I get medical allowance from my company. Had I submitted the medical bills in the copmany, I would have got the exemption(Rs 15000). Can I claim it u/s 17 B while filing my Income Tax Returns. If yes where exactly in ITR 1 do I need to show it.
Hi, Im Karthik Herewith Im providing my salary details for Jan 2011 where I got a hike kindly help me to calculate tax and also how to exempt the max please explain in detail.
Basic tot – 207339 actual – 164839 projection – 42500, HRA tot – 103669 act – 82419 proj – 21250, LTA tot – 24476 act – 20310 proj – 4166, CA tot – 28751 act – 27151 proj – 1600, Medical allowance tot – 31451 act – 28951 proj – 2500, Education allowance tot- 15967 act 15967 proj – 0, additional allowance tot- 251266 act- 186716 proj- 64550, performance incentive tot – 6000 act – 6000 proj- 0.
Allowance u/s 10 CA- 3975, HRA – least of the following: 40% of Basic – 82935, HRA – 103669, Excess of rent paid over 10% of Salary( im paying 10K as rent per month).
u/s 16 tax on employment – 1876, u/s 80C provident fund – 24881, 20K LIC, 18K Aviva pension plan on my wife name she is a house wife, 14K ELSS, 25K PPF. Also 15K for mediclaim self family & 16K mediclaim for my parents father is a senior citizen who doesnt have any tax. Can i invest in bonds if yes how much to exempt max tax
Tax deducted from salary Jun to Dec is 3K/month & Jan to Mar is 4K/month.
Kindly help me to calculate tax and also how to exempt the max
FYI my mom is a permanent disabled from 2005 because of an accident and she is dependending on me she is 57 completed.
Thanks in advance