MyQuestionIcon

1

You visited us 1 times! Enjoying our articles? Unlock Full Access!

Sales Tax / VAT

A person has ...

Question

A person has a gross annual income of Rs. $3, 00, 000$ for F. Y. $2012 - 13$ . Under Section $80 C$ , Rs. $1, 00, 000$ is deducted from the gross annual income. Find his taxable income for F. Y. $2012 - 13$ .

Open in App

Solution

Gross annual income of a person $=$ Rs. $3, 00, 000$ .
Deduction from the gross annual income $=$ Rs. $1, 00, 000$
Taxable income $=$ Rs. $(3, 00, 000 - 1, 00, 000)$ $=$ Rs. $2, 00, 000$ .

Suggest Corrections

thumbs-up

0

Similar questions

Q. Mr. Albert's gross annual income is Rs.

5, 00, 000

2012 - 13

. His annual savings in this year are as follows :
(a) L.I.C. premium Rs.

70, 000

.
(b) Contribution towards P.F. Rs.

12, 000

30, 000

10, 000

Find his taxable income and income tax for F.Y.

2012 - 13

Q. Taxable income of Smt. Rekha (age

45

6, 50, 000

for the financial year

2012 - 13

. Compute the income tax she will have to pay for

2012 - 13

(52

)

has taxable income of Rs.

5, 05, 000

in financial year

2012 - 13

. Calculate the net income tax payable.

Q. Observe the table and state whether the income tax is to be paid or not with reason for the following persons having taxable income of F.Y.

2012 - 13

as given below:

Person	Age (in year)	Taxable income	The tax is to be paid or not	Reason
Sau. Shalini	$25$	Rs. $1, 30, 000$
Shri. Dhiraj	$32$	Rs. $2, 85, 000$
Shri Shashibhai	$80$	Rs. $2, 70, 000$
Smt. Minakshi	$61$	Rs. $2, 40, 000$

Compute the income tax payable by following individuals.

(i) Mr. Kadam who is 35 years old and has a taxable income of Rs. 13,35,000.

(ii) Mr. Khan is 65 years of age and his taxable income is Rs. 4,50,000.

(iii) Miss Varsha (Age 26 years) has a taxable income of Rs. 2,30,000.

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Sales Tax and Value Added Tax

MATHEMATICS

Watch in App

explore_more_icon

Explore more

Sales Tax / VAT

Standard VIII Mathematics

Join BYJU'S Learning Program

CrossIcon