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I am feeling like banging my head to something because of tax calculation

giribabu choudhary
Greenhorn

Joined: Jan 17, 2006
Posts: 3
Hi Ranchers

I am feeling like banging my head to something because I could not understand this tax calculations plz if u have time help me in this

This are my salary details

I am in India and all this are in rupees

CTC 400,000

Basic 145,670
HRA 109,252
Flexi 109,252
PF 19,826
Retirals 16,000
Gross yearly salary 364,174
Gross Monthly Sal 30,348
Plus 10% of the salary bonus every year i.e. nearly 35,000


According to this salary can anybody please briefly explain what is the tax I have to pay every month separately above.I will be very thankful to you.


1)I have joined this company in December 2005 ,i.e. from last month I am getting 30k in hand they are not deducting any tax, can I know what is there plan. What would be the tax till march.

2)I am planning to show 5000 as house rent receipts what does this come under, what are the other receipts I can show in order to save tax 100% I don�t what to put money in saving or life insurance which returns very less in order to save money.

3)How is this tax calculated can u please explain briefly according to the above variations.

4)Which is the best way to save tax other than showing savings, because I want to clear my credits were I am paying very very much high interest before thinking of savings but want to save 100% tax which is the way

Thanks in advance waiting for reply
Kj Reddy
Ranch Hand

Joined: Sep 20, 2003
Posts: 1704
Get in touch with any tax savings consultants. They will calculate your taxes and will advise you how you can save taxes. They will do it free of cost.
giribabu choudhary
Greenhorn

Joined: Jan 17, 2006
Posts: 3
Thanku KJ Reddy for ur suggestion.I have consulated tax consultant but i could'nt understand his calculations,can u give me best tax consulatant address and phone numbers in blore,thanku

other views are also welcomed

Thanku
Kj Reddy
Ranch Hand

Joined: Sep 20, 2003
Posts: 1704
Originally posted by giribabu choudhary:
Thanku KJ Reddy for ur suggestion.I have consulated tax consultant but i could'nt understand his calculations,can u give me best tax consulatant address and phone numbers in blore,thanku

other views are also welcomed

Thanku


Its not easy to understand their calculations. But they are correct

You can download tax calculator at:
http://www.ynithya.com/taxcalc/
This is self explanatory.

You can try one of bangalore consultant: http://www.dilzer.net/contactus.htm
 
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