5) Shri Bajaj is 64 years old. His annual income is Rs 8,40,000. Will he has to pay income
tax or not? Why?
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Answer:
Mr. Bajaj is of age 64 years and has a taxable income of Rs 8,40,000. He needs to pay the income tax as his taxable income falls in the slab of Rs 5,00,001 to 10,00,000.
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