8 Replies to “hi, i m government employee and my annual income is 2,00,000 lakh. what i can do about income tax.?”

  1. First of all you Invest upto Rs. 50,000/- in NSC, FDR deductibale U/s 80C, Mutual Funds deductiable U/s 80C, PPF or paid LIP, Mediclaim, Children (Two Maximum) Tution fee in School/College, so that your tax liablity will be NIL.
    Thereafter submit the proofs to your office, so that TDS will not be deducted by your Employer.

    File Income Tax Return on or before 31.07.2009

  2. the exemption limits are as follows:
    senior citizens-2.25lakhs

    so if after this exemption limit you have any taxable income then you can pay tax on that amount or can go for various investments u/s 80c like lici,ppf,nsc,elss etc for getting deduction

  3. As My peer suggested your It exemption is Rs150000 if you are a male
    Further to answer your question components of salary is needed
    For Eg HRA is exempted from your salary as per norms
    Transport allowance is exempted upto 9600 per year
    To get exemption you must have the above components in your pay roll
    Afterwards think of Savings.
    See It Rules and dothe needful about savings

  4. as u r a govt employee your salary already is after tax deduction..alongwith many allowances n perks exempted for u…so just gross up your salary to present in return with the help of a CA….

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