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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. | | | | | |
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