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What is the tax structure and benefits for salaried person?

Can any 1 give me eg 4 Salary Structure for a person earning 4,7,9 lacs pa & also ways of saving tax?

  • Salary Structure should have break ups like Basic, HRA,DA,TA etc.

  • Answer:

    See it the other way around. That is who falls in a Tax bracket and what is the highest tax limit and what is the best Tax saving provision you have. For example you can invest in tax saving instruments and Govt approved bonds upto 1lakh in a financial year to gain on saving tax. The best way is to figure out your outgo in terms of PF, existing LIC, Mediclaim and plan for the balance up to 1 lakh. There is no way you can evade Tax but you can always plan for tax benefits. As regard to the salary structure, it varies from organisation to organisation and hence doesnt make any sense

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U PREPARE A FORM 16 - / ELSE GIV BRK UP OF bASIC/DA/HRA/OTHER ALLOWANCES ONLY THEN CAN IT BE COMPUTED.

Partha T

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