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If an individual earns Rs. 6,00,000 in a financial year and has a deduction of R

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Question: If an individual earns Rs. 6,00,000 in a financial year and has a deduction of Rs. 1,50,000 under Section 80C, what is the taxable income?

Options:

  1. Rs. 4,50,000
  2. Rs. 5,00,000
  3. Rs. 6,00,000
  4. Rs. 7,50,000

Correct Answer: Rs. 4,50,000

Solution: 

The taxable income is Rs. 6,00,000 - Rs. 1,50,000 = Rs. 4,50,000.

If an individual earns Rs. 6,00,000 in a financial year and has a deduction of R

Practice Questions

Q1
If an individual earns Rs. 6,00,000 in a financial year and has a deduction of Rs. 1,50,000 under Section 80C, what is the taxable income?
  1. Rs. 4,50,000
  2. Rs. 5,00,000
  3. Rs. 6,00,000
  4. Rs. 7,50,000

Questions & Step-by-Step Solutions

If an individual earns Rs. 6,00,000 in a financial year and has a deduction of Rs. 1,50,000 under Section 80C, what is the taxable income?
  • Step 1: Identify the total earnings of the individual, which is Rs. 6,00,000.
  • Step 2: Identify the deductions available under Section 80C, which is Rs. 1,50,000.
  • Step 3: Subtract the deductions from the total earnings: Rs. 6,00,000 - Rs. 1,50,000.
  • Step 4: Calculate the result of the subtraction, which is Rs. 4,50,000.
  • Step 5: The result is the taxable income, which is Rs. 4,50,000.
  • Income Tax Calculation – Understanding how to calculate taxable income by subtracting eligible deductions from total income.
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