Question

A serviceman with two children has monthly salary of Rs 22800. He has got tax free

allowance up to Rs 200000 and allowance of Rs 1500 for each child. 10% of his monthly salary is deposited in provident fund every month which is also tax free. 15% tax is levied on the taxable income up to Rs 50000 and 25% for the rest. How much tax should he pay in a year?​

Answer 1

answer below :) hope this helps!

Explanation:

Amount invested in Civil investment fund= 10% of 96000 =
`(10)/(100)` x 96000 = 10 x 960= 9600

remaing taxable amount = =96000 -(75000+9600)

= 96000 - 84600

= Rs. 11400

Tax = 15% of 11400

=
`(15)/(100)` x 11400 = 15 x 114 = 1710

again, i hope this helps :)