Question

The monthly income of a man is Rs. 53000. He deposits 20% of his yearly income in the Civil investment Fund and 10% in Charity. If Rs.300000 is his yearly income exempted and 1% social security charge and 15% tax is imposed yearly, how much tax should he pay?​

Answer 1

Monthly income of a Man is ₹53000

Total salary earned in an year = 53000 × 12

= 636000

20% in civil investment fund.

So, 636000 × 20 ÷ 100 = 127200.

10% in charity.

So, 636000 × 10 ÷ 100

= 63600.

1% is social security tax on first 300000 = 3000.

300000 × 15 ÷ 100 = 45000.

Total tax he should pay = Amount remained is 390840

Explanation: