🟢 Q 1-Stage 1 – Simple Level
Mr. Ajay earns ₹3,20,000 in a financial year (2024–25).
He has no deductions.
Calculate his Income Tax payable under the New Tax Regime.
Answer:
|
Slab |
Rate |
Amount |
|
₹0 – ₹3,00,000 |
0% |
No Tax |
|
Next ₹20,000 (₹3,20,000 − ₹3,00,000) |
5% |
₹1,000 |
✔ Total Tax = ₹1,000
🟡 Q-2 Stage 2 – Medium
Level
Ms. Priya earns ₹8,50,000 per year.
She invests ₹50,000 under 80C.
Calculate tax payable (Old Regime).
Answer:
Step 1 – Income After Deduction
Gross Income = ₹8,50,000
Less 80C Deduction = ₹50,000
Taxable Income = ₹8,00,000
Step 2 – Tax Calculation (Old Regime)
|
Slab |
Rate |
Tax |
|
₹0 – ₹2,50,000 |
0% |
₹0 |
|
₹2,50,000 – ₹5,00,000 (₹2,50,000) |
5% |
₹12,500 |
|
₹5,00,000 – ₹8,00,000 (₹3,00,000) |
20% |
₹60,000 |
Total Tax = ₹72,500
Step 3 – Add Cess (4%)
₹72,500 × 4% = ₹2,900
✔ Final Tax Payable = ₹75,400
🔴 Q-3 Stage 3 – Hard
Level
Mr. Rohan earns:
- Salary
= ₹12,00,000
- House
rent paid: ₹1,80,000 per year
- HRA
received: ₹1,50,000
- Investment
under 80C: ₹1,00,000
- Health
Insurance (80D): ₹20,000
Calculate tax payable (Old Regime).
Answer:
Step 1 – HRA Exemption Calculation
Given:
- Actual
HRA received = ₹1,50,000
- Rent
paid – 10% of salary = ₹1,80,000 – ₹1,20,000 = ₹60,000
- 50%
of Salary (metro) = ₹6,00,000
Exempt HRA = least of the above = ₹60,000
Taxable HRA = ₹1,50,000 − ₹60,000 = ₹90,000
Step 2 – Taxable Income Calculation
|
Particulars |
Amount |
|
Gross Salary |
₹12,00,000 |
|
Less HRA exemption |
₹60,000 |
|
Net Salary = ₹11,40,000 |
Deductions:
- 80C
= ₹1,00,000
- 80D
= ₹20,000
Total Deductions = ₹1,20,000
Taxable Income = ₹11,40,000 − ₹1,20,000
= ₹10,20,000
Step 3 – Tax Calculation (Old Regime)
|
Slab |
Rate |
Tax |
|
₹0 – ₹2,50,000 |
0% |
₹0 |
|
₹2,50,000 – ₹5,00,000 (₹2,50,000) |
5% |
₹12,500 |
|
₹5,00,000 – ₹10,00,000 (₹5,00,000) |
20% |
₹1,00,000 |
|
Remaining ₹20,000 (₹10,20,000 – ₹10,00,000) |
30% |
₹6,000 |
Total Tax = ₹1,18,500
Add Cess 4%:
₹1,18,500 × 4% = ₹4,740
✔ Final Tax Payable =
₹1,23,240
🟣 Q 4. (Medium-Hard)
Income details:
- Salary
(after Standard Deduction) = ₹7,00,000
- Interest
from Bank FD = ₹30,000
- Long-Term
Capital Gains (LTCG) = ₹60,000
- Donations
to Charity (80G) = ₹20,000
- Medical
Insurance Premium (80D) = ₹25,000
Calculate tax (Old Regime).
