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Standard VII

Mathematics

Simple Interest

In financial ...

Question

In financial year $2014 - 15$ the gross income of Kuldeep is Rs. $5, 80, 000$ (Excluding house rent). He deposit Rs. $9, 000$ to its General provident fund. He deposit Rs. $60, 000$ in his P.P.F. account. Calculate the income tax paid by Kuldeep in his last month. The total income of Rs. $1, 50, 000$ is free from tax. The rate of income tax are.
Tax Payable Income Tax
(i) $2, 00, 000$ Rs upto zero
(ii) From Rs. $2, 00, 001$ to Rs. $5, 00, 000$ On amount more than Rs. $2, 00, 000$ $10 %$
In addition to it, educational cess $3 %$ on income tax payable.

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Solution

Calculation of Taxable income -
Taxable Income = Gross income - Tax Free Income

Taxable income = Rs.580000
- Tax Free Income = Rs.150000

Taxable income = Rs. 430000
As tax for income upto Rs. 200000 is Zero % and in slab Rs.200001 to Rs.500000 is 10%.
so tax calculated = 0 + Rs. 23000 * 0.10
tax calculated = Rs. 23000
tax payable = tax calculated + educational cess(which is 3% of tax)
tax payable = Rs. 23000 + Rs. 23000*0.03
tax payable = Rs. 23690

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Tax Payable Income	Tax
(i) $2, 00, 000$ Rs upto	zero
(ii) From Rs. $2, 00, 001$ to Rs. $5, 00, 000$	On amount more than Rs. $2, 00, 000$ $10 %$