Mathematics - Class X Question Paper - Central Board Of Secondary Education Page 23
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33Q25. Ramlal has a total annual income of Rs. 1,45,000/-. He contributes Rs. 2000 per month
in his GPF and pays and annual LIC premium of Rs. 15,000. If he pays Rs. 250 per
month for first 11months as advance income tax, find the income tax liability for the
last month. Use the following for calculating income tax :
a)
Standard Deduction
(i) 40% of the total income subject to a
maximum of Rs. 30,000/- in case the total
annual income is upto Rs. 100,000/-
(ii) Rs. 30,000/- in case the total annual income
is from Rs. 100,001 to Rs.500,000/-
b)
Rates of Income tax
i) Upto Rs. 50,000
No tax
ii) Rs. 50,001 to Rs. 60,000
10% of the amount exceeding Rs. 50,000
iii)Rs. 60,0001 to Rs. 1,50,000
Rs. 1000 + 20% of the amount exceeding
Rs. 60,000.
c)
Rebate on Savings
20% of the total savings if the gross income
is upto, 150,000 subject to a maximum of
Rs. 14,000.
158
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