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Income Tax Assignment

The document outlines an individual's income and tax calculations, showing a total taxable income of Rs. 13,200,000 and a net tax payable of Rs. 2,755,400. It includes various deductions and exemptions under sections 80C and 80D, resulting in a net taxable income of Rs. 9,818,000 after deductions. The document also details specific income sources and their respective tax rates.

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7 views4 pages

Income Tax Assignment

The document outlines an individual's income and tax calculations, showing a total taxable income of Rs. 13,200,000 and a net tax payable of Rs. 2,755,400. It includes various deductions and exemptions under sections 80C and 80D, resulting in a net taxable income of Rs. 9,818,000 after deductions. The document also details specific income sources and their respective tax rates.

Uploaded by

Aditya
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Income :- Rs. Not included in calculations:- Rs.

Business Income 7,500,000 Family Trip 1,500,000


Gift by ex-wife 600,000 Gift to wife 450,000
Lottery 1,900,000
Maturity 3,200,000
Total taxable income 13,200,000

Net Taxable Income 9,818,000 TOTAL DEDUCTIONS 3,382,000

Income % Window Tax Amount


0-3L 0% 300,000 0
3L-5L 5% 200,000 10000
5L-10L 20% 500,000 100000
10L-98,18,000 30% 8,818,000 2645400

NET TAX PAYABLE 2755400


Exemptions Under 80C :- Rs. Limit
Expense Life Insurance Policy 50,000 150,000
Expense Tution Fee 50,000
PPF 80,000
TOTAL 180,000
Taxable 30,000
Deductions 150,000
Exemptions Under 80D :- Rs. Limit Exemption Under 10 (10) D :-
Health Insurance 27,000 50,000 Maturity from 80C investment
Health Check-up 6000 5000 Deductions
TOTAL 33,000
Taxable Income 1000
Deductions 32,000
Rs.
3,200,000
3,200,000

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