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Sagot :
Let's break down the scenario step by step to find solutions to the given parts of the question.
### a. Total Taxable Income
1. Monthly Salary (Rs. 70,000):
- Monthly salary: Rs. 70,000
2. Yearly Salary:
- Yearly salary without festival expense: Rs. 70,000 [tex]\(\times\)[/tex] 12 = Rs. 8,40,000
3. Festival Bonus:
- Festival bonus: Rs. 70,000
4. Total Yearly Salary Inclusive of Festival Bonus:
- Total yearly salary: Rs. 8,40,000 + Rs. 70,000 = Rs. 9,10,000
5. EPF Contribution:
- EPF contribution rate: 10%
- Monthly EPF contribution: Rs. 70,000 [tex]\(\times\)[/tex] 0.10 = Rs. 7,000
- Yearly EPF contribution: Rs. 7,000 [tex]\(\times\)[/tex] 12 = Rs. 84,000
6. Life Insurance Premium:
- Yearly insurance premium: Rs. 40,000
7. Total Taxable Income:
- Taxable income = Total yearly salary - Yearly EPF contribution - Yearly insurance premium
- Taxable income: Rs. 9,10,000 - Rs. 84,000 - Rs. 40,000 = Rs. 7,86,000
So, the total taxable income of the person is Rs. 7,86,000.
### b. Total Tax Amount (Unmarried Person)
Using the tax rates provided for an unmarried person:
1. Taxable Income Bracket Calculation:
- Up to Rs. 5,00,000: 1%
- From Rs. 5,00,001 to Rs. 7,00,000: 10%
- From Rs. 7,00,001 to Rs. 10,00,000: 20%
2. Tax Calculation:
- Tax on income up to Rs. 5,00,000: Rs. 5,00,000 [tex]\(\times\)[/tex] 0.01 = Rs. 5,000
- Tax on income from Rs. 5,00,001 to Rs. 7,00,000: (Rs. 7,00,000 - Rs. 5,00,000) [tex]\(\times\)[/tex] 0.10 = Rs. 2,00,000 [tex]\(\times\)[/tex] 0.10 = Rs. 20,000
- Tax on income from Rs. 7,00,001 to Rs. 7,86,000: (Rs. 7,86,000 - Rs. 7,00,000) [tex]\(\times\)[/tex] 0.20 = Rs. 86,000 [tex]\(\times\)[/tex] 0.20 = Rs. 17,200
3. Total Tax for Unmarried Person:
- Total tax: Rs. 5,000 + Rs. 20,000 + Rs. 17,200 = Rs. 42,200
So, the total tax amount paid by an unmarried person in a year is Rs. 42,200.
### c. Tax Difference if Married
Using the tax rates provided for a married person:
1. Tax Calculation:
- Up to Rs. 6,00,000: 1%
- From Rs. 6,00,001 to Rs. 8,00,000: 10%
- From Rs. 8,00,001 to Rs. 11,00,000: 20%
2. Tax Calculation for Married Person:
- Tax on income up to Rs. 6,00,000: Rs. 6,00,000 [tex]\(\times\)[/tex] 0.01 = Rs. 6,000
- Tax on income from Rs. 6,00,001 to Rs. 7,86,000: (Rs. 7,86,000 - Rs. 6,00,000) [tex]\(\times\)[/tex] 0.10 = Rs. 1,86,000 [tex]\(\times\)[/tex] 0.10 = Rs. 18,600
3. Total Tax for Married Person:
- Total tax: Rs. 6,000 + Rs. 18,600 = Rs. 24,600
### Tax Difference Calculation
1. Difference in Taxes:
- Tax difference: Tax (unmarried) - Tax (married)
- Tax difference: Rs. 42,200 - Rs. 24,600 = Rs. 17,600
So, if he is a married person, he should pay Rs. 17,600 less income tax in a year.
### Summary of Answers:
a. Total taxable income: Rs. 7,86,000.
b. Total tax amount (unmarried): Rs. 42,200.
c. Tax difference if married: Rs. 17,600.
