The annual income of a person is Rs 300000. if he pays rs 40000 annualy to employees provident fund find the taxable amount
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The taxable amount = Rs.260000
Given:
The annual income of a person is Rs 300000
The amount he pays to employees provident fund = Rs. 40000
To find:
The taxable amount
Solution:
Given that the annual income = Rs 300000
The amount he pays to employees provident fund per annum
= Rs. 40000
The taxable amount = total income - Employees provident fund
= Rs 300000 - Rs. 40000
= 260000
Therefore,
The taxable amount = Rs.260000
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