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Ayush Kumar Jha (Assignment 2)

Assignment on research

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Ayush Kashyap
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0% found this document useful (0 votes)
32 views1 page

Ayush Kumar Jha (Assignment 2)

Assignment on research

Uploaded by

Ayush Kashyap
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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1. To calculate Mr.

B's taxable income and tax liability, we need to


consider his income and deductible expenses. Here's a breakdown of the
calculations:
A)Income:
 Business earnings: ₹75,00,000
 Gift from ex-wife: ₹6,00,000
 Lottery winnings: ₹19,00,000
 Maturity amount from life insurance policy: ₹32,00,000

2. Total income = ₹75,00,000 + ₹6,00,000 + ₹19,00,000 + ₹32,00,000 =


₹1,32,00,000
B)Deductible expenses:
 Family trip expenses: ₹15,00,000
 Gift to wife: ₹4,50,000
 Premium paid for life insurance policy: ₹50,000
 Tuition fee for daughter: ₹50,000
 Investment in PPF: ₹80,000
 Medical test expenses: ₹6,000
 Health insurance premium: ₹27,000
Total deductible expenses = ₹15,00,000 + ₹4,50,000 + ₹50,000 +
₹50,000 + ₹80,000 + ₹6,000 + ₹27,000 = ₹20,63,000

3. Taxable income: Taxable income = Total income - Total deductible


expenses Taxable income = ₹1,32,00,000 - ₹20,63,000 = ₹1,11,37,000

4. Tax Calculation :
Now let’s calculate the tax liabilities based on the income tax slab for
financial year 2023-2024
• Upto 3,00,000: no tax
• 3,00,000 to 5,00,000: 5% = 10,000
• 5,00,000 to 10,00,000: 20% = 1,00,000
• 10,00,000 and above: 30% = 30,41,100

:- Therefore Mr B taxable income is 1,11,37,000 and the tax liability is


31,51,100.

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