Consider the following terms and the variables assigned to them : Gross Total Income = G Basic Exemption Limit = B Taxable Income = T Deductions (under 80C, 80G) = D
Which of the following expresses the relation among the above variables?
A
G - B - T = D
Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses
B
T + B = G + D
No worries! We‘ve got your back. Try BYJU‘S free classes today!
C
G = T + B + D
Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses
D
B + G = T + D
No worries! We‘ve got your back. Try BYJU‘S free classes today!
Open in App
Solution
The correct options are A G - B - T = D C G = T + B + D Gross Total Income - Basic Exemption Limit - Deductions (under 80C, 80G) = Taxable Income Hence the taxable income for every financial year can be calculated using the above parameters with suitable modifications.