual compensations were given as:
basic -150,000
house rent allowance- 75,000
provident fund -18,000
leave travel allowance -30,000
medical allowance -15,000
conveyance allowance -9,600
special allowance -202,400
total pay-500,000
deductions:
provident fund-18,000
professional tax- 2,500
net take home -461,500
net take home excluding medical and travel allowance 416,500
What does all this mean and how much money will i get after the tax is deducted? is there any special tax savings for women?
From India, Hyderabad
hi,
attached is your tax working as you mentioned the salary breakup.
up to 190000 there is no tax, from 190000 to 500000 tax percentage is 10%.
in your case for saving tax you can take examption on following doc.
Rent receipt
LTA claim
medical reimb claim
investmnt in 80 C up ot 82000/-(LIC/PPF/NSC/MF/BONDS/EDU LOAN ETC)
In 80 D you can submit medicalim policy up to 15000/- & another 15000 for you parents.
you can also invest in infrastructure bond (section 80ccf)
whatever you invest as per above limit you tax will be save 10%.
Thanks & Regards
From India, Mumbai
2attached is your tax working as you mentioned the salary breakup.
up to 190000 there is no tax, from 190000 to 500000 tax percentage is 10%.
in your case for saving tax you can take examption on following doc.
Rent receipt
LTA claim
medical reimb claim
investmnt in 80 C up ot 82000/-(LIC/PPF/NSC/MF/BONDS/EDU LOAN ETC)
In 80 D you can submit medicalim policy up to 15000/- & another 15000 for you parents.
you can also invest in infrastructure bond (section 80ccf)
whatever you invest as per above limit you tax will be save 10%.
Thanks & Regards
From India, Mumbai
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Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
P-TAX.csv