### a. Total Taxable Income
1. Monthly Salary (Rs. 70,000):
- Monthly salary: Rs. 70,000
2. Yearly Salary:
- Yearly salary without festival expense: Rs. 70,000 [tex]\(\times\)[/tex] 12 = Rs. 8,40,000
3. Festival Bonus:
- Festival bonus: Rs. 70,000
4. Total Yearly Salary Inclusive of Festival Bonus:
- Total yearly salary: Rs. 8,40,000 + Rs. 70,000 = Rs. 9,10,000
5. EPF Contribution:
- EPF contribution rate: 10%
- Monthly EPF contribution: Rs. 70,000 [tex]\(\times\)[/tex] 0.10 = Rs. 7,000
- Yearly EPF contribution: Rs. 7,000 [tex]\(\times\)[/tex] 12 = Rs. 84,000
6. Life Insurance Premium:
- Yearly insurance premium: Rs. 40,000
7. Total Taxable Income:
- Taxable income = Total yearly salary - Yearly EPF contribution - Yearly insurance premium
- Taxable income: Rs. 9,10,000 - Rs. 84,000 - Rs. 40,000 = Rs. 7,86,000
So, the total taxable income of the person is Rs. 7,86,000.
### b. Total Tax Amount (Unmarried Person)
Using the tax rates provided for an unmarried person:
1. Taxable Income Bracket Calculation:
- Up to Rs. 5,00,000: 1%
- From Rs. 5,00,001 to Rs. 7,00,000: 10%
- From Rs. 7,00,001 to Rs. 10,00,000: 20%
2. Tax Calculation:
- Tax on income up to Rs. 5,00,000: Rs. 5,00,000 [tex]\(\times\)[/tex] 0.01 = Rs. 5,000
- Tax on income from Rs. 5,00,001 to Rs. 7,00,000: (Rs. 7,00,000 - Rs. 5,00,000) [tex]\(\times\)[/tex] 0.10 = Rs. 2,00,000 [tex]\(\times\)[/tex] 0.10 = Rs. 20,000
- Tax on income from Rs. 7,00,001 to Rs. 7,86,000: (Rs. 7,86,000 - Rs. 7,00,000) [tex]\(\times\)[/tex] 0.20 = Rs. 86,000 [tex]\(\times\)[/tex] 0.20 = Rs. 17,200
3. Total Tax for Unmarried Person:
- Total tax: Rs. 5,000 + Rs. 20,000 + Rs. 17,200 = Rs. 42,200
So, the total tax amount paid by an unmarried person in a year is Rs. 42,200.
### c. Tax Difference if Married
Using the tax rates provided for a married person:
1. Tax Calculation:
- Up to Rs. 6,00,000: 1%
- From Rs. 6,00,001 to Rs. 8,00,000: 10%
- From Rs. 8,00,001 to Rs. 11,00,000: 20%
2. Tax Calculation for Married Person:
- Tax on income up to Rs. 6,00,000: Rs. 6,00,000 [tex]\(\times\)[/tex] 0.01 = Rs. 6,000
- Tax on income from Rs. 6,00,001 to Rs. 7,86,000: (Rs. 7,86,000 - Rs. 6,00,000) [tex]\(\times\)[/tex] 0.10 = Rs. 1,86,000 [tex]\(\times\)[/tex] 0.10 = Rs. 18,600
3. Total Tax for Married Person:
- Total tax: Rs. 6,000 + Rs. 18,600 = Rs. 24,600
### Tax Difference Calculation
1. Difference in Taxes:
- Tax difference: Tax (unmarried) - Tax (married)
- Tax difference: Rs. 42,200 - Rs. 24,600 = Rs. 17,600
So, if he is a married person, he should pay Rs. 17,600 less income tax in a year.
### Summary of Answers:
a. Total taxable income: Rs. 7,86,000.
b. Total tax amount (unmarried): Rs. 42,200.
c. Tax difference if married: Rs. 17,600.
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