Question

D) Miss Kalpana ( age 25 years.) earn Rs. 2.25,000 in a
year. what education
cess will she
has to pay?​

Answer 1

Answer:

Rs 9836.5

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, Income tax = (Taxable income − 2,50,000) ×5100 = Rs 9550

Education cess = 9550×2100=Rs 191

Secondary and higher education cess = 9550×1100=Rs 95.5

Total tax to be paid = Income tax + education cess + secondary and higher education cess = 9550 + 191 + 95.5

= Rs 9836.5