Question

Mr kartarsingh (age 48 yrs) works in a private company his monthly income after dedication of allowances is Rs 42,000 and every month he contribute Rs 3000 to GPF. he has also bought Rs 15000 worth of NSC (national Saving certificate ) and donated Rs 12000 to the PM's Religion fund. complete his income tax ​

Answer 1

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

= Rs 9836.5

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Answer 2

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= ₹ 9836.5

For explaination : refer the attachment !!!

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