Question

Mr. Ramesh is employed by the Central Government. For the
previous year 2017-18, his basic salary is Rs. 1050000 per annum. Besides, he gets
Dearness Allowance of Rs. 60000 per annum and Transport Allowance of Rs. 43200
per annum. The Central Government contributes 10% of (Basic Salary + Dearness
Allowance) towards NPS. The contribution of Mr. X towards NPS is Rs. 111000
Besides, Mr. Ramesh paid Rs. 36500 towards Life Insurance Premium, a sum of Rs.
1440/- deducted from his salary towards CGEIS. He also contributed Rs. 500 per
month towards Central Government Health Scheme. He is having a residential
house constructed with the help of borrowed money from a scheduled commercial
bank and paid Rs. 210500 towards Interest on borrowed money. Compute the total
Income of Mr. Ramesh and also calculate tax liability thereon?
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Answer 1

Answer:

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