income tax to be calculated for Financial year 2011 - 2012

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

asked Mar 30 '11 at 09:53 by Anonymous 1111


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/-

answered Apr 02 '11 at 04:21 by sagar 4012

link

Know someone who can answer? Share a link to this question via Email, Twitter, or Facebook

Your answer
toggle preview

Follow this question

Once you sign in you will be able to subscribe for any updates here

Markdown Basics

  • *italic* or __italic__
  • **bold** or __bold__
  • link:[text](http://url.com/ "title")
  • image?![alt text](/path/img.jpg "title")
  • numbered list: 1. Foo 2. Bar
  • to add a line break simply add two spaces to where you would like the new line to be.
  • basic HTML tags are also supported

Tags:

×777
×120
×48
×14
×4

Asked: Mar 30 '11 at 09:53

Seen: 2,173 times

Last updated: Apr 06 '11 at 03:32