Question

1. Neha is working in a MNC from where receives a basic salary of 175,000 per month, HRA of 50,000 and special allowances of * 25000 per month. She also gets leave travel allowance (LTA) of 20,000 annually. If she pays rent of $40,000 per month and live in Delhi. Calculate the income tax payable by Neha in the financial year 2020–21. 7 127.500 ner month and receives please send this solution​

Answer 1

Money earned in a month =

$Rs.\,(175000+50000+25000+20000) \\=\bf Rs.\,270000$

Total income (yearly) = $Rs. 270000 \times 12= \bf Rs. 3240000$

Now, money paid in rent (per month) = $Rs.\,40000$

So, rent paid in 1 year = $Rs. 40000 \times 12 = \bf Rs. 480000$

So, money left after paying rent = $Rs. (3240000-230000) = \bf Rs. 3100000$

In Delhi, the tax rate for income above Rs. 15,00,000 is Rs. 187000 + 30% of total income exceeding Rs. 15,00,000

So, income exceeding Rs. 1500000 = $Rs. (3100000-1500000) = \bf Rs. 1600000$

So,

$30\% \,\, of\,\, Rs. 1600000 = Rs. 480000$

∴ Total Tax Payable = $Rs. (187500+187000) = \underline {\bf Rs. 667500}$

Here is your answer.

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