The funds of a housing society amount to Rs. 25000000. If the sum is invested at 9% per annum , find the annual income of the society.
Answers
Answer:
Given,
Annual income = Rs 1150000
▪️ Investment under 80C = Insurance Premium + PF + NSC ▪️
= 8000 * 12 + 5000 * 12 + 2000 * 12
= 96000 + 60000 + 24000
= 180000
▪️ Max Saving considered under 80 C = Rs 150000
prime minister relief fund is eligible for 100% = Rs 25000 deduction
Taxable income = 1150000 - 150000 - 25000
= Rs 975000
Tax as per Income tax Slab for Male (not senior citizen)
➡️ 0 - 250000 = 0
➡️ 250000 - 50000 = 5% = (5/100)*250000 = Rs 12500
500000 - 975000 = 20% = (20/100) *475000 = Rs 95000
➡️ Tax Amount = 95000 + 12500 = Rs 107500
Education cess = 4% = (4/100) * 107500 = Rs 4300
➡️ Total Tax to be Paid = 107500 + 4300 = Rs 111800
➡️ Income tax payable by Mr john = Rs 111800
Answer:
answer is 111800
Step-by-step explanation:
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