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Taxation Solution

The document provides a calculation of taxable income and tax liability for an individual with an income of Rs. 10.5 crore. It details the various deductions and exemptions under sections 80C, 80D that are considered to arrive at the total taxable income of Rs. 10.29 crore. It then shows the tax amount calculated on this income along with applicable surcharges and cess, giving a total tax liability of Rs. 33.03 lakh.

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Preeti Sharma
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27 views2 pages

Taxation Solution

The document provides a calculation of taxable income and tax liability for an individual with an income of Rs. 10.5 crore. It details the various deductions and exemptions under sections 80C, 80D that are considered to arrive at the total taxable income of Rs. 10.29 crore. It then shows the tax amount calculated on this income along with applicable surcharges and cess, giving a total tax liability of Rs. 33.03 lakh.

Uploaded by

Preeti Sharma
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as XLSX, PDF, TXT or read online on Scribd
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Age- 61 years

Calculation of Taxable Income:


Amount
Income from business 8200000
Received gift in cash 1100000 Note: We will only consider 1
Lottery 1200000
Total 105, 00, 000
Under sec 80C
Premium paid for son insurance 40000
Premium paid for wife insurance 50000
Bank FD( for 7 years) 50000
PPF 60000
Total 200000 150000*
Under sec 80D
Health insurance for daughter 25000
Medical test 4000
Health insurance for himself 28000
Total 57000
Total Taxable Income = 10500000 - 1500000 - 57000
Total 102, 93, 000

Note: We will only consider 1,50,000 as exemption from taxable income under section 80C

Calculation of Tax Liability:


Amount
Total taxable income 10293000
(110000+9293000@30%)
Total 28, 97, 900

(+) subcharges @10% 289790


Total 31, 87, 690

(+) Cess @4% 115916

Total 33, 03, 606


(after including subcharges and cess)

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