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If an individual has a total income of ₹10,00,000 and claims deductions of ₹1,50

Practice Questions

Q1
If an individual has a total income of ₹10,00,000 and claims deductions of ₹1,50,000, what is the taxable income?
  1. ₹8,50,000
  2. ₹10,00,000
  3. ₹9,00,000
  4. ₹7,50,000

Questions & Step-by-Step Solutions

If an individual has a total income of ₹10,00,000 and claims deductions of ₹1,50,000, what is the taxable income?
  • Step 1: Identify the total income, which is ₹10,00,000.
  • Step 2: Identify the total deductions, which is ₹1,50,000.
  • Step 3: Subtract the total deductions from the total income: ₹10,00,000 - ₹1,50,000.
  • Step 4: Calculate the result of the subtraction, which is ₹8,50,000.
  • Step 5: The result is the taxable income, which is ₹8,50,000.
  • Taxable Income Calculation – Understanding how to calculate taxable income by subtracting allowable deductions from total income.
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