Salary For 12 months (CTC) 12,00,000
Less: Food Coupons (3000 per month) -36,000
Less: Misc Medical (1250 per month) -15,000
Less: HRA (50 % of basic for Metro city) -1,20,000
Less: Conveyance Allowance (800 per month) -9,600
Less: LTA (No limit) -16,900
Less: Prof Tax (2500 per year) -2,500
Income under head Salaries 10,00,000
Income from house property -2,00,000
(Interest on housing loan max 2,00,000)
Income from other sources +10,000
(Interest on Saving bank a/c)
Gross Total Income 8,10,000
Less: 80C Investments -1,50.000
(max 1,50,000)
(max 1,50,000)
Less: 80D Mediclaim -35,000
(Self 15000 + 20000 Sr. citizen)
(Self 15000 + 20000 Sr. citizen)
Less: 80E -15,000
(Interest on education loan No limit)
Less: 80TTA -10,000
(Interest on Saving bank a/c max 10000)
Total taxable income 6,00,000
Tax 45,000
(2,50,000 tax free)
(10% tax 2,50,000 to 5,00,000)
(20% tax 5,00,000 to 10,00,000)
(30% tax 10,00,000 above)
Education cess (3% of tax) +1,350
Total tax payable 46,350
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