Answer:
Mira's monthly income: Rs. 55,000
Allowance: Rs. 3,000
Total monthly income before festival expenses: Rs. 58,000
Festival expenses (equivalent to monthly basic salary): Rs. 55,000
Total monthly income including festival expenses: Rs. 113,000
Amount deducted for provident fund (10% of monthly income excluding allowance and festival expenses):
10% of (Rs. 55,000) = Rs. 5,500
Total monthly deduction for provident fund: Rs. 5,500
Taxable income:
Total monthly income including festival expenses - Total monthly deduction for provident fund = Rs. 107,500
To calculate the annual tax to be paid by Mira, we need to know the income tax rates and tax slabs applicable for the current financial year. Without this information, we cannot provide an accurate answer