shyam annual salary is ₹325000.he contributes ₹ 4800 towards gpf and pay lic annual premium of ₹ 1200 .income tax he will have to pay in the year is ???
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HERE IS U R ANSWER !!
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gross income => ₹325000
standard deduction=> ₹ 20000
taxable income => ₹305000
total income tax =>
30000+10/100(305000 - 200000).
= > 30000 +10/100×10500
=> ₹ 40500.
total contribution => 4800 + 1200
=> ₹6000.
tax rebate => 15 /100 ×6000=>₹ 900.
tax payable => 40500 - 900 => ₹39600.
surcharge = >5% of 39600.
=> 39600 × 5/100 =₹1980.
Total tax payable => 39600 + 1980
=> ₹ 41580.
______________________________
I hope help u.
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HERE IS U R ANSWER !!
______________________________
gross income => ₹325000
standard deduction=> ₹ 20000
taxable income => ₹305000
total income tax =>
30000+10/100(305000 - 200000).
= > 30000 +10/100×10500
=> ₹ 40500.
total contribution => 4800 + 1200
=> ₹6000.
tax rebate => 15 /100 ×6000=>₹ 900.
tax payable => 40500 - 900 => ₹39600.
surcharge = >5% of 39600.
=> 39600 × 5/100 =₹1980.
Total tax payable => 39600 + 1980
=> ₹ 41580.
______________________________
I hope help u.
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