Answer:
✔ Step 1 – Total Income
Salary Income = ₹7,00,000
FD Interest Income = ₹30,000
LTCG (Taxable) = ₹60,000
Gross Total Income = ₹7,90,000
✔ Step 2 – Deductions
- 80D
= ₹25,000
- 80G
= 50% of ₹20,000 = ₹10,000
Total Deductions = ₹35,000
Taxable Income = ₹7,90,000 – ₹35,000 = ₹7,55,000
✔ Step 3 – Income Tax (excluding
LTCG)
|
Slab |
Tax |
|
₹0 – ₹2,50,000 → 0 |
₹0 |
|
₹2,50,000 – ₹5,00,000 → 5% |
₹12,500 |
|
₹5,00,000 – ₹7,55,000 → 20% on ₹2,55,000 = ₹51,000 |
Normal Tax = ₹63,500
✔ Step 4 – LTCG Tax
LTCG taxed @ 10% above ₹1 lakh (only ₹60,000 given → LTCG =
taxed @ 10% without indexation)
LTCG Tax = 10% of ₹60,000 = ₹6,000
✔ Step 5 – Total Tax + Cess
Total Tax = ₹63,500 + ₹6,000 = ₹69,500
Cess = 4% of ₹69,500 = ₹2,780
Final Tax Payable = ₹72,280
🔵 Q5. (Hard Level)
Income Details:
- Basic
Salary = ₹6,00,000
- HRA
received = ₹1,80,000
- Rent
paid (non-metro) = ₹1,50,000
- Income
from Freelancing = ₹1,20,000
- Interest
from FD = ₹15,000
- Home
loan interest (Income from house property) = ₹1,50,000
- 80C
investments = ₹1,20,000
- 80D
insurance = ₹30,000
Calculate Tax (Old Regime)
Answer:
✔ Step 1 – HRA Exemption
(Non-Metro)
- Actual
HRA received = ₹1,80,000
- Rent
paid – 10% of salary = ₹1,50,000 – ₹60,000 = ₹90,000
- 40%
of salary (non-metro) = ₹2,40,000
Exemption = ₹90,000
So Taxable HRA = ₹90,000
✔ Step 2 – Salary Income
Gross Salary = ₹6,00,000
Less HRA exemption = ₹90,000
Net Salary = ₹5,10,000
✔ Step 3 – Income From House
Property
Home loan interest allowed = ₹1,50,000 (negative income)
Income = - ₹1,50,000
✔ Step 4 – Other Incomes
Freelancing = ₹1,20,000
FD Interest = ₹15,000
✔ Step 5 – Gross Total Income
Salary = ₹5,10,000
House Property = -₹1,50,000
Freelance = ₹1,20,000
FD Interest = ₹15,000
Total = ₹5,10,000 - ₹1,50,000 + ₹1,20,000 + ₹15,000
Gross Income = ₹5, - 5,000 = ₹4,95,000
✔ Step 6 – Deductions
80C = ₹1,20,000
80D = ₹30,000
Total Deductions = ₹1,50,000
Taxable Income = ₹4,95,000 – ₹1,50,000 = ₹3,45,000
✔ Step 7 – Tax Calculation (Old
Regime)
|
Income Range |
Rate |
Tax |
|
₹0 – ₹2,50,000 |
0% |
₹0 |
|
Next ₹95,000 @5% = ₹4,750 |
Total Tax = ₹4,750
Cess = ₹190
Final Tax = ₹4,940
✔ Final Tax Payable = ₹4,940
🔴 Q6. (Very Hard – For
Advanced Practice)
Income Details:
- Salary
Income = ₹14,00,000
- Business
Income (after expenses) = ₹4,00,000
- Rental
Income = ₹2,40,000
- Municipal
Taxes Paid = ₹40,000
- Home
Loan Interest = ₹2,00,000
- Interest
from FD = ₹50,000
- Dividend
Income = ₹40,000
- 80C
Investments = ₹1,50,000
- 80D
Health Insurance = ₹40,000
- 80E
(Education Loan) = ₹60,000
Calculate Tax (Old Regime).
Answer:
✔ Step 1 – House Property Income
Gross Rent = ₹2,40,000
Less Municipal Tax = ₹40,000
Net = ₹2,00,000
Less Interest on Home Loan = ₹2,00,000
Income = ₹0 (No loss allowed >2L)
✔ Step 2 – Total Gross Income
Salary = ₹14,00,000
Business = ₹4,00,000
Rent = ₹0
FD Interest = ₹50,000
Dividend = ₹40,000
Gross Total = ₹18,90,000
✔ Step 3 – Deductions
80C = ₹1,50,000
80D = ₹40,000
80E = ₹60,000
Total Deductions = ₹2,50,000
Taxable Income = ₹18,90,000 – ₹2,50,000 = ₹16,40,000
✔ Step 4 – Tax Calculation
|
Slab |
Tax |
|
0 – 2,50,000 |
₹0 |
|
2,50,000 – 5,00,000 → 5% of 2,50,000 = ₹12,500 |
|
|
5,00,000 – 10,00,000 → 20% of 5,00,000 = ₹1,00,000 |
|
|
10,00,000 – 16,40,000 → 30% of 6,40,000 = ₹1,92,000 |
Total Tax = ₹3,04,500
Cess = 4% of ₹3,04,500 = ₹12,180
Final Tax Payable = ₹3,16,680
✔ Final Tax = ₹3,16,680
👍 You now have:
✔ 6 fully worked-out examples
✔ Increasing difficulty
✔ Mixed sources + deductions + calculations
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