80 C,80D,80DD,80TTA-Comprehensive Problem with Deductions

Mr. Mohan submits the following information

 

 

Basic Salary

1,60,000

Bonus

30,000

Commission

50,000

Income from HP(Computed)

3,20,000

Interest on Bank deposits Deposits

90,000

  Payments /Contributions

1.        LIC Premium paid-  Rs.10,000

2.        Contribution to RPF-Rs.5,000

3.        Rs.10,000 paid by cheque to GIC for insuring his own health

4.        Medical Expenditure of father of 80 years of age- Rs.40,000

5.        Medical treatment of his dependent handicapped brother  -Rs.15,000

Answer

 

 

 

1.Income From Salary

Basic Salary

 

1,60,000

 

Bonus

30,000

 

Commission

50,000

 

Gross Salary

2,40,000

 

Less: Standard Deduction

50,000

1,90,000

2.Income from HP(Computed)

 

3,20,000

3. Income from Other Source

Interest on Bank deposits

 

 

90,000

Gross Total Income

 

6,00,000

Less: Deduction u/s 80 C to 80 U

1.       80 C: –LIC PREMIUM

2.       80 D: Health Insurance for himself

3.                For his father

4.       80 DD : Medical Treatment of handicapped dependent

5.       80 TTA: Interest on bank Deposits

 

15,000

10,000

40,000

75,000

10,000

 

 

 

 

 

1,50,000

Net Income / Taxable Income

 

4,50,000

 

 

 

 

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