Mr. Sujit (aged 47 years), a doctor by profession based at Mumbai, earned an income from profession
Rs. 34,00,000 and interest on bank deposit Rs. 2,00,000 (includes interest on saving bank interest
Rs. 30,000). He deposits Rs. 1,20,000 in public provident fund. Compute his taxable income for the
assessment year 2018-19?
Ans: 34,70,000
Answers
Answered by
1
Answer:
The taxable income of Mr. Sujit is .
Step-by-step explanation:
Given: Income earned from profession ₹
Interest on bank deposit ₹ which includes saving bank interest of ₹30,000.
Deposits ₹ in PPF.
To find Taxable income
Solution:
- To find out his taxable income we need to first add what his incomes are.
- The total of his income will be
- From that, we need to deduct his expenses but that is not given to us.
- Then we need to provide for his deductions from tax.
- The deductions available to him are .
- PPF is fully allowed as a deduction and ₹ maximum is also allowed as a tax deduction for saving bank interest.
- Therefore, his taxable income will be .
PROJECT CODE: #SPJ1
Answered by
0
Answer:
Explanation:
The taxable income of Mr. Sujit is 3470000
Given: Income earned from profession Rs 3470000
Interest on bank deposit Rs 200000 which includes saving bank interest of ₹30,000.
Deposits Rs 120000 in PPF
To find out his taxable income we need to first add what his incomes are:
- The total of his income will be 3400000+200000=3600000
- From that, we need to deduct his expenses but that is not given to us.
- Then we need to provide for his deductions from tax.
- The deductions available to him are 130000
PPF is fully allowed as a deduction and Rs 10000 maximum is also allowed as a tax deduction for saving bank interest.
Therefore, his taxable income will be 3470000
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