Dear all,
Happy weekend for all of you.
I'm a software engineer in Bangalore,India.
My CTC is 2.7 lakhs per annum.
In my company , my monthly salary of 22,500 is divided into two pays.
1)Fixed pay---> Rs20,000
2)Flexipay----->Rs2,500( Telephone->Rs1500,Training-->Rs300.....of that sort)
Fixed pay is taxable whereas Flexipay is non-taxable.
what I want to know is that
1) If flexipay is non-taxable, whether I will get the full amount from the company directly at the end of every month.
2)If I need to produce bills to getback the flexipay amount for ex: Telephone bills worth RS18000(1,500 *12), can I produce it at the end of financial year i.e. before March15,2009.
3) My friends are sending the tax planner for the finance department before the 15th of each month. why are they doing so?
4)If I don't produce any bills for the flexipay amount, what will happen?
i) whether I will be taxed for 2,500 at the end of every month & remaining amount given back to me each month
ii)Whether the total flexi amount at the end of financial year(1,500*5->from Nov-march)is calculated, taxed for that amount & the remaining returned back.
4) LTA occupies substantial amount in my flexipay, how to get it back.
5) With respect to fixed pay , i'll be getting 2,40,000(20,000*12), so I would come under the Tax purview.
Up to 1,50,00 there would be no tax. The remaining amt(2,40,000-1,50,000=90,000) will be taxed.
What can be done to generally lower the amount deducted as tax?
I've an insurance policy against my name?
I've taken an medical insurance policy against my parents?
Will it all be useful what are the other options?
Please reply.
Please reply.
Regards
Happy weekend for all of you.
I'm a software engineer in Bangalore,India.
My CTC is 2.7 lakhs per annum.
In my company , my monthly salary of 22,500 is divided into two pays.
1)Fixed pay---> Rs20,000
2)Flexipay----->Rs2,500( Telephone->Rs1500,Training-->Rs300.....of that sort)
Fixed pay is taxable whereas Flexipay is non-taxable.
what I want to know is that
1) If flexipay is non-taxable, whether I will get the full amount from the company directly at the end of every month.
2)If I need to produce bills to getback the flexipay amount for ex: Telephone bills worth RS18000(1,500 *12), can I produce it at the end of financial year i.e. before March15,2009.
3) My friends are sending the tax planner for the finance department before the 15th of each month. why are they doing so?
4)If I don't produce any bills for the flexipay amount, what will happen?
i) whether I will be taxed for 2,500 at the end of every month & remaining amount given back to me each month
ii)Whether the total flexi amount at the end of financial year(1,500*5->from Nov-march)is calculated, taxed for that amount & the remaining returned back.
4) LTA occupies substantial amount in my flexipay, how to get it back.
5) With respect to fixed pay , i'll be getting 2,40,000(20,000*12), so I would come under the Tax purview.
Up to 1,50,00 there would be no tax. The remaining amt(2,40,000-1,50,000=90,000) will be taxed.
What can be done to generally lower the amount deducted as tax?
I've an insurance policy against my name?
I've taken an medical insurance policy against my parents?
Will it all be useful what are the other options?
Please reply.
Please reply.
Regards