monthly salary 85200 rupees get bonus 50000 during the year contribute for 1000 per month to use PPF account page half yearly premium of 35000 each to LIC and invest 50000 in national saving certificate he also pays 10000 test medical insurance premium find Income Tax by old method ?!
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Answered by
1
Answer:
Total annual income = 12 × Rs 50000 = Rs 600000 Amount on which tax would be rebated on investments/donations = 100
Answered by
3
Answer:
"25% of income = 3000 rupees
1% ==========3000/25=120 rupees
100% of income = 120*100 = 12,000 rupees
So his 100% or total income is = Rs 12,000"
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