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
Answer:
Rs9836.5
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, Incometax=(Taxableincome−2,50,000)×
100
5
=Rs9550
Education cess =9550×
100
2
=Rs191
Secondary and higher education cess =9550×
100
1
=Rs95.5
Total tax to be paid = Income tax + education cess + secondary and higher education cess
=9550+191+95.5=Rs9836.5