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A B C

Basic - 20,000 p.m. HRA - 10,000 p.m Taxable perks - 10,000 p.m.

D E

Gross salary income (A+B+C) Exemption under Sec 10

Annual salary figures 240000 Basic of Rs 20,000 p.m. 84000 Assuming rent paid is Rs.5,000/-p.m.The 120000 Taxable perks include concessional rent Tax exempt perks include medical reimb Assume value at Rs 10,000 per month 444000

12000 Education (fee of Rs 50+hostel of Rs 15 This does not get added to the income a

F G H K L

Less Less

Profession tax Standard deduction Taxable salary (D-F-G)

2500 For income greater than Rs 10,000 PF ta 20000 Standard deduction is 1/3 of salary subje 421500

Add

Other income Rent from house property Deduction under Section 24 (I) (vi)

Less

20000 This will be set off from the interest on ho 50000 Interest on housing loan can be set off to -30000 Interest on housing loan = 3000 20000

M N O

Short term capital gains Interest Income Deduction under Chapter VI-A Interest on bank deposits and notified bonds Mediclaim insurance premium Sub-total Net taxable income (H+L+M+N-O) Tax payable

10000 Section 80 L allows for deduction of inter 5500 Section 80 D provides for deduction of p 15500 399000

93,700 (Rs 19,000+30% of Rs 3,99,700-Rs 1,50

Less

Rebate under Section 88 - ELSS - PF - PPF - Infrastructure investments Total

2000 5760 4000 11760 4000 15760 77,940 12390

Investment of Rs 15000 in Tata Mutual F PF contribution of the employee (statuto PPF contribution of Rs 20000 This rebate is allowed for a maximum of An additional rebate of upto Rs 4000 is a

R S T U V

Tax payable (excl. capital gains : P-Q) Long term capital gains Investments in Section 54EB Tax on long term capital gains: (S-T) taxed at 20% Total tax payable Total tax payable including surcharge

10000 For 54 EB, the capital gain amount will h

478 Long term capital gains are taxed at 20%

78,418 10% surcharge (additional tax) is leviable 91,749

If details of all other non-salary income is provided to the employer, then the tax can be deducted at source

Employer will furnish complete details of the tax calculations in Form 16 - certificate for deduction at source Changes in tax calculation subsequent to the Budget, applicable for the financial year 2001-02

Basic of Rs 20,000 p.m. Assuming rent paid is Rs.5,000/-p.m.The taxable HRA is lower of the 120000 (50% of salary), Rs.1,20,000 (actual HRA received Rs.10000 p.m Taxable perks include concessional rent, value of any security offered on concessional terms by the employer, payment of any employee obliga Tax exempt perks include medical reimbursement, subsidised lunch, employer contribution to PF or pension or group insurance and LFC (subje Assume value at Rs 10,000 per month

Education (fee of Rs 50+hostel of Rs 150) allowance of Rs 200 per month plus transport allowance of Rs 800 per month This does not get added to the income at all For income greater than Rs 10,000 PF tax is Rs 2500 per annum Standard deduction is 1/3 of salary subject to max. of Rs 20000 if total salary does not exceed Rs.5,00,000/-

This will be set off from the interest on housing loan; loss from housing property can be carried forward Interest on housing loan can be set off to the extent of Rs 1,00,000 Interest on housing loan = 50000 (deduction net of house rent received)

Section 80 L allows for deduction of interest earned on specified securities upto a limit of Rs 15000 Section 80 D provides for deduction of premium upto Rs 10000

(Rs 19,000+30% of Rs 3,99,700-Rs 1,50,000)

Investment of Rs 15000 in Tata Mutual Fund ELSS PF contribution of the employee (statutorily at 12%) is eligible for rebate plus existing contribution of 20000 PPF contribution of Rs 20000 This rebate is allowed for a maximum of Rs 12000 An additional rebate of upto Rs 4000 is allowed on investment in infrastructure instruments, say ICICI or IDBI or MKVDC bonds

For 54 EB, the capital gain amount will have to be invested for a period of seven years Long term capital gains are taxed at 20% 10% surcharge (additional tax) is leviable on the tax liability, if total income exceeds Rs.60,000 from the A.Y. 2000-01

mployer, then the tax can be deducted at source

s in Form 16 - certificate for deduction at source

applicable for the financial year 2001-02

, Rs.1,20,000 (actual HRA received Rs.10000 p.m.) and Rs 36000 (excess of rent paid over 10% of salary- 60000 (5000*12) - 24000 (240000*10%) s by the employer, payment of any employee obligation by the employer and payment of any insurance premium, etc. by employer o PF or pension or group insurance and LFC (subject to rules)

wance of Rs 800 per month

ay ICICI or IDBI or MKVDC bonds

00 from the A.Y. 2000-01

ary- 60000 (5000*12) - 24000 (240000*10%) premium, etc. by employer