Question

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 life insurance policy and 34000 every month in general provident fund. He also purchased a national savings certificate worth 25000. He donates 20,000 to the Primeminister's Relief Fund (which is 100% tax free) and 12,000 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 ) are permitted. The rates oftax are as follows:
Rate of Taz
Tax Limits
NIL
1.
10%
2.
Upto 12,00,000
32,00,001 to 35,00,000
35,00,001 to 10,00,000
20%
3.
1.
Educational cess=2% of payable tax
Secondary and Higher education tax = 1% of payable tax
2.​

Answer 1

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