Question

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​

Answer 1

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