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    B9-057 - VanshPatel - Assignment 3

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    Vansh Patel
    The document contains 3 cases calculating income tax payable under the old tax regime in India for the financial year 2020-21. For Case 1, the tax payable for an individual with an annual income of Rs. 7.5 lakh is Rs. 21,320 after deducting investments under sections 80C and 80D. For Case 2, the tax payable for an individual with an annual income of Rs. 35 lakh is Rs. 7,48,800 after deducting amounts invested under sections 80C, 80CCD, 80D and a home loan interest deduction under section 24. For Case 3, the tax payable for an individual with an annual income of Rs. 11.5 lakh is Rs

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    B9-057 - VanshPatel - Assignment 3

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    Vansh Patel
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    The document contains 3 cases calculating income tax payable under the old tax regime in India for the financial year 2020-21. For Case 1, the tax payable for an individual with an annual income of Rs. 7.5 lakh is Rs. 21,320 after deducting investments under sections 80C and 80D. For Case 2, the tax payable for an individual with an annual income of Rs. 35 lakh is Rs. 7,48,800 after deducting amounts invested under sections 80C, 80CCD, 80D and a home loan interest deduction under section 24. For Case 3, the tax payable for an individual with an annual income of Rs. 11.5 lakh is Rs

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    The document contains 3 cases calculating income tax payable under the old tax regime in India for the financial year 2020-21. For Case 1, the tax payable for an individual with an annual income of Rs. 7.5 lakh is Rs. 21,320 after deducting investments under sections 80C and 80D. For Case 2, the tax payable for an individual with an annual income of Rs. 35 lakh is Rs. 7,48,800 after deducting amounts invested under sections 80C, 80CCD, 80D and a home loan interest deduction under section 24. For Case 3, the tax payable for an individual with an annual income of Rs. 11.5 lakh is Rs

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    10 views3 pages

    B9-057 - VanshPatel - Assignment 3

    Uploaded by

    Vansh Patel
    The document contains 3 cases calculating income tax payable under the old tax regime in India for the financial year 2020-21. For Case 1, the tax payable for an individual with an annual income of Rs. 7.5 lakh is Rs. 21,320 after deducting investments under sections 80C and 80D. For Case 2, the tax payable for an individual with an annual income of Rs. 35 lakh is Rs. 7,48,800 after deducting amounts invested under sections 80C, 80CCD, 80D and a home loan interest deduction under section 24. For Case 3, the tax payable for an individual with an annual income of Rs. 11.5 lakh is Rs

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    of 3

    Assignment 3

    Calculate Income Tax payable for the below case:

    Q.1. Calculation of Income tax Case-1

    Nidhi, a 24-year-old is working with a startup company earning Rs.7.5 lakh per annum. If she makes
    investments under Section 80C of Rs.1.5 lakh and assuming pays health insurance premium of
    Rs.10,000 which he can avail under Section 80D of Income Tax Act, 1961. payable tax amount for FY
    2020-21 (AY 202-22) under the old tax regime?

    Ans :

    Particulars Old Tax Regime (in Rs.)

    Gross Total Income 7,50,000

    Less: Section 80C Deductions (1,50,000)

    Less: Section 80D Deduct ion (10,000)

    Less: Standard Deduction (50,000)

    Taxable Income Rs.5,40,000

    Tax Payable as per the Income Tax Slab 2020-21

    Up to Rs.2.5 lakh 0

    Rs.2.5 lakh – Rs.5 lakh 12,500

    Rs. 5 lakh – Rs.7.5 lakh 8,000

    Total 20,500

    Add: Health & Education Cess (4%) 820

    Net Tax Payable 21,320


    Q.2. Calculation of Income tax Case-2

    Riddhi, a 22-year-old individual is working with a MNC and earning Rs.35 lakh per annum. He is
    planning to make certain investments in this financial year to save tax. He is planning to make Rs.1.5
    lakh investment under Section 80C and investments in NPS under Section 80CCD of Rs. 50,000. He is
    also paying health insurance premium of Rs. 25,000 which he can avail as a deduction under Section
    80D. He has an ongoing home loan as well. He will avail a deduction of Rs.2 lakh on home loan
    interest amount as well under Section 24. Caculation the income tax payable for FY 2020-21 (AY
    2021-22) under the old tax regime ?

    Ans :

    Particulars Old Tax Regime (in Rs.)

    Gross Total Income 35,00,000

    Less: Section 80C Deductions (1,50,000)

    Less: Section 80CCD Deductions (50,000)

    Less: Section 80D Deductions (25,000)

    Less: Section 24 Deduction (2,00,000)

    Less: Standard Deduction (50,000)

    Taxable Income 30,25,000

    Tax Payable as per the Income Tax Slab 2020-21

    Up to Rs.2.5 lakh 0

    Rs.2.5 lakh – Rs.5 lakh 12,500

    Rs. 5 lakh – Rs.10 lakh 1,00,000

    Above Rs. 10 lakh 6,07,500

    Total 7,20,000

    Add: Health & Education Cess (4%) 28,800

    Net Tax Payable 7,48,800


    Q.3. Calculation of Income tax Case-3.

    Aksh Rana, a 26-year-old individual is working with a company. He earns a total income of
    Rs.11,50,000. He is planning to make investments under Section 80C of Rs.1.5 lakh and investments
    in National Pension Scheme under Section 80CCD of Rs.50,000. He also has a medical insurance for
    which he is supposed to pay Rs. 20,000 as his premium which he can avail as a deduction under
    Section 80D of Income Tax Act, 1961. Caculation the income tax payable for FY 2020-21 (AY 2021-22)
    under the old tax regime ?

    Ans : Particulars Old Tax Regime (in Rs.)

    Gross Total Income 11,50,000

    Less: Section 80C Deductions (1,50,000)

    Less: Section 80CCD Deduction (50,000)

    Less: Section 80D Deduction (20,000)

    Less: Standard Deduction (50,000)

    Taxable Income Rs.8,80,000

    Tax Payable as per the Income Tax Slab 2020-21


    Up to Rs.2.5 lakh 0

    Rs.2.5 lakh – Rs.5 lakh 12,500

    Rs. 5 lakh – Rs.7.5 lakh 50,000

    Rs. 7.5 lakh – Rs. 10 lakh 26,000

    Total 88,500

    Add: Health & Education Cess (4%) 3,540

    Net Tax Payable 92,040

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