Question

1. Mr. Kartarsingh (age 48 years) works in a private company. His monthly income after deduction of

allowances is . 42,000 and every month he contribute . 3000 to GPF. He has also bought

Rs. 15000 worth of NSC and donated . 12000 to the PM’s Relief fund. Compute his income tax.​

Answer 1

Answer:

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Step-by-step explanation:

Monthly Income = Rs 42,000

Gross annual income = Rs 42,000×12 = Rs 5,04,000

Applicable deductions:

Monthly GPF contribution = Rs 3000

Annual GPF contribution = Rs 3000×12 = Rs 36,000

NSC = Rs 15,000

Donation in PM's relief fund = Rs 12000

Total applicable deductions = Rs 36,000+15,000+12,000= Rs 63,000

Total taxable income = Gross annual income − total applicable deductions  

= Rs 5,04,000− Rs 63,000=Rs 4,41,000

Now the Total taxable income falls in the slab of 2,50,001 to 5,00,000.  

So, Incometax=(Taxableincome−2,50,000)× $\frac{5}{100}$

$\frac{1}{100}$ =Rs9550

Education cess =9550× $\frac{2}{100}$

=Rs191

Secondary and higher education cess =9550×  

 =Rs95.5

Total tax to be paid = Income tax + education cess + secondary and higher education cess  

=9550+191+95.5=Rs9836.5