Question { TCS, 57923 }

Who are Debtors & Creditors?

Answer

debtor are the people who owe money for goods & services we
have supplied to them,they are our debtor.creditor are the
people to whom we owe money for goods & services bt them to
us on credit

Question { 5226 }

My Annual salary 180000/- and house rent income 24000/- and
for 2009-10.LIC paid Rs 18000/- annual and 3500/- mediclaim
so please explain me with detals how caluclate the tax
which is paid to department. Please give all details of
calucation.

Answer

Salary Income Rs.180000.00
Hose Rent Income Rs. 24000.00
Total Rs.204000.00
LIC Paid Rs. 18000.00
Mediclaim Rs. 3500.00
Taxable Income Rs.182500.00
Tax Calculation

upto Rs. 160000
160000-182500 = 22500
Total Tax is Rs.2250/-