My question regarding income tax in india?

Question

Dear all,

anybody can tell me after deducting hra,professional tax,provident fund the tax payable to it comes to inr Rs.2815.00. any body can tell me briefly how much insurance policy to produce to avoid income tax

Answer 1

Your taxable income is 137330/-

Tax on that income is 2815/-

if you want save Rs.2815/ you produce LIP for Rs.27330/-

Answer 2

You have not mentioned of any investments you have already made under section 80C of Income Tax Act. You can get a maximum exemption of income of Rs. 1 lac for investment  in various eligible instruments / schemes (including insurance) under section 80C. As your tax liability is only Rs. 2815/-, your taxable income falls under 10% income tax slab rate. You have to bring down your taxable income to Rs. 150000/- or less by investing in Insurance policy or any other eligible instrument. The approximate amount of investment required in your case is Rs. 28000/.

Answer 3

For men for first 40,000 of taxable income tax is 10%.

So your taxable income is Rs. 28,150. If you invest this amount, you will not pay any income tax.

However, you can  not invest now for FY 2007-08.

Read: For information on your Income Tax return and to download the forms, go to http://mytaxes.in/index.php?topic=32.0.

If you want to file online, read http://mytaxes.in/index.php?topic=94.0