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Mr. B has a total taxable income of 1,30,17,000 after exemptions. His tax liability is calculated based on the applicable tax slabs for individuals above 60 years, resulting in a total tax of 3,615,100. The document details various sources of income and exemptions claimed under sections 80(c) and 80(d).

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18 views1 page

Book

Mr. B has a total taxable income of 1,30,17,000 after exemptions. His tax liability is calculated based on the applicable tax slabs for individuals above 60 years, resulting in a total tax of 3,615,100. The document details various sources of income and exemptions claimed under sections 80(c) and 80(d).

Uploaded by

abhilash
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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Taxable income and tax liability of Mr.

Sources Amount(+) Amount(-) Total


From business 75,00,000
Gift from ex wife 6,00,000
Lottery 19,00,000
Life insurance maturity 32,00,000
Total 1,32,00,000

Exemption 80(c)
Insurance premium -50,000
Tuition Fees -50,000
PPF -80,000
Total -1800000
Total exemption accepted limit(1,50,000) -1,50,000

Exemption 80(d)
Medical Test -6,000
Health Insurance -27,000
-33,000
Net Income(taxable) 1,30,17,000

Tax slab for person above 60


Range % Window Tax calculation

0-3L 0 3L 12,717,000 0
3L-5L 5 2L 12,517,000 10,000
5L-10L 20 5L 12,017,000 1,00,000
10L-above 30 0 12,017,000 3,605,100

Tax 3,615,100

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