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If an individual has a total income of 8 lakhs and claims deductions of 1.5 lakh

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Question: If an individual has a total income of 8 lakhs and claims deductions of 1.5 lakhs, what is the taxable income?

Options:

  1. 6.5 lakhs
  2. 7 lakhs
  3. 8 lakhs
  4. 9.5 lakhs

Correct Answer: 6.5 lakhs

Solution: 

The taxable income is calculated as total income minus deductions: 8 lakhs - 1.5 lakhs = 6.5 lakhs.

If an individual has a total income of 8 lakhs and claims deductions of 1.5 lakh

Practice Questions

Q1
If an individual has a total income of 8 lakhs and claims deductions of 1.5 lakhs, what is the taxable income?
  1. 6.5 lakhs
  2. 7 lakhs
  3. 8 lakhs
  4. 9.5 lakhs

Questions & Step-by-Step Solutions

If an individual has a total income of 8 lakhs and claims deductions of 1.5 lakhs, what is the taxable income?
  • Step 1: Identify the total income, which is 8 lakhs.
  • Step 2: Identify the total deductions, which is 1.5 lakhs.
  • Step 3: Subtract the total deductions from the total income: 8 lakhs - 1.5 lakhs.
  • Step 4: Calculate the result: 8 lakhs - 1.5 lakhs = 6.5 lakhs.
  • Step 5: The result is the taxable income, which is 6.5 lakhs.
  • Taxable Income Calculation – Understanding how to calculate taxable income by subtracting allowable deductions from total income.
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