Income tax saving technique

[Ikhan]

Dear faisal,

As for as clarification is concern, this is basically an assumption, the actual situation may varied from employee to employee but the calculation remain same if it is correct(that is basically my question)

for reimbursements related Question, lets take an example of an employee claimed his annual reimbursement limit (Rs 15000) in two installments(Sept & Jan), we may calculate his taxable income like

In Sept
-------
Monthly Salary = 50,000
Basic Salary - 45454
Annual Medical exemption = 4545 x 12 = 54540
Annual estimated income = (50,000 x 12) + 7500(OPT reimbursement)+ 7000(health insurance) = 614,500
<b>Taxable income = 614,500 - 54540 = 559,960</b>

In Jan
------
Annual estimated income = 614500 + 7500(OPT reimbursement) = 622000
<b>Taxable income = 622000 - 54540 = 567460</b>

Laptop bhai,
We have only one contact that clearly mentioned these two benefits like "we provide our employee a hospitalization facility through Health insurance company & also offer a medical reimbursement facility for OPT coverage upto Rs 15000.."

I have just added both amounts in employee's taxable income & deducted medical exemption.


-imran