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Want to ask query regarding taxation?


Hello

i want to know that if my income Per annum is Rs 2 lakh then how much investment i would like to make in order to get full rebate on tax?

and is Professional tax, conveyance and , providend fund will be deducted for calculating taxable income?

what is limit for man and women for taxable limit?

Hey Sonali, the maximum exempted limit for women is 1.35 lakhs...rets 0.65 lakhs u can invest in LIC and mutual funds as Mr. Captain said......however expenses which r incidental to your business will be deductible so as to calculate your taxable income.

for women its 1.35LAKHS AND REMAINING YIOU CAN INVEST IN LIC AND MUTULA FUND(ELSS)

from my point of you,if you heaving the income of 2 lakhs ,you shoud invest almost 1.20 lakh..........
thanks
love you

Your income is 2 lacs. You are woman. Therefore, invest up to Rs 55,000 and you will pay tax NIL. Why
For Asst Yr 2008-09 (FY 2007-08)
The slab for taxation starts at Rs 1,10,000 for man
The slab for taxation starts at Rs 1,45,000 for woman
The slab for taxation starts at Rs 1,95,000 for Sr.Citizen

Deduction u/s 80C is available up to Rs 1 lac.

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