1.

Dinakar's salary is Rs.30,000 per month. He contributes Rs.27,000 towards GPF and Rs.30,000 towards LIC. He donates Rs.8,000 to a charitable trust (50%), Rs.10,000 towards National Relief Fund (100% relief). Calculate taxable income.

Answer»

Rs.198,000
Rs.280,000
Rs.326,000
Rs.380,000

Solution :(i) TAXABLE INCOME is obtained when standard deduction, donations and saving are DEDUCTED.
(II) Find the standard deduction.
(iii) Taxable income = Annual salary-(SD+GPF+LIC+NRP+ `50%` of donations)


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