Mr John age 54 years total annual 1150000 his investment insurance premium 8000per month prime minister relief fund 25000 provident fund 5000 per month national saving certificate 2000per month find the income tax payable by Mr john
Answers
Answer:
Rs 111800
Step-by-step explanation:
Mr John age 54 years total annual 1150000 his investment insurance premium 8000per month prime minister relief fund 25000 provident fund 5000 per month national saving certificate 2000per month find the income tax payable by Mr john
Annual income = Rs 1150000
Age 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 Mr john = Rs 111800
Answer: 111800
Explanation:
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
= 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
Therefore, Income tax payable by Mr john = Rs 111800