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Taxable Income

The taxpayer had total income of Rs. 1,00,00,000, consisting of salary income of Rs. 75,00,000, gift income of Rs. 6,00,000 and lottery winnings of Rs. 19,00,000. Total deductions under sections 80C and 80D amounted to Rs. 1,80,000, but were capped at Rs. 1,50,000. The taxable income was therefore Rs. 79,20,000. The tax liability was calculated in two parts - Rs. 18,84,750 on income up to Rs. 60,20,000 as per tax slabs, and Rs. 5,70,000 at 30% on the lottery winnings

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Navdeep Singh
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80 views2 pages

Taxable Income

The taxpayer had total income of Rs. 1,00,00,000, consisting of salary income of Rs. 75,00,000, gift income of Rs. 6,00,000 and lottery winnings of Rs. 19,00,000. Total deductions under sections 80C and 80D amounted to Rs. 1,80,000, but were capped at Rs. 1,50,000. The taxable income was therefore Rs. 79,20,000. The tax liability was calculated in two parts - Rs. 18,84,750 on income up to Rs. 60,20,000 as per tax slabs, and Rs. 5,70,000 at 30% on the lottery winnings

Uploaded by

Navdeep Singh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Taxable Income:

Income from salary: 75,00,000


Income from other sources:
Gift from Wife :6,00,000
Lottery : 19,00,000
Total income 1,00,00,000
 Deductions under section 80(c):
Life insurance premium: 50,000
 Tuition fees : 50,000
 PPF : 80,000
 Total : 1,80,000
*But we got dectution only up to 1,50,000
 Deductions under section 80(D):
 Medical test : 6,000
 Heath insurance : 27,000
 Total : 33,000
*But we got dectution only upto 30,000(25k for insurance & 5k for medical test)
Total deduction we get from sections: 1,80,000

Taxable income :79,20,000


Tax liability=
*it is to be paid in two different calculations

1. On 60,20,000: * tax slabs


1. 0 – 2.5l : nil
2. 2.5l – 5l : 12,500
3. 5l – 10l : 1,00,000
4. 10l – 59.07l : 17,72,000

2.On lottery (19,00,000):


30% of 19,00,000 : 5,70,000

Total tax liability: 18,84,750+5,70,000


= 24,54,750

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