Tax deduction
madhukar
(Querist) 24 March 2012
This query is : Resolved
Dear Sirs,
Am employed in public ltd.company for last three years. My current salary is 3.6 lac CTC & Break Up is(yearly gross-318725, Bonus-12000, leave -12000, P.F employer- 17280). My investement of year 2011-12 are ICICI health saver plan Annual premium Rs 15000/- + LIC monney back Policy- Annual premium Rs 19150/-is & i have taken home loan in nov-2011 for which repaymnet instalment from dec 2011- march-2012 is Rs 36474. Even after this investement (30000/-) & Home loan repaymnet ( Rs 36000/-)+ pf( 17280). my account person says Rs. 6500/- will get deducted towards income tax. is it correct. pl guide
V R SHROFF
(Expert) 24 March 2012
u must increase PF to 25% of Salary, you can save entire Income Tax. u r contributing minimum, You should contribute Maximum PF, and take refundable/ non refundable Loan for housing/ house repairs, I Tax will be NIL FOR U.
aS SUCH IT COMES TO 2% OG UR GROSS INCOME, SO TRUST UR I TAX MAN/ CO.
soumitra basu
(Expert) 08 April 2012
You have to calculate your tax on your own way and submit the same.
