Question

8. Compute the income tax payable by following
individual.
(i) Mr Kadam who is 35 years old and has a
taxable income of 13,35,000
7
(ii) Mr Khan is 65 years of age and his taxable
income is 4,50,000.
(iii) Miss Varsha (Age 26 years) has a taxable
income of 2,30,000​

Answer 1

$\huge\bold\green{Solution}$

1)

$\huge\boxed{\fcolorbox{purple}{ink}{GIVEN:}}$

• Mr kadam is 35 year old and
• his taxable income of 13,35,000 rs

$\large \mathfrak{ \text{W}e \: \text{K}now }$

• The income is more than 10,00,00 rs

income tax = rs [1,12,500 + 30% on taxable income minus 10 lakh ]

= [1,12,500+30% of (1335000-1000000)]

$= (1,12,500 + \frac{30}{100} \times 335000)$

= (1,12,500 + 100500)= 2,13,000

Education cess = 2% of income tax

$= \frac{2}{100} \times 213000 = 4260$

Secondary and higer education cess = 1 % of income tax =

$= \frac{1}{100} \times 213000 = 2130$

Total income tax

= (213000+4260+2130)

=2,19,390 rs

$\huge\boxed{\dag\sf\red{ANSWER}\dag}$

Mr kadam will have to pay 2,19,390 rs income tax

▬▬▬▬▬▬▬▬▬▬▬▬

2)

$\huge\boxed{\fcolorbox{purple}{ink}{GIVEN:}}$

• Mr khan is 65 year's old and his taxable income is 4,50,000 rs

$\large \mathfrak{ \text{W}e \: \text{K}now }$

• As per the table he has to pay income tax

= 5 % on taxable income minus 3 lakhs

= 5% on ( 450000- 300000)

= 5/100 × 150000 = 7500 rs

= education cess : 2% of income tax

=2/100 ×7500= 150 rs

• secondary and higer Education cess :

1% of income tax =1/100×7500=75rs

Total income tax

= (7500+150+75)

=7725 rs

$\huge\boxed{\dag\sf\red{ANSWER}\dag}$

Mr khan will have to pay rs 7725 income tax

▬▬▬▬▬▬▬▬▬▬▬▬

3)

$\huge\boxed{\fcolorbox{purple}{ink}{GIVEN:}}$

• Miss Varsha (Age 26 years)

• She has a taxable income of 2,30,000

$\large \mathfrak{ \text{W}e \: \text{K}now }$

• as per the table her income is less than 2,50,000 rs

$\huge\boxed{\dag\sf\red{ANSWER}\dag}$

• Miss varsha will not have to pay income tax