Mr John 54 age years total annual income 1150000 is investment insurance premium 8000 per month Prime Minister relief fund 25,000 provident fund 5000 per month National Savings certificates 2000 per month find the income tax payable by Mr John
Answers
Answer:
111800
Step by step explanation:
Given,
Annual income = Rs 1150000
▪️ Investment under 80C = Insurance Premium + PF + NSC ▪️
= 8000 * 12 + 5000 * 12 + 2000 * 12
= 96000 + 60000 + 24000
= 180000
▪️ Max Saving considered under 80 C = Rs 150000
prime minister relief fund is eligible for 100% = Rs 25000 deduction
Taxable income = 1150000 - 150000 - 25000
= Rs 975000
Tax as per Income tax Slab for Male (not senior citizen)
➡️ 0 - 250000 = 0
➡️ 250000 - 50000 = 5% = (5/100)*250000 = Rs 12500
500000 - 975000 = 20% = (20/100) *475000 = Rs 95000
➡️ Tax Amount = 95000 + 12500 = Rs 107500
Education cess = 4% = (4/100) * 107500 = Rs 4300
➡️ Total Tax to be Paid = 107500 + 4300 = Rs 111800
➡️ Income tax payable by Mr john = Rs 111800
Answer
Income = Rs 1150000
54 Years - so not senior citizen
Mr. John - Male
Investment under 80C = Insurance Premium + PF + NSC
= 8000 * 12 + 5000 * 12 + 2000 * 12
= 96000 + 60000 + 24000
= 180000
Max Saving considered under 80 C = Rs 150000
prime minister relief fund is eligible for 100% = Rs 25000 deduction
Taxable income = 1150000 - 150000 - 25000
= Rs 975000
Tax as per Income tax Slab for Male (not senior citizen)
0 - 250000 = 0
250000 - 50000 = 5% = (5/100)*250000 = Rs 12500
500000 - 975000 = 20% = (20/100) *475000 = Rs 95000
Tax Amount = 95000 + 12500 = Rs 107500
Education cess = 4% = (4/100) * 107500 = Rs 4300
Total Tax to be Paid = 107500 + 4300 = Rs 111800
Income tax payable by