From the following information, compute the total income and the tax p

Question

From the following information, compute the total income and the tax payable by an individual for the assessment year 2022-23.

i) Salary @ Rs. 40,000 p.m.

ii) Dearness allowance Rs. 12,000 p.m.

iii) He contributes 20% of his salary and D.A. to a Recognized Provident Fund.

iv) Employer’s contribution to provident fund is 14% of salary and Dearness Allowances.

v) Rent from house property Rs. 12,000 p.m.

vi) Interest from an Indian company, Rs. 37,200 (Gross)

vii) Life Insurance premium paid Rs. 4,000.

(b) Discuss the provisions of Income Tax Act dealing with the exemption of income of political parties.

22 Sep 2022

Answer :

Word Count : 268

The total income of an individual for the assessment year 2022-23 can be calculated as follows:

i) Salary: 40,000 * 12 months = Rs. 4,80,000

ii) Dearness Allowance: 12,000 * 12 months = Rs. 1,44,000

iii) Total Salary + Dearness Allowance = 4,80,000 + __________ __________ _________ ___ ______ ___ _____ ________ _______.
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