Compute total tax liability

  1. Ms. Ankita completed her MBA from DAVV, Indore. She joined an enterprise as an Accounts Manager at a CTC of Rs 650000. She invested Rs 150000 in PPF and paid mediclaim for herself Rs 15000 using cash as a mode of payment. Discuss and compute her tax liability assuming she is residential individual for the Assessment year 2019-20
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Quick Summary
This discussion calculates Ms. Ankita's total tax liability for the Assessment Year 2019-20. Her income of Rs 6,50,000 is reduced by a standard deduction of Rs 40,000 and Rs 1,50,000 invested in PPF under Section 80C, resulting in a taxable income of Rs 4,60,000. The mediclaim payment is not deductible as it was made in cash. Her final tax liability is computed based on the applicable tax slabs.

In short


compute std deduction on rs.450000.
apply tax slab.
compute tax liability.
PPF investments can be claimed under 80c. mediclaim is not allowed since it's paid in cash. so total income is 500000. after allowing standard deduction of 40000,taxable income is 460000. her total tax liability will be 10920
Agreed with Mr Rama Krishnan.

Very Well Explained.... @ Rama Krishnan

Very Well Explained.... @ Rama Krishnan

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