|
| Illustration 1 (For resident individual) |
| Net amount taxable |
(A) |
4,30,000 |
4,30,000 |
| Income under House Property |
|
|
|
| Interest on Housing Loan |
(B) |
(1,50,000) |
(1,50,000) |
| Deduction |
|
|
|
| Critical illness premium - 80 D |
(C) |
(10,000) |
|
| Life Insurance premium -80 C * |
(D) |
(90,000) |
|
| Pension Investment - 80 CCC |
(E) |
(10,000) |
(1,10,000) |
| Taxable Income (A-B-C-D-E) |
(F) |
|
1,70,000 |
| Tax Liability on (F) |
(G) |
|
9,000 |
| Education Cess |
(K) |
|
180 |
| Total tax |
(G+K) |
|
9,180 |
| Illustration 2 (For resident individual) |
| Net amount taxable |
(A) |
4,30,000 |
4,30,000 |
| Income under House Property |
|
|
|
| Interest on Housing Loan |
(B) |
(1,50,000) |
(1,50,000) |
| Deduction |
|
|
|
| Critical illness premium - 80 D |
(C) |
(20,000) |
|
| Life Insurance premium -80 C * |
(D) |
(1,00,000) |
|
| Pension Investment - 80 CCC |
(E) |
(10,000) |
(1,10,000) |
| Taxable Income (A-B-C-D-E) |
(F) |
|
1,70,000 |
| Tax Liability on (F) |
(G) |
|
9,000 |
| Education Cess |
(K) |
|
180 |
| Total tax |
(G+K) |
|
9,180 |
| 1) |
Assuming that there are no other investment such as PF, PPF etc * |
| 2) |
Life Insurance Policy of face value Rs.5, 00,000 * |
| 3) |
For Women the tax liability will be Rs. 5,610 and for senior Citizen the liability will be (NIL) |
| 4) |
Financial Year 2005-06 (Assessment Year 2006-07) |
|
|
