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 - F 80000ii Investment in PF - -45000iii Investment in PPF -14000iv National Saving Certificate - - 21000 Find out the taxable income-A- - 8-40-000B- - 10-00-000C- 78-50-000D- - 6-00-000

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Standard IX

Mathematics

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 = ₹14000
(iv) National Saving Certificate = ₹21000
Find out the taxable income.

₹8,40,000

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₹10,00,000

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₹8,50,000

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₹6,00,000

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Solution

The correct option is C ₹8,50,000
Total Amount coming under 80C in this case = ₹80000 + ₹45000 + ₹14000 + ₹21000 = ₹1,60,000
According to section 80C , a maximum of ₹1,50,000 is applicable.
Hence, the taxable income = ₹10,00,000 - ₹1,50,000 = ₹8,50,000

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Q. Mr. Jeevani is 43 years old. His gross total income is ₹10,00,000. He has invested the following amounts in different schemes :
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(ii) Investment in PF = ₹45000
(iii) Investment in PPF = ₹4000
(iv) National Saving Certificate = ₹11000
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The correct option is C ₹8,50,000Total Amount coming under 80C in this case = ₹80000 + ₹45000 + ₹14000 + ₹21000 = ₹1,60,000 According to section 80C , a maximum of ₹1,50,000 is applicable. Hence, the taxable income = ₹10,00,000 - ₹1,50,000 = ₹8,50,000

The correct option is C ₹8,50,000
Total Amount coming under 80C in this case = ₹80000 + ₹45000 + ₹14000 + ₹21000 = ₹1,60,000
According to section 80C , a maximum of ₹1,50,000 is applicable.
Hence, the taxable income = ₹10,00,000 - ₹1,50,000 = ₹8,50,000