Hi, I am new to this forum and my annual salary is 2,45,000. So from past 4 months my tax is being deducted as 4,800, 3,200, 4,200 like that. What should I do to save this. I am a newbie in this field, So no experience about this at all. I am so much worried. So can u let me know how should I save tax and how much will it get deducted and how to save it?
Dont worry....
this is the reply i had given earlier as to how to breakup your salary to save tax...
Dear Typist....
The best possible breakup i can give you is as follows....This is for FY 2007-08
Basic - 9250*12 = 1,11,000
Transport Allowance - 20,000 = 20,000 (Wholly Exempt)
Reimbursement of Medical Bills - 15,000 = 15,000 (Wholly Exempt)
Uniform Allowance - 5,000 = 5,000 (Wholly Exempt)
Leave Travel Concession - 29,000 = 29,000 (Wholly Exempt)
TOTAL SALARY = 1,80,000 (As Desired)
TAX PAYABLE NIL
Points to remember -
YOU WOULD BE REQUIRED TO SUBMIT ACTUAL BILLS OF MEDICAL, PETROL, UNIFORM PURCHASED AND TRAVEL DONE....
Since for FY 2008-09 the tax structure is very less hence i presume with the same level of income there would be no tax deducted out of your salary provided you avail the maximum of 80C exemption...