Question

Ms. Shahnaz earns Rs. 35,000 per month (excluding HRA). She donates Rs. 30,000to Prime Minister Relief Fund (100% exemption) and Rs. 40,000 to a CharitableHospital (50% exemption). She contributes Rs. 5,000 per month to Provident Fundand Rs. 25,000 per annum towards LIC premium. She purchases NSC worthRs. 20,000. She pays Rs. 2,300 per month towards income tax for 11 month. Find theamount of income tax she has to pay in 12th month of the year.

Answer 1

Answer:

Step-by-step explanation:

Answer 2

Answer:

no need to pay any tax in 12th Month

Step-by-step explanation:

Ms. Shahnaz earns Rs. 35,000 per month (excluding HRA). She donates Rs. 30,000to Prime Minister Relief Fund (100% exemption) and Rs. 40,000 to a CharitableHospital (50% exemption). She contributes Rs. 5,000 per month to Provident Fundand Rs. 25,000 per annum towards LIC premium. She purchases NSC worthRs. 20,000. She pays Rs. 2,300 per month towards income tax for 11 month. Find theamount of income tax she has to pay in 12th month of the year.

Annual Income = 35000 * 12 = Rs 420000

PF = 5000 * 12 = Rs 60000

LIC Premium = Rs 25000

NSC = Rs 20000

Saving Under 80C = 60000 + 25000 + 20000 = Rs 105000

Prime minister relief fund exemption = Rs  30000

Charitable hospital exemption = (50/100) * 40000 = Rs 20000

Total Donation exemption = 30000 + 20000 = Rs 50000

Taxable income = 420000 - 105000 - 50000 = Rs 265000

Tax Slab = 0-250000 =  0 %

250000 - 50000 =  5 %

265000 - 250000 = Rs 15000

5% of Rs 15000 = Rs 750

Income tax already paid in 11 months = 2300 * 12 = Rs 27600

She has already paid more tax

so no need to pay any tax in 12th Month