PREM RANJAN Salary (As per New tax regime)

Income from Salary Monthly Anually

Net Inhand Salary 125,000 1,500,000

TAXES 187500
ADD: Health and Education cess @4% 7500
TAX PAYABLE 195000
NET INCOME IN HAND 1,305,000

SUDHA RANJAN INCOME ( AS PER old TAX REGIME )

Income from Buisness and Profession Monthly
Buisness Income 75000
Rental Payments 24000
Gross Buisness Income 51000
Less : Taxes 2496
Net inhand Income 48504
w tax regime) PREM RANJAN SALARY (AS PER OLD TAX REGIME )
AMOUNT RATE Tax Payable
0-250000 NIL 0
250000-500000 5%(250000) 12500
500000-750000 20%(250000) 50000
750000-1000000 20%250000 50000
63400 30%63400 19020
TAX PAYABLE 131520

Computation of Taxable Income of Mr Pr

PARTICULARS Workings Details
Income From Salaries
Basic + Dearness Allowance 125000*12
IME ) Perquites u/s 17(2)
Monthly Anually Rent free Accomodation 15% of Salary 375000
900000 Add : Value of Furniture 10 % of 400000 40000
288000 Motor Car facility 0
612000 Gross Taxable Salary
29946 Less: Standard Deduction 50000
582054 Less: Proffesional Tax (u /s 16 iii) 1600

Income From Other Sources

Gross Total Income

Less: Deduction u/s 80C
Total Income
PER OLD TAX REGIME )

Taxable Income of Mr Prem Ranjan for the A.Y 2022-23

Amount (in Rs)

1500000

415000
0
1915000

51600

1863400
150000
1713400
 Emergency Fund
Expenses Monthly Expenses
Household Expenses 70000
Shop rent 24000
TOTAL 94000
Months of Emergency Fund 4
Total amount required as Emergency Fund 376000
Sudha's Buisness FD + Cash in hand 400000
Surplus Fund 24000
 SUMMARIZED ANALYSIS OF PREM RANJAN'S FAMILY TOTAL WEALTH

PARTICULARS
PREM RANJAN NET INCOME FROM SALARY
SUDHA INCOME FROM SHOP
PREM'S PROVIDENT FUND UPON MATURITY
PREMS OTHER SUPERANNUAL BENEFITS
PREM'S PENSION AFTER RETIERMENT
LIFE TERM INSURANCE POLICY OF PREM AND SUDHA
Sudha's remaining FD account
Prem's ancestral home ( also let out to generate income )
Sudha's parents financial asset
NJAN'S FAMILY TOTAL WEALTH

AMOUNT (RS) TIME

1305000 1 YEAR
48504 1 MONTH
1.5 CR Jun-23
2400000 Jun-23
36000/MONTH Jun-23
10000000 Jul-05
200000
1.8 cr
4000000
 Assumptions and Goals
GOALS DISTRIBUTION OF AMOUNT
Personal Home Rent RS 8000/MONTH Allocated through Prem's Pension
Kriti's and Rupesh Marriage Rs 900000 + Rs 700000 Assumed after Retierment should b
Cost of his own car (suv) Rs 1500000 It is advicable to purchase the car a
Kriti's Acting Career Rs 15000 Sudha should help Kriti to launch he
Vacation Rs 30000 It is advicable to save Rs 2000/mon
Medical Insurance RS 12000/YEARLY It is assumed that Rs 1000/month is
Ranjan should Help Sudha for growth of her buisness Ranjan should provide a portion oh

MY ADV

Firstly , Before Retierment Ranjan should save a porti

Secondly, Sudha Should save atleast 20% of her incom
Thirdly , Both Ranjan and Sudha should save the amo
Fourtly , The amount Ranjan will receive as PPF shou
Fifthly, it is advicable to purchase the car after termin
tions and Goals

through Prem's Pension

after Retierment should be allocated through the superannuation benefits received after retierment i.e Rs 2400000
able to purchase the car after the termination of life term insurance policy i.e 2026
ould help Kriti to launch her acting caareer from Sudhas Income from Buisness
able to save Rs 2000/month from Sudha's buisness in order to have vacation on a regular basis.
med that Rs 1000/month is payable from pension amount
ould provide a portion oh his Annuation to Sudha

MY ADVICE FOR FUTURE WEALTH SECURITY AND INVESTMENTS

Ranjan should save a portion of his Salary , so that he can be benifited later
e atleast 20% of her income so that he can develop his shop in future
udha should save the amount they will receive as life insurance premium in order to purchase a house later
n will receive as PPF should either be invested in Mutual Funds or should be used in F.d
chase the car after termination of Life term Insurance policy i.e 2026