The income (excluding house rent allowance) of a government employee in the
financial year 2013-2014 was 4,10,000. He deposited 20000 as premium on
purchased a national savings certificate worth 25000. He donates 20,000 to the
life insurance policy and 24000 every month in general provident fund. He
also
Primeminister's Relief Fund (which is 100% tax free) and 312,000 to Old Persons's
Home (which gets him 50% tax rebate). Calculate the payable tax for him at the
end of the year. A maximum of 1,00,000 of savings (under any scheme )
permitted. The rates of tax are as follows:
S.No.
Tax Limits
Rate of Tax
1.
NIL
2.
Upto 2,00,000
2,00,001 to 5,00,000
5,00,001 to 10,00,000
10%
3.
20%
1.
Educational cess = 2% of payable tax
Secondary and Higher education tax = 1% of payable tax
2.
Answers
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2
Answer:
2.
Upto 2,00,000
2,00,001 to 5,00,000
5,00,001 to 10,00,000
10%
Step-by-step explanation:
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