I earn 75000 permonth (25000 HRA, 50000 Basic), the break down is as follows
70000 invested in PPF 30000 to be invested in 5 yrs fd 27000 Rent to be paid permonth how much tax wud i pay and how much more can i invest and save tax
1 Answers
Hi
You have to pay tax but u can minimize the tax liability as given below:
Tax Liability under existing savings i.e Rs. 1,00,000/- Tax Amount will comes Rs. 40,376/-
If you invest as given below:
1) Long term infrastructure Bonds (Ded. U/s 80CCF) Rs. 20,000/- (Max. Limit)
2) Medical Insurance Premium (Ded. U/s 80D) Rs. 15,000/-
If the medical insurance paid for dependent/tax payer who is at least 65 years age or more.
Then u can get
additional amt of deduction for Rs. 5000/-
Tax liability under new saving i.e Rs. 1,35,000/- (Rs. 1 lakh + Rs. 35000/-)
Tax Amount will Comes Rs. 33,166/-
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