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Computation of Income Tax

Mr. Jeevani i...

Question

Mr. Jeevani is 43 years old. His gross total income is ₹10,00,000. He has invested the following amounts in different schemes :
(i) Insurance premium = ₹80000
(ii) Investment in PF = ₹45000
(iii) Investment in PPF = ₹4000
(iv) National Saving Certificate = ₹11000
Find out the income tax payable.

A

₹1,44,250

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B

₹1,84,500

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C

₹82,500

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D

₹1,74,800

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Solution

The correct option is B ₹1,84,500
Total Amount coming under 80C in this case = ₹80000 + ₹45000 + ₹4000 + ₹11000 = ₹1,40,000
According to section 80C , a maximum of ₹1,50,000 is applicable.
Hence, the taxable income = ₹10,00,000 - ₹1,40,000 = ₹8,60,000
Tax slab is for 0 to 60 years.
Income tax payable = ₹12500 + 20% of ₹8,60,000
= ₹12500 + $\frac{20}{100} \times 860000 = ₹ 1, 84, 500$

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