Can anyone help me with tax calculation

Base = 1,080,000
House Rent Allowance = 432,000
Leave Travel Allowance = 24,000
Special Allowance = 816,000
Provident Fund (Employer’s Contribution) = 21,600
Meal Allowance = 26,400
Bonus = 240,000
Gratuity = 51,948

Please help me with

  1. Tax calculation
  2. Inhand per month
  3. Simple investing techniques (We have bought a flat and my dad pays loan of 33k per month)

Hey @Shaggy

To calculate your tax liability, please refer to Quicko’s Income Tax Calculator. Here you can enter details about your income, deductions, exemptions and your tax liability will be calculated under both, old and the new regime.

Regarding the home loan, a deduction on interest on the home loan under section 80EEA can be claimed by the person who is paying it, in this case, your father. Read more about it here.

Alternatively, in case of further queries, feel free to write to us here

I have already went through above tool. It requires me to have good knowledge. Hence i do not feel above tool is usefull at all for people who do not want to involve themselves in these Calculations…

I will really appreciate it if you can tell me answers to below questions

  1. How much will i get inhand
  2. What can i do to reduce tax.

Hi @Shaggy,

We recommend you check with your employer regarding your take-home salary.
You can plan and make tax-saving investments and payments during the year to optimize your tax liability.

Check out this video to help you understand and plan your taxes

Hope this helps :slight_smile:

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This was helpful. Thanks

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I above calculator where should i enter special allowance?

Hey @Shaggy,

You can add other allowances under Income Details > Salary Income > Other Taxable Allowances in the Income Tax Calculator.