Question

The income of a person in the financial year 2008-2009 was 34,28,000. She
deposited 2500 every month in general provident fund and 325000 as semi-arinual
premium of life insurance policy. She purchased a National Savings Certificate worth
330,000 and donated 325,000 to a charitable trust. Calculate the income tax paid by
the person at the end of the financial year. According to Section 80C of income tax
act, a total of 1,00,000 is eligible for exemption as savings under general provident
fund, National Savings Certificate and LIC etc. As per section 80G 50 percent of the
donation is also eligible for tax rebates. The rates of tax are as follows:
S.No.
Tax Limits
Rate of Tax
1
NIL
2.
Up to 3 1,50,000
31,50,001 to 33,00,000
33,00,0001 to 3 5,00,000
10%
3.
20%

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Answer 1

Income Tax Slab Tax Rates As Per New Regime Tax Rates As Per Old Regime

₹0 - ₹2,50,000 Nil Nil

₹2,50,001 - ₹ 5,00,000 5% 5%

₹5,00,001 - ₹ 7,50,000 ₹12500 + 10% of total income exceeding ₹5,00,000 ₹12500 + 20% of total income exceeding ₹5,00,000

₹7,50,001 - ₹ 10,00,000 ₹37500 + 15% of total income exceeding ₹7,50,000 ₹62500 + 20% of total income exceeding ₹7,50,000

₹10,00,001 - ₹12,50,000 ₹75000 + 20% of total income exceeding ₹10,00,000 ₹112500 + 30% of total income exceeding ₹10,00,000

₹12,50,001 - ₹15,00,000 ₹125000 + 25% of total income exceeding ₹12,50,000 ₹187500 + 30% of total income exceeding ₹12,50,000

Above ₹ 15,00,000 ₹187500 + 30% of total income exceeding ₹15,00,000 ₹262500 + 30% of total income exceeding ₹15,00,000