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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. $2012 - 13$ .

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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. $2, 00, 000$ .

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