(iii) Mr. Kartar Singh (age 48 years) works in a private company. His annual taxable income is
Rs.4,41,000. Compute his total income tax.
Answers
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Step-by-step explanation:
4,41,000×48
u will get answer
Answer:
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