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Question

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?
  1. G - B - T = D 
  2. T + B = G + D
  3. G = T + B + D
  4. B + G = T + D


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.

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