A) Taxable Income

(i) Monthly Income

Pay Items Monthly Annual
Basic 28000 336000
HRA 11200 134400
Adhoc & Other Reimbursements 13240 158880
Education 200 2400
Company Performance Incentive 7000 84000
Individual Performance Incentive 3500 42000
Taxable LTA 1000 12000
Total 64140 769680

B) Deduction
Pay Items Monthly Annual
Provident Fund 3360 40320
Prof Tax 200 2400
Total 3560 42720

C) Perquisites
Pay Items Monthly Annual
0 0

D) Gross Salary (A+C) 769680

E) Less exemption under Section 10 64800

Item
House Rent Allowance : Section 10(13A) [Least of a, b & c] 62400
Total Rent Paid p.a 96000
a) HRA Recieved 134400
b) 40 % of Basic 134400
c) Rent Paid less 10% of Basic 62400
Leave Travel Assistance : Sec. 10(5) 0
Education Exempt 2400
Total Exemptions 64800

F) Income from Previous employer

Pay Items
Total Income 0
Income Tax 0
Professional Tax 0
Provident Fund 0

G) Income after exemption ( D - E + F ) 704880

H) Less Deduction under Section 16 42400

Description
(i) Tax on Employment : Sec 16(iii) 2400
(ii) Standard Deduction : Sec 16(ia) 40000

I) Income chargeable under the head salaries (G - H) 662480

J) Add any other income declared by the employee (a+b 0

(a) Other Income
Description Amount

Sub Total
(b) Income/Loss from house property [ (i) + (ii) ]
(i) Interest on housing loan (Self occupied) 0
(ii) Income/Loss from letout property
Total : 0

K) Gross Total Income (I + J) 662480

L) Deduction under chapter VI A 80320

Investment Section Gross
Deposit in Post Office Savings Schemes 80C 25000
LIC 80C 15000
Children Tution Fees 80C 0
Provident Fund 80C 40320
Medical Insurance Premium 80D 0
Donation 80G 0
Sub Total 80320

M) Taxable Income 582160

N) i) Calculated Income Tax 28932

ii) Less Rebate u/s 87A 0
Total Tax to be Paid 28932
Surcharge 0
Health & Education Cess 1157
Total Tax 30089
Qualifying Deductible
25000 25000
15000 15000
0 0
40320 40320
0 0
0 0
80320 80320

582160
250000 0 0
250000 5% 12500
82160 20% 16432
0 30% 0
Total Tax 28932
4501