Please solve this question
DATA INTERPRETATION

Q. 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
Option
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?
Option
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?
Option
A) 0
b) 750
c) 1500
d) can not be determined

Q.4. shweta 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?
Option
a) 790000
b) 800000
c) 802000
d) 812000

• 1) (B)
  2) (C)Annual Income of Mr. Amit = 21000 * 12 = 252000
  Investment towards govt bonds = 2200 * 12 = 26400
  Taxable annual income = 252000 - 26400 = 225600
  
  For Amit(Male)
  0 - 150000 :: Tax is 0
  150000 - 225600 :: Tax is 10%of 75600 = 7560
  
  3) -(A)Abhishek can pay tax of 1500 only if his taxable income is Rs 165000
  i.e. 10%of(165000 - 150000)
  since Aish is female her tax for income of 165000 is 0
  
  
  4) (D) Tax paid by Shweta is 142000
  it means her income exceeds 500000.
  
  Tax amount for taxable income upto 500000 for a female is
  10%of(300000 - 180000)=12000
  20%of(500000 - 300000)=40000
  
  rest is (142000 - 52000) = 90000
  
  let the income exceeding 500000 be x
  30%of x = 90000
  x = 300000
  
  And she pays 12000 per annum as insurance premium
  
  s0 total income = 500000+300000+12000
  = 812000
• 11 years agoHelpfull: Yes(20) No(2)
• A) Salman's total annual salary=(40000+4000+15000+1100+1000)*12=733200
  
  HRA Deduction will be rent paid by him as it is the
  lowest=20%61100(total monthly salary)=12220*12=146640 (annual HRA exemption)
  
  conveyance deduction=800*12=9600
  
  medical expense deduction=6600
  
  total exemption=146640+9600+6600=162840
  
  total taxable income=733200-162840=570360
  
  total tax paid=10% of 150000+20%of(500000-300000)+30%of(570360-500000)
  
  = 15000+40000+21108
  = 76108
  (which is closest to 76180)
  
• 10 years agoHelpfull: Yes(15) No(2)
• Man..!! You really remembered this whole question..!!
• 11 years agoHelpfull: Yes(10) No(3)
• 1.(b)
  2.(c)
  3.(d)
  4.(d)
• 11 years agoHelpfull: Yes(0) No(6)
• @AJAYPELLURI555 explain bro
• 11 years agoHelpfull: Yes(0) No(1)
• can you explain the first one also???? mr.ankit goyal
• 11 years agoHelpfull: Yes(0) No(0)