DATA INTERPRETATION
Given below are various tax slabs applicable to different salaried people.
TAX slab MALE FEMALE SENIOR CITIZEN
0% Rs. 0-Rs. 150000 Rs.0 - Rs.180000 Rs.0 - Rs.225000
10% 150001- 300000 180001-300000 225000-300000
20% 300001-500000 300001-500000 300001-500000
30% 500001 and above 500001 and above 500001 and above

Further
1) Income tax surcharge: A 10% surcharge is applicable on total tax payable, if ,the taxable income after taking into consideration all the deductions is above Rs. 10,00,000.
2) The following components of a salary are considerd taxable, Basic ,Dearness Allowance(DA), House Rent Allowance(HRA), Medical Allowance(MA), Conveyance and Bonus.
3) Any medical expenses adding up to Rs. 15000 per year is exempt from income tax.
4) Any investments in public provident fund, govt bonds,premium paid towards life insurance,adding up to Rs. 100000 is exempt from income tax.
5) HRA is exempt from income tax as per the rule below
The lower of the three (i) 40% of the basic (ii) actual HRA received (iii) actual rent paid
6) Conveyance of up to rs. 800 per month is not taxable.
7) One has to be of age 65 years or more to be considered a senior citizen.
Q.1. Mr. Salman Khan recently moved to a rented house near to his office. He pays 20% of his monthly salary as rent for this house. After his recent pay revision for the financial year 2009-10 his monthly payslip looks as below and remains the same through out the year. He expects to spend not more than rs. 6600 towards medical expenses that year. What is the estimated income for liability of Mr. salman khan for that year?
Basic-40000, DA-4000 HRA-15000 MA-1100 CONVEYANCE-1000
a) 57208 b) 76180 c)79600 d) 86966
Q.2 Mr. amit retired last year at the age of 60 years after working as a teacher for 35 long years . this financial year , He has received a monthly pension of rs. 21000 alll of it under the head basic. Amit has purchased govt bonds worth rs. 2200 every month without fail. How much income tax does amit owe tp the govt for this financial year?
a) 60 b) 2700 c) 7500 d) 10200
Q.3. aish and abhi is a young working couple. They are both employed with winfy at similar position and receive same salary. They also have made identical investments and expenses during the year. If abhi pays an income tax of rs. 1500 for financial year 2008-09 how much income tax did aish pay?
A) 0 b) 750 c) 1500 d) can’t be determined
Q.4. shweta’s estimated income tax for the financial year 2009-10 is rs. 142000 after adjusting her income for the annual life insurance premium of rs. 12000 she pays. Her salary components are DA and Basic . Da is rs. 2000 per month. What is her annual income , if all her income is from salary?
a) 790000 b) 800000 c) 802000 d) 812000

• 2)
  TOTAL PENSION=21000*12=252000
  GOVT. BOND=2200*12=26400
  TAXABLE INCOME=252000-26400=225600
  TOTAL TAX=0 % OF TAX ON 150000+ 10 % OF TAX ON 225600-150000
  =7560
  
  3)MIN TAX IF SAL IS OVER 300000---->10 % OF (3L-1.5L)=15000
  SO SAL OF ABHI IS LESS THEN 3L
  x*10/100=1500
  x=15000
  so sal of abhi is 150000(w/o taxable)+15000=165000
  on same salary for aish there will be no tax.
  
  4)tax if sal below 500000=15000+40000=65000
  so sal is >500000
  
  on 12000 no tax
  
  
  taxable sal=>
  x*30*100=142000-40000-15000
  x*30/100=87000
  x=290000
  
  ie 500000+290000=790000(taxable sal)
  total=790000+12000=802000
• 10 years agoHelpfull: Yes(7) No(5)
• 2-7560,3-0,4-812000
• 11 years agoHelpfull: Yes(4) No(12)
• Can anybody explain me the first question?
• 8 years agoHelpfull: Yes(4) No(0)
• in 4th part
  at 5 lakh the tax is=40000+12000
  suppose her salary on which tax is applicable is x more then 500000 so
  
  x*30/100=142000-40000-12000
  so x=300000
  
  so sal=500000+300000+12000(bond)=812000
  
  
  
• 10 years agoHelpfull: Yes(2) No(0)
• IN QUESTION NO THE OPTIONS ARE INCORRECT
  IT IS A)60 B)2700 3)7560 4)10200
  
  AND THE CORRECT ANSWER IS 7560
• 11 years agoHelpfull: Yes(1) No(4)
• @atul he is a senior citizen (age=60) so he is extempted from tax for salry 0-225000 rs. now after reduction of govt bond money he is left with 225600
  i will explain how-
  his pension = 21000*12=252000
  GOVT. BOND=2200*12=26400
  TAXABLE INCOME=252000-26400=225600
  TOTAL TAX=0 % OF TAX ON 225000+ 10 % OF TAX ON 225600-225000
  =600
  now the question is How much income tax does amit owe tp the govt for this financial year so it will be 10% of taxable income i.e, 10% of 600 which is 60
  hence option a (60) is the correct anser .
• 7 years agoHelpfull: Yes(1) No(2)
• 1)
  Monthly Yearly
  Basic salary = 40000 Basic salary = 480000
  DA = 4000 DA = 48000
  HRA = 15000 HRA = 180000
  MA = 1100 MA = 13200
  Conveyance = 1000 Conveyance = 12000
  Total Salary = 61100 Total Salary =733200
  House Rent = 0.2*61100 House Rent = 12220*12
  =12220 =146640
  
  Taxable HRA = HRA-House Rent
  =180000-146640
  = 33360
  Taxable Conveyance = 200*12
  = 2400
  Total Taxable Amount=480000+48000+33360+13200+2400-6600(Medical Expense)
  =570360
  Income Tax = 0 (for first 150000)+ 0.1*150000(for next 150000)+ 0.2*200000(for next 200000)+
  0.3*70360(for next 70360)
  =0+15000+40000+21108
  =76108 Ans.
• 6 years agoHelpfull: Yes(1) No(0)
• Can anyone explain me point 5 i.e HRA exemption from tax
• 6 years agoHelpfull: Yes(1) No(0)
• Please anybody provide solution for this
• 11 years agoHelpfull: Yes(0) No(5)
• provide the solution please
• 10 years agoHelpfull: Yes(0) No(1)
• 1)B
  2)C
  3)a
  d)d
• 10 years agoHelpfull: Yes(0) No(4)
• Can anyone solve the first question.
  How it is ans B
• 9 years agoHelpfull: Yes(0) No(0)
• Can any1 explain that :
  Is monthly salary= basic salary
  or
  is it means monthly salary= Basic+DA+HRA+MA+Covenyance+Bonus
• 8 years agoHelpfull: Yes(0) No(0)