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If an individual earns a salary of Rs. 6,00,000 and has deductions of Rs. 1,50,0

Practice Questions

Q1
If an individual earns a salary of Rs. 6,00,000 and has deductions of Rs. 1,50,000, what is the taxable income?
  1. 4,50,000
  2. 5,00,000
  3. 6,00,000
  4. 7,50,000

Questions & Step-by-Step Solutions

If an individual earns a salary of Rs. 6,00,000 and has deductions of Rs. 1,50,000, what is the taxable income?
  • Step 1: Identify the gross salary, which is Rs. 6,00,000.
  • Step 2: Identify the total deductions, which are Rs. 1,50,000.
  • Step 3: Subtract the total deductions from the gross salary: 6,00,000 - 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.
  • Taxable Income Calculation – Understanding how to calculate taxable income by subtracting deductions from gross salary.
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