Answered

Find the best solutions to your problems with the help of IDNLearn.com's expert users. Ask anything and receive thorough, reliable answers from our community of experienced professionals.

Mr B aged 63 years, has earned rupees 75,00,000 out of his business . His ex- wife gifted him cash in account worth rupees 6 lakh. He spent a total of rupees 15 lakh during a family trip. He won a lottery of 19 lakh rupees. Out of happiness he gifted his wife cash of rupees 450000. He bought a life insurance policy and paid a premium of 50000 annually. He paid tuition fee for his daughter for rupees 50000. He invested rupees 80000 in PPF. One of his existing life insurance policy got matured and he received a total of rupees 32 lakh. Seeing his health conditions the doctor adviced him a medical test of rupees 6000 following he bought a health insurance for rupees 27000. Calculate his taxable income and tax liability.

Sagot :

Khuranashilpa76idn

Taxable Income is Rs 98,17,000, Taxable Liability is Rs 28,45,100

Taxable Income is the portion of a person’s or company’s gross income that the govt deems subject to taxes.

Taxable income consists of each earned and unearned income, on the other hand, Tax liability is the payment owed by an individual, Tax Liability is calculated according to the income of an individual and Tax% varies from0% to 30% depending on the income.

Income from business                             =  75,00,000

income from other sources

Lottery                                                       =  19,00,000

Life insurance maturity                            = 32,00,000

car gift from ex-wife                                 = 6,00,00

Gross Income                                          = 1,32,00,000

Deduction;

  LIC premium                                          = 50,000

  Tution fees                                             = 50,000

   PPF                                                        = 1,80,000

Max deduction                                         = 1,50,000

Health insurance                                      = 27,000

Medical tset                                              = 6,000

Total deduction =                                    32,00,00

Taxable Income is Rs 98,17,000

Taxable Liability is Rs 28,45,100

Learn more about Taxable Liability here:-https://brainly.com/question/25641320

#SPJ9

Thank you for using this platform to share and learn. Keep asking and answering. We appreciate every contribution you make. IDNLearn.com is committed to providing accurate answers. Thanks for stopping by, and see you next time for more solutions.