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hjlf
2 years ago
11

Mr.Akhil (55 years) paid mediclaim for self and family Rs.40,000 and for parents (80 years) Rs.60,000. What will be the deductio

n available u/s 80D for PY 2021-22?
Business
1 answer:
Dominik [7]2 years ago
3 0

In order to claim the deduction under Section 80D, the expenditure needs to be made in any means other than cash. Although the expenditure on preventive health check-ups is allowed to be incurred in cash. The deduction for the following expenses are available under section 80D:

A. Medical insurance premium paid for yourself & your family. Rs. 25,000 Rs. 50,000 (in case of senior citizen)

B. Medical insurance premium paid for your parents. Rs. 25,000 Rs. 50,000 (in case of senior citizen)

C. Expenditure on preventive health check-up. Rs.5,000

D. Medical expenditure of senior citizens or super senior citizens. Rs.50,000

E. Contribution to CGHS/notified scheme. Rs.25,000 Rs.50,000(in case of senior citizen)

Maximum amount of deduction (A+ B+C+D+E) Non-senior citizens(Self & family and Parents) Senior Citizens (Self & family and Parents) Self & family (Non-senior citizens)Parents(Senior Citizens) Rs.25000+Rs.25000= Rs.50,000

Rs.50000+Rs.50000=Rs.1,00,000

Rs.25000+Rs.50000=Rs.75,000

Hence, the deduction available is his total paid minus expected paid which is Rs. 40000 + Rs. 60000 = Rs. 100000 - (A+ B+C+D+E) = Rs. 150000

<h3>What is Section 80D?</h3>

Section 80D permits the deduction for money spent on taking care of one's health and health insurance. Section 80D claims great significance in one's tax planning and personal finance.

Therefore, the correct answer is as given above

learn more about Section 80D: brainly.com/question/14585764

#SPJ1

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Mr. Hudson notes that if he produces 10 pairs of shoes per day, his average fixed cost (AFC) is $14 and his marginal cost is $8;
zalisa [80]

Answer:

Average fixed cost for 20 units = $7

Explanation:

<em>The fixed costs are cost are expenditures that do not vary with the activity level within a given range. Unlike variable costs, fixed costs are tend to be unaffected in the short run by amount of production work done or service rendered.</em>

The units produced will not have an impact on the total fixed costs but rather on the average fixed cost. The average fixed cost would become lower as the units produced increases.

Average fixed cost = Total fixed cost / Total units produced.

Hence , Total fixed cost = Average fixed cost × units produced

DATA

AFC - $14

Units - 10 units

Total fixed cost = 10 × 14 = $140

Average fixed cost for 20 units =Total fixed cost / Number of units

140/20 = $7

Average fixed cost for 20 units = $7

3 0
3 years ago
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denis-greek [22]

PLATO ANSWER: Alternative Goods

Hope this helps! I got it correct also so I know its correct!

5 0
3 years ago
Depreciation Methods A delivery truck costing $22,000 is expected to have a $2,000 salvage value at the end of its useful life o
Artist 52 [7]

Answer:

a. $5,000

b. $5,500

c. $6,000

Explanation:

The computation of the depreciation expense for the second year is shown below:

a) Straight-line method:

= (Original cost - residual value) ÷ (useful life)

= ($22,000 - $2,000) ÷ (4 years)

= ($20,000) ÷ (4 years)

= $5,000

In this method, the depreciation is same for all the remaining useful life

(b) Double-declining balance method:

First we have to find the depreciation rate which is shown below:

= One ÷ useful life

= 1 ÷ 4

= 25%

Now the rate is double So, 50%

In year 1, the original cost is $22,000, so the depreciation is $11,000 after applying the 50% depreciation rate

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(c) Units-of-production method:

= (Original cost - residual value) ÷ (estimated production)

= ($22,000 - $2,000) ÷ ($100,000 miles)

= ($20,000) ÷ ($100,000 miles)

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Now for the second year, it would be

= Production units in second year × depreciation per miles

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4 0
3 years ago
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Answer:

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Explanation:

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