The annual salary of Ramashankar Gupta for a financial year was 37,10,000 (HRA not included). His monthly contribution to PPF account is 3,000, he pays an annual premium of 40,000 towards LIC, pays 55,200 as tuition fee of his two children and invests 50,000 in Sukanya Samridhi Account. He also donated 15,000 towards Prime Minister's Relief Fund, eligible for 100% exemption. Find his tax liability for the financial year, as per (1) old tax regime and (ii) new tax regime. Which tax regime is beneficial for Ramashankar Gupta?
Answers
Answered by
0
Step-by-step explanation:
Did you mean: The annual salary of Rama Shankar Gupta for a financial year was 37,10,000 (HRA not included). His monthly contribution to PPF account is 3,000, he pays an annual premium of 40,000 towards LIC, pay 55,200 as tuition fee of his two children and invests 50,000 in Sukanya Samridhi Account. He also donated 15,000 towards Prime Minister's Relief Fund, eligible for 100% exemption. Find his tax liability for the financial year, as per (1) old tax regime and (ii) new tax regime. Which tax regime is beneficial for Ramashankar Gupta?
Similar questions