Question

A man has to pay taxes on his income according to the following
No tax for income up to Rs. 2 lacs
