Answer :
Absolutely, let's go through the details step by step!
### (a) आयकर भन्नाले के बुभिन्छ् ? लेख्नुहोस् । (What is meant by income tax? Write it.)
Income tax is a tax levied by the government directly on income, especially an annual tax on personal income. This tax is applied to the income earned by individuals and entities, which may include salaries, investments, and other sources of income. The rates and brackets of income tax can vary depending on the fiscal policies set forth by the governing authorities.
### (b) रमेशले चाडपर्व खर्चसहित 13 महिनामा जम्मा कति आम्दानी गर्छन्, पत्ता लगाउनुहोस्। (Find the total income of Ramesh in 13 months including festival expenses.)
Ramesh's monthly income consists of his basic salary and dearness allowance. He also receives one month's salary as a festival expense annually.
- Monthly Salary: Rs 43,689
- Dearness Allowance Monthly: Rs 2,000
- Festival Expense: One month's salary (Rs 43,689)
To find the total income over 13 months, we need to calculate his income for 12 months and then add one month as festival expense:
1. Calculate annual salary without the festival expense:
[tex]\( (43689 \text{ (monthly salary)} + 2000 \text{ (dearness allowance)}) \times 12 = 45689 \times 12 = Rs 548,268 \)[/tex]
2. Add the festival expense (one month salary):
[tex]\( 548268 + 43689 = Rs 591,957 \)[/tex]
So, Ramesh's total income over 13 months including festival expenses is Rs 5,91,957.
### (c) How much income tax he has to pay annually if he also deposits Rs 2000 in Citizens Investment Fund? Find it.
To find the income tax Ramesh has to pay, we need to:
1. Calculate the annual contribution to the Provident Fund and Citizens Investment Fund:
- Provident Fund Contribution (Employee & Government Contribution):
10% of Rs 43,689 each from Ramesh and the government:
[tex]\( 0.10 \times 43689 \times 12 \times 2 = Rs 104,853.6 \)[/tex]
- Citizens Investment Fund Contribution:
[tex]\( 2000 \text{ (monthly)} \times 12 = Rs 24,000 \)[/tex]
2. Calculate the Net Taxable Income:
- Total Income (from part b): Rs 591,957
- Deduct Provident Fund Contributions and Citizens Investment Fund Contributions:
[tex]\( 591957 - 104853.6 - 24000 = Rs 463,103.4 \)[/tex]
3. Calculate the Income Tax based on the provided tax slabs:
According to the tax slabs:
- For income up to Rs 500,000, the tax rate is 1%.
- The net taxable income, Rs 463,103.4, falls within the first slab (up to 5 lakh).
[tex]\[ \text{Income tax} = 463103.4 \times 0.01 = Rs 4631.034 \][/tex]
Therefore, the annual income tax Ramesh has to pay is Rs 4,631.034.
This completes the step-by-step solution to the given problem. Please feel free to ask if you need any further clarification!
### (a) आयकर भन्नाले के बुभिन्छ् ? लेख्नुहोस् । (What is meant by income tax? Write it.)
Income tax is a tax levied by the government directly on income, especially an annual tax on personal income. This tax is applied to the income earned by individuals and entities, which may include salaries, investments, and other sources of income. The rates and brackets of income tax can vary depending on the fiscal policies set forth by the governing authorities.
### (b) रमेशले चाडपर्व खर्चसहित 13 महिनामा जम्मा कति आम्दानी गर्छन्, पत्ता लगाउनुहोस्। (Find the total income of Ramesh in 13 months including festival expenses.)
Ramesh's monthly income consists of his basic salary and dearness allowance. He also receives one month's salary as a festival expense annually.
- Monthly Salary: Rs 43,689
- Dearness Allowance Monthly: Rs 2,000
- Festival Expense: One month's salary (Rs 43,689)
To find the total income over 13 months, we need to calculate his income for 12 months and then add one month as festival expense:
1. Calculate annual salary without the festival expense:
[tex]\( (43689 \text{ (monthly salary)} + 2000 \text{ (dearness allowance)}) \times 12 = 45689 \times 12 = Rs 548,268 \)[/tex]
2. Add the festival expense (one month salary):
[tex]\( 548268 + 43689 = Rs 591,957 \)[/tex]
So, Ramesh's total income over 13 months including festival expenses is Rs 5,91,957.
### (c) How much income tax he has to pay annually if he also deposits Rs 2000 in Citizens Investment Fund? Find it.
To find the income tax Ramesh has to pay, we need to:
1. Calculate the annual contribution to the Provident Fund and Citizens Investment Fund:
- Provident Fund Contribution (Employee & Government Contribution):
10% of Rs 43,689 each from Ramesh and the government:
[tex]\( 0.10 \times 43689 \times 12 \times 2 = Rs 104,853.6 \)[/tex]
- Citizens Investment Fund Contribution:
[tex]\( 2000 \text{ (monthly)} \times 12 = Rs 24,000 \)[/tex]
2. Calculate the Net Taxable Income:
- Total Income (from part b): Rs 591,957
- Deduct Provident Fund Contributions and Citizens Investment Fund Contributions:
[tex]\( 591957 - 104853.6 - 24000 = Rs 463,103.4 \)[/tex]
3. Calculate the Income Tax based on the provided tax slabs:
According to the tax slabs:
- For income up to Rs 500,000, the tax rate is 1%.
- The net taxable income, Rs 463,103.4, falls within the first slab (up to 5 lakh).
[tex]\[ \text{Income tax} = 463103.4 \times 0.01 = Rs 4631.034 \][/tex]
Therefore, the annual income tax Ramesh has to pay is Rs 4,631.034.
This completes the step-by-step solution to the given problem. Please feel free to ask if you need any further clarification!
