Compute total income of Ms. Laya for A.Y. 2021-22 from following information : (a) Taxable salary (Net) (b) Income from other sources (c) Agricultural income (d) She deposited in LIC annuity plan (e) She paid medical insurance premium by cheque for his dependant blind mother (certified as severe disable person), aged 68 years Rs. ... ... ... ... ... 1,40,000 60,000 4,000 18,000 20,000 step by step
Question
Compute total income of Ms. Laya for A.Y. 2021-22 from following information : (a) Taxable salary (Net) (b) Income from other sources (c) Agricultural income (d) She deposited in LIC annuity plan (e) She paid medical insurance premium by cheque for his dependant blind mother (certified as severe disable person), aged 68 years Rs. ... ... ... ... ... 1,40,000 60,000 4,000 18,000 20,000 step by step
Solution
To compute the total income of Ms. Laya for A.Y. 2021-22, we need to add up all her sources of income. Here's how you can do it:
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Start with her taxable salary (net), which is Rs. 1,40,000.
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Add her income from other sources, which is Rs. 60,000.
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Add her agricultural income, which is Rs. 4,000.
The total of these three amounts is Rs. 2,04,000.
However, the amounts she deposited in the LIC annuity plan (Rs. 18,000) and the medical insurance premium she paid for her dependant blind mother (Rs. 20,000) are not considered as income. These are expenses and can be used for tax deductions.
So, the total income of Ms. Laya for A.Y. 2021-22 is Rs. 2,04,000.
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