Mr soheb Singh (age 48 years) work in a private company. his monthly income after deduction of allowances is rs 42000 and every month hi contributes rupees 3000 to GPF. he also bought rupees 15000 worth of national savings certificate and donated rs 12000 to the pm 's relief fund. compute his income tax
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Answer:
Rs. 7550
Step-by-step explanation:
monthly income = Rs. 42000.
annual income = 42000×12 = Rs. 504000
GPF contribution every month = Rs. 3000
annual GPF contribution = 3000×12 = Rs. 36000
NSC purchase = 15000
Donations to PM's fund = Rs. 12000
Standard deduction claim is Rs. 40000
So the total taxable income = 504000-36000-15000-12000-40000 = Rs. 401000
Income tax upto 250000 is nil.
So, income tax for 401000-250000 = 5% of 151000
= 0.05×151000
= Rs. 7550
akky7777:
but answer at theback of my book is rs.9836.50
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