Summary of my income tax
I have no idea till date about how income tax are calculated, and what to do to save them. I know its embarrassing. I have lost lot of money due to this. Can someone guide me on what my taxable income is, how much should I invest in tax saving instruments, what bills are needed to be produced for monthly reimbursements, etc etc. I would really appreciate it. Below are the income details. My CTC is 800000, I have opted for meal coupons and telephone reimbursement. I live in Delhi NCR area.
Mandatory Component :
Basic 3,24,000
HRA 1,62,000
Mediclaim Premium 11,661
Gratuity 15,577
Special Allowance 1,88,482
Medical Reimbursement 15,000
Optional Componen :
Transport Allowance 19,200
P.F. 38,880
Leave Travel Assistance NA
Meal Coupons 13,200
Telephone 12000 (1000 pm)
Variable Pay 0.0
Total Final Breakup 8,00,000
Grand Total : 8,00,000
Tax Amount Metro 11,473
Tax Amount Non Metro 14,778