Mr. Patil's gross salary is Rs. $7,00,000$ and he invests Rs. $1,00,000$ in PPF (under 80C). His taxable…

Mr. Patil's gross salary is Rs. $7,00,000$ and he invests Rs. $1,00,000$ in PPF (under 80C). His taxable income is
  1. Rs. $6,00,000$
  2. Rs. $7,00,000$
  3. Rs. $5,50,000$
  4. Rs. $5,00,000$

Solution

Taxable $= 7{,}00{,}000 - 1{,}00{,}000 = 6{,}00{,}000$.

Asked in: MH-SSC-9

Practice more Financial Planning questions on Aicharya