1. (a) Mr. Rakesh Sharma receives his annual salary as given below : Basic Salary : Rs. 6,000 per month Dearness Allowance : Rs. 5,000 per month Savings: Contribution towards Provident Fund : Rs. 13,200 per year Contribution towards LIC premium : Rs. 5,000 per year Donations: To Prime Minister's Relief Fund : Rs. 2,000 (eligible for 100% tax exemption) Calculate: (i) Mr. Sharma's taxable income   2. (ii) The tax Mr. Sharma has to pay for the financial year. Tax slab:- Upto Rs. 50,000 : No tax. Rs. 50,001 to Rs. 60,000 : 10% of the income exceeding Rs. 50,000. Rs. 60,001 to Rs. 1,50,000 : Rs. 1,000 + 20% of the income exceeding Rs. 60,000. Above Rs. 1,50,000 : Rs. 19,000 + 30% of the income exceeding Rs. 1,50,000. Standard Deduction : Rs. 20,000. Rebate in tax : 20% of the total savings or Rs. 14,000, whichever is less. CESS : 2% of the tax payable after rebate.