Questions and Answers
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?
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?
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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?
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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?
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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?
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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?
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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?
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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?
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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?
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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?
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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?
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What is the annual salary of the employee?
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What is the employee's name?
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What is the total gross income recorded?
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Which type of income is listed as having a value of 0?
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What is the employee's mobile number?
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What is the employee's bank account number?
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What is the employee's date of birth?
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What is the employee's email address?
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What was the gross salary in May 2023?
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How much income tax was deducted for the financial year 2023-2024?
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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?
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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?
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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?
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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?
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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.
