Although company HR prepare tax forecasting or computation for their employees but employees face many problem during Jan to March period. How much is my taxable income, how much need to invest in tax saving instrument. How much is tax on my salary income which i need to pay.
Here is tutorial to calculate taxable income from salary. Step by step calculation......
Calculation of Taxable Income from Salary
|Total Earning||550000||Gross Salary|
|Conveyance||9600||109600||500400||Total Gross Salary|
|Less Invest U/S 80C|
|PF & VPF||25000|
1 Mentioned amount of HRM in your salary slip is non taxable.
2 Rs 9600 is maximum amount non taxable under conveyance.
3 Maximum investment limit is Rs 1 Lakh
To calculate your taxable income please click here and select your assessment year, select your type assessee, select income of individual finally enter your net income/taxable income.
Tax Saving Instruments
|80C||Payment of Life Insurance Premium (For self, spouse & children)|
|81C||Contribution to Unit Linked Insurance Scheme - ULIP (For self, spouse & children)|
|80CCC||Contribution to Pension Plans (Self)|
|80C||Deposit in Public Provident Fund-PPF (For self, spouse & children)|
|80C||Purchase of National Saving Certificates - NSC (Self)|
|80C||Contribution to Equity Linked Savings Scheme - ELSS - TAX SAVER-MF (Self)|
|80C||Payment of tuition fees for children to any School, College, University or Educational Institution|
|80C||Fixed Deposit for 5 years with a Scheduled Bank (Tax Saver)|
|80CCF||Investment in Infrastructure Bonds|
|80C||Housing Loan - Repayment of Principal|
|24(2)||Housing Loan - Repayment of Interest (Self Occupied)|
|80D||Mediclaim Policy Premium (For self, spouse, children & dependent parents)|
|80E||Payment of interest on loan taken for higher education for a full time course|
|80DD||Medical treatment of handicapped dependent|
|80U||Deduction in case of self being totally blind or physically handicapped|