8. The basic economic problem that arises because people have unlimited 1 point

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

Dominik [7]

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

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3 0

2 years ago

In Myanmar, seven laborers, each making the equivalent of $2.50 per day, can produce 38 units per day. In China, nine laborers,

Tresset [83]

Answer:

The labor cost per unit is lowest for China and is $0.40 per unit

Explanation:

Country Labor Wage per Day Wages per Production Labor cost

count per labor Day units per day per Unit

L w W=L×w P l=W÷P

Myanmar 7 $2.50 17.50 38 $0.46

China 9 $2.00 18.00 45 $0.40

Billings/ 4 $57.00 228.00 102 $2.24

Montana

The labor cost per unit is lowest for China and is $0.40 per unit

6 0

3 years ago

The manufacturing overhead budget at Cutchin Corporation is based on budgeted direct labor-hours. The direct labor budget indica

Setler [38]

Answer:

$59,080

Explanation:

The calculation of September cash disbursements is shown below:-

September cash disbursement = Company's budgeted fixed manufacturing overhead - Depreciation + Variable manufacturing overhead

= $43,120 - $3,640 + $7.00 × 2,800

= $43,120 - $3,640 + $19,600

= $62,720 - $3,640

= $59,080

Therefore for computing the September cash disbursement we simply applied the above formula.

4 0

3 years ago

A farmer sells a bushel of corn to the supermarket for $12. The supermarket then sells the corn to customers for $25. What is th

allsm [11]

Answer:

$ 25

Explanation:

As per the description, the exact amount that is being contributed from the corn bushel to the Gross Domestic Product would be $ 25. The price at which the farmer sold it to the supermarket would not be included in the GDP because it would be considered as an intermediary good because the good purchased for the resale purpose is not included in GDP as it leads to double-counting. Thus, <u>only the price of the final good i.e. $ 25 would be included in GDP as it will now be used for final consumption by the customers</u>.

6 0

3 years ago

Fifteen percent of the students in a school of Business Administration are majoring in Economics, 20% in Finance, 35% in Managem

Lina20 [59]

D/ both a bar and pie graph can be used

4 0

3 years ago