Hi I am going to join the new job from Nov . My CTC is 3.15 lakhs and HRA is 3,880 and Conveyance all is 800 and LTA is 808 and food coupons 500 and personal allowance 2880 and sundry medical reimbursement 500 all of the above per month and my basic salary is 9700p.m. and variable allowance is 5500 and PF and gratuity are 1,164 and 467 respectively all per month totaling up to 26,199 . How much will the tax come to and if I invest in equities can I claim it under any exemption without going through ELSS. If DTC comes into effect how will it affect my Tax saving options ?
1 Answers
In order to compute your tax liability for FY 2011-12, please download income tax calculator and compute yourself by putting in monthly salary figures.
To know more about tax-saving and where-all you can invest, read following similar answers:
http://www.socialfinance.in/questions/7/tax-saving
http://www.socialfinance.in/questions/46/investment-suggestions
http://www.socialfinance.in/questions/45/investment-advise
http://www.socialfinance.in/questions/82/tax-exemption-component-for-salaried-employee
http://www.socialfinance.in/questions/118/tax-saving
http://www.socialfinance.in/questions/178/investment-advise
Regarding DTC and its effect, read here: Direct Tax Code - DTC Highlights
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