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Hi
May i know i 2 avoid Income Tax.I am getting 1,20,000PA
and a house rent of 5000PM,and profit from Agriculture
Income of 80,000.Is agriculture Income taken into
consideration.If so how 2 calculate further & how much will
b the Income TaxI will b getting.
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Answer / shilpalatha
Hi,
you cannot avoid tax but, you can reduce it by payinfg
towards insurance policy etc,agricultural income is taken
into consideration but it is exempted upto 50000
| Is This Answer Correct ? | 9 Yes | 1 No |
Answer / jkulothunganchola
Hi
Actual Rce Annual Income 120,000.00
Acctual P. M HRA 5,000.00 Metro Pali City 50%
Of Basic
Other Wise 40% of Basic
Other Wise 24000/- Govt Emep
Annual Income - HRA = Total Income
Note. Agriculture income ( Omitted By Direct Tax Laws )
Act 1987
| Is This Answer Correct ? | 7 Yes | 0 No |
Answer / venkatesh
your income is not the taxable income i.e. upto 1,50,000
Exempt from tax
| Is This Answer Correct ? | 4 Yes | 1 No |
Tax Avoiding is not legal term according to Income Tax Act.
if a person is avoiding income tax then he/she is liable to
Penalties and prosecution under income tax, Correct term
for this is TAX PLANNING which is correctly calculated by
many people here
| Is This Answer Correct ? | 2 Yes | 0 No |
U R MONTHLY SALARY IS =10000 PM
AND HRA RECEIVED = 5000 PM
IF UR HOME IS SAME CITY MEANS
ALL AMOUNT IS TAXABLE
EXAMPLES : 10000+5000=15000 PM IS TAXABLE AMOUNT IN CASE
OFFICE AND HOME IN SAME CITY
TOTAL TAXABLE INCOME=15000*12=180000
150000RS = NIL
(180000-150000)= 30000*10%
= 3000 RS TAX AMOUNT
AND AGRICULTURE INCOME IS FULLY EXEMPTED.
| Is This Answer Correct ? | 3 Yes | 2 No |
Answer / sonal
hey guys he is saying house rent he gets not hra why
everyone is calculating hra ...did he said dat plz
understand the question.
| Is This Answer Correct ? | 0 Yes | 1 No |
your income is 120000 pa
h ra is 5000*12
= 60000
40% on basic expmted - 48000/-
50% metro city_________
taxable income 72000/-
add: agr. income 80000/-
--------
total tax.incom 152000/-
icome tax @10% on 2000*10%= 200
expemtin agr.incomeis 80000*10%=8000
so your are not liable to pay tax
| Is This Answer Correct ? | 0 Yes | 2 No |
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