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Question is related to income tax 8. Ms. Ashmeet received the following incomes during F.Y. 2020-21 : (i) Insurance commission received from LIC 10,656 (ii)
Question is related to income tax
8. Ms. Ashmeet received the following incomes during F.Y. 2020-21 : (i) Insurance commission received from LIC 10,656 (ii) Cloth business profits 2,75,000 (iii) She made the following payments during the year : (1) Deposit in National Saving Scheme, 1992 10,000 (2) Payment to Jeevan Dhara Policy (3) Investment in units of mutual funds so notified u/s 80 C as ELSS 10,000 (4) Donations given to : National Children Welfare Fund 2,500 P.M. National Relief Fund 5,000 500 p.m. 6596(2721)/II-6605 (Contd.) 0 Gujarat Earthquake Relief Fund 2,000 P.M. Students Aid Fund 2,000 Punjab CM Earthquake Relief Fund 2,000 Local Authority to promote Family Planning 2,000 Approved Public Charitable Trust 10,000 National Fund for control of Drug Abuse 4,000 (iv) Also, she paid Rs. 6,000 by cheque to General Insurance Corporation under Mediclaim. Calculate her total income and deductions applicableStep by Step Solution
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