Mr. Suraj aged 38 years, is working in Karim Private Limited as an Assistant Manager-Finance. His yearly pay slip for the financial year 2024-25 is…

Mr. Suraj aged 38 years, is working in Karim Private Limited as an Assistant Manager-Finance. His yearly pay slip for the financial year 2024-25 is as follows: Earnings Total (₹) Deductions Total (₹) Basic Pay 6,34,068 Employee's contribution to Provident Fund 1,14,132 Dearness allowance 1,26,814 Profession tax 2,400 HRA 3,17,040 Income-tax 1,93,400 Transport Allowance 19,200 Net Pay 13,43,278 Personal Allowance 5,09,088 Children Education Allowance for two children 12,000 Medical Allowance 15,000 Bonus 20,000 Total Earnings 16,53,210 16,53,210 (a) His employer also contributes equivalent amount of contribution towards provident fund. (b) Dearness allowance forms part of retirement benefits. (c) He has paid - 5,212 towards mediclaim premium for his parents (aged above 65 years) by account payee cheque. (d) He has 3 children, studying in Sandalwood International School. The following are the components of school fees paid for the Academic Session 2024-25: School Fees Component Child 1 Child 2 Child 3 Total Tuition fees 30,000 37,000 40,000 1,07,000 Admission fees 20,000 - - 20,000 Books, stationery and uniform 8,000 12,000 15,000 35,000 Infrastructure Fund 25,000 30,000 35,000 90,000 Commute cost 8,000 8,000 8,000 24,000 Activity Fees 6,000 7,000 8,000 21,000 Total Fees 97,000 94,000 1,06,000 2,97,000 (e) Mr. Suraj deposited - 2,00,000 in the bank account of his minor Child 1,3,00,000 in the account of minor Child 2, and - 4,00,000 in the account of minor Child 3. The bank paid interest at the rate of 3.5% per annum on each of these deposits. All these transactions were made on 1st April, 2024. (f) He has invested - 5,000 in HDFC ULIP and taken a LIC policy for his wife for 10,000. (g) He has invested - 12,500 and - 25,000 towards NPS Tier I A/c and Tier II A/c, respectively. (h) He has also donated - 50,000 in PM Cares fund. (i) Mr. Suraj invested - 40,000 in listed equity shares of Tree India Limited on 01.03.2020 at the rate of 200 per share. On 31.12.2024, the company bought back his 100 shares at 300 per share. (j) Mr. Suraj's wife, Mrs. Sushma is a housewife. From the information given above, choose the most appropriate answer to the following questions –