What is tax slab for Individual Salaried (Men) FY 07-08 and HRA limit.?

What is tax slab for Individual Salaried (Men) FY 07-08 and HRA how much deduction maximum salaried employee can get… Donation to listed NGO etc… limit. wna to know.

2 Replies to “What is tax slab for Individual Salaried (Men) FY 07-08 and HRA limit.?”

  1. Clarify
    Your Age

    LEAST of the following is exempt from tax u/s 10(13A)

    a. 50% of the salary where residential house is situated at Bombay,Calcutta,Delhi or Madras:40% of salary where residential house is situated at any other place

    b. HRA received in respect of the period during which the accommodation is occupied by the employee during the PY

    c. The excess of rent paid over 10% of salary*

    *salary =Basic pay + DA (if terms of employment so provide) + fixed % of commission on turnover achived by the employee.
    # salary shall be determined on due basis only.

    Donation u/s 80 G
    Tax rate as follows

    For resident senior citizen (who is of 65 years or more at anytime during the previous year)
    upto 195000 nil
    195001 to 250000 20% of (TI-195000)+3% edu cess
    250001 to 1000000 11000+30% of (TI- 250000)+3% edu cess
    above 1000000 236000+30% of (TI- 1000000)+10% sc
    +3% edu cess

    For any other individual, every HUF/AOP/BOI/Artificial juridical person

    upto 110000 nil
    110000 to 150000 10%of (TI – 110000)+3% ec
    150001 to 250000 4000+20% of (TI-150000)+3% ec
    250001 to 1000000 24000+30% of(TI- 250000)+3%ec
    above 1000000 249000+30% of (TI-1000000)+10% sc+3%ec

    * ec Education Cess
    * sc Surcharge
    * TI Toal Income

    Following are the different items where you can invest to get a maximum deduction of 1 lac u/s 80 C

    1.LIC insurance premium (including payment made by govt employees to the central govt employees’ insurance scheme and payment made by a person under children ‘s defered endowment assurance policy){subject to a maximum of 20% of sum assured}

    2.Amount deposited as term deposit for a period of5 years or more accordance with a scheme framed by the govt (applicable from Assessment year 2007-2008)

    3.Payment in respect of non-commutableDeffered annuity plan

    4.Any amount paid as tuition fee (not including any payment towards development fees/donation/payment of similar nature) whether at the time of admission or otherwise to any university/college/educational institutions in india for full time education

    5.Salary deducted by employer (incase of Govt employee)

    6.contribution to Statutory provident fund and RPF.

    7.contribution towards 15yrs PPF

    8.contribution towards approved superannuation fund.

    9.Subscription to National Savings Certificate VIII issue.

    10.contribution for participating in the ULIP of UTI

    11.contribution for participating in the ULIP of LIC mutual fund

    12.Payment for notified annuity plan of LIC or any other insurer.

    13.Subscription towards notified units of Mutual Fund or UTI

    14.contribution to notified pension fund set up by Mutual fund or UTI (i.e retirement benefit pension fund of UTI)

    15.Any sum paid including accrued interest as subscription to home loan account scheme of the National Housing Bank or contribution to any notified pension fund set uo by the national housing Bank.

    16.Any sum paid as subscription to any scheme ofa> public sector company engaged in providing long term finance for purchase/construction of residential house in India.b> housing board constituted in India for the purpose of planning, development or improvement of cities/towns.

    17.Any amount towards the cost of purchase/construction of aresidential property (including repayment of loan taken from Govt. bank, cooperative bank,LIC,National Housing Bank,assessee’s employer where such an employer is a public company/public sector company/university/co-operativ… society)

    18.amount invested in approved debentures of, and equity shares in, a public company engaged in infrastructure including power sector or units of amutual fund proceeds of which are utilised for the developing, maaintaining,etc of a new infrastructure facility

  2. Deduction u/s 80C upto Rs.100000
    Deduction u/s 80D upto Rs.15000 (If medical insurance premium is paid)
    Deduction u/s 80G for Donation given usually 50% of amount donated

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