 Hello and welcome to the session that has discussed the following question. It says, the total annual income of Rajesh, excluding HRA, is Rs.178,000. He contributes Rs.4,500 per month towards Provident Fund and pays Rs.3,500 semi-annually towards Life Insurance Premium. Find his tax liability for the financial ear. So let's now move on to the solution. The first step towards finding the tax for the financial ear is to write the gross income of the assessing. So gross income of Rajesh is Rs.178,000. Now the second step is to find the savings made by Rajesh. He contributes Rs.4,500 per month towards Provident Fund. So PF is Rs.4,500 into 12 because he pays Rs.4,500 per month for his Provident Fund and that comes out to be Rs.54,000. And he also pays Rs.3,500 semi-annually towards Life Insurance Premium. So LIC or the Life Insurance Premium is Rs.3,500 into 2 because he pays it semi-annually. So it comes out to be Rs.7,000. So the total savings is Rs.54,000 plus Rs.7,000 and that comes out to be equal to Rs.61,000. Now the next step is to subtract the total savings from the gross income to get the taxable income. So we have taxable income equal to Rs.1,78,000 minus Rs.61,000. So this is equal to Rs.1,17,000. Now the next step is to calculate the tax payable on this taxable income. Now from the slab we can see where the taxable income exceeds Rs.1,00,000 but does not exceed Rs.1,50,000 then the rate of tax is 10% of the amount by which taxable income exceeds Rs.1,00,000. So now we find the amount of tax. It is 10% of the amount by which taxable income exceeds Rs.1,00,000. So this is equal to 10% 10 by 100 of the amount by which taxable income exceeds Rs.1,00,000. Now the next step is to find surcharge which is 10% of the amount by which taxable income exceeds Rs.1,00,000. So this is 10 by 100 into 17,000. Zeros gets cancelled and this is equal to 1700. Now the next step is to find surcharge which is 10% of the amount of the tax payable if the taxable income exceeds Rs.10,00,000 but this is not the case, taxable income does not exceed Rs.10,00,000. So the next step is to find the education says which is 2% of the amount of tax payable. So this is the amount of tax payable. Now we find education says which is 2% of the tax payable. So it is 2 by 100 into 1700. So this is equal to Rs.34. Now we find the total tax payable by adding the education says to the amount of tax payable. So this is equal to Rs.1700 plus 34 which is equal to Rs.1734. Hence for the tax liability for the financial year is Rs.1734. So this completes the question and the session but for now take care have a good day.