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Questions and Answers
What is the total amount listed under the sum of sections A through E?
What is the total amount listed under the sum of sections A through E?
Which deduction is related to the maximum limit of Rs. 1,50,000?
Which deduction is related to the maximum limit of Rs. 1,50,000?
What is the amount contributed to GPF/CPF stated in the deductions?
What is the amount contributed to GPF/CPF stated in the deductions?
Which of the following has the value of zero in the deductions listed?
Which of the following has the value of zero in the deductions listed?
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What is the interest listed for Home Loan according to the content?
What is the interest listed for Home Loan according to the content?
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What is the total of all deductions listed after the mention of Section 80C?
What is the total of all deductions listed after the mention of Section 80C?
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What types of documents must every employee include a photocopy of along with their signature?
What types of documents must every employee include a photocopy of along with their signature?
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Which clause relates to the investments made during the financial year 2023-2024?
Which clause relates to the investments made during the financial year 2023-2024?
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What type of investment details must be included in the photocopy submission?
What type of investment details must be included in the photocopy submission?
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What is the required format for submitting investment details?
What is the required format for submitting investment details?
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Which of the following is NOT required to be submitted by employees?
Which of the following is NOT required to be submitted by employees?
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What is the significance of including the signature in the document submission?
What is the significance of including the signature in the document submission?
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What is the maximum deductible amount under section 80 C for eligible investments?
What is the maximum deductible amount under section 80 C for eligible investments?
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What is the tax rate for income between ₹2,50,000 and ₹5,00,000?
What is the tax rate for income between ₹2,50,000 and ₹5,00,000?
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How much tax relief can be claimed under section 87/A for income less than ₹5,00,000?
How much tax relief can be claimed under section 87/A for income less than ₹5,00,000?
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What is the deduction limit under section 80 D for medical expenses for senior citizens?
What is the deduction limit under section 80 D for medical expenses for senior citizens?
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What is the deduction for contributions to a political party under section 80 GGC?
What is the deduction for contributions to a political party under section 80 GGC?
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What is the maximum amount that can be deducted under section 80 CCD/1B for the National Pension Scheme?
What is the maximum amount that can be deducted under section 80 CCD/1B for the National Pension Scheme?
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How much is the deduction limit for medical expenses for a physically disabled person under section 80 U?
How much is the deduction limit for medical expenses for a physically disabled person under section 80 U?
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What is the education loan interest repayment deduction limit under section 80 E?
What is the education loan interest repayment deduction limit under section 80 E?
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What is the tax rate for income exceeding ₹10,00,000?
What is the tax rate for income exceeding ₹10,00,000?
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What is the total amount of eligible deductions listed in the content?
What is the total amount of eligible deductions listed in the content?
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What is the annual salary of the employee?
What is the annual salary of the employee?
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What is the employee's name?
What is the employee's name?
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What is the total gross income recorded?
What is the total gross income recorded?
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Which type of income is listed as having a value of 0?
Which type of income is listed as having a value of 0?
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What is the employee's mobile number?
What is the employee's mobile number?
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What is the employee's bank account number?
What is the employee's bank account number?
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What is the employee's date of birth?
What is the employee's date of birth?
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What is the employee's email address?
What is the employee's email address?
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What was the gross salary in May 2023?
What was the gross salary in May 2023?
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How much income tax was deducted for the financial year 2023-2024?
How much income tax was deducted for the financial year 2023-2024?
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Which month had the highest gross salary recorded?
Which month had the highest gross salary recorded?
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What is the total amount of other income received as specified in the records?
What is the total amount of other income received as specified in the records?
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In which month did the gross salary first increase within the recorded period?
In which month did the gross salary first increase within the recorded period?
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How much was the total annual income for the year?
How much was the total annual income for the year?
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What was the LIC/PLI deduction for each month?
What was the LIC/PLI deduction for each month?
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What was the aggregate amount deducted from the salary for the home loan interest throughout the recorded months?
What was the aggregate amount deducted from the salary for the home loan interest throughout the recorded months?
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What is the total number of months included in the salary record?
What is the total number of months included in the salary record?
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How much was listed as the sum of the miscellaneous deductions or amounts?
How much was listed as the sum of the miscellaneous deductions or amounts?
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Study Notes
Employee Income Tax Assessment for FY 2023-2024
- Employee Name: Chaudhary Julius Arvindbhai
- Designation: Teacher
- Date of Birth: January 24, 1989
- Mobile Number: 7874913364
- PAN Number: AYSPC1545N
- Email: [email protected]
- Office location: Vankol P.S.
Income Details
- Annual Gross Salary: ₹613,538
- Other Income: ₹0
- Interest from Savings Account: ₹0
- Total Gross Income for the year: ₹613,538
Deductions Applied
- Standard Deduction (up to ₹50,000): ₹50,000
- Professional Tax: ₹2,400
- Home Loan Interest (maximum ₹200,000): ₹0
- HRA (House Rent Allowance): ₹0
- Transport/Disabled Allowance: ₹0
- Total Deductions: ₹52,400
Taxable Income Calculation
- Income after Deductions: ₹561,138
- Additional Deductions under Section 80C:
- GPF/CPF: ₹55,189
- Life Insurance Premium: ₹4,800
- LIC: ₹12,180
- Total Deductions Under 80C: ₹72,169
- Income after all deductions: ₹488,969
Tax Assessment
- Taxable income considered for taxation: ₹488,970
- Income Tax slab:
- Up to ₹250,000: 0%
- Income between ₹250,000 and ₹500,000: 5%
- Tax for this range: ₹11,949
- Income above ₹500,000: 0%
- Overall Tax Payable: ₹11,949
- Tax Relief under Section 87A (if taxable income is less than ₹500,000): ₹11,949
- Final Tax Liability: ₹0
Salary Splits by Month
- Monthly Gross Salary varies from ₹41,754 to ₹55,750 over the year.
- Total Professional Tax deducted: ₹2,400 during the financial year.
- Total GPF Contribution: ₹55,189.
- Life Insurance Premiums: Total of ₹12,180.
Summary of Deductions
- Total Deductions in various categories total ₹72,169 under Section 80C.
- No deductions were claimed under other sections 80D, 80DD, 80U, etc.
Important Notes
- All documents such as PAN card, bank passbook, Aadhaar card, and proof of deductions should be verified and attached.
- Signature of the employee is required for record confirmation and filing purposes.
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Description
This quiz focuses on the Income Tax Assessment Form for the financial year 2023-2024. It covers essential details such as employee information, bank details, and relevant identification numbers. Test your knowledge of financial documentation process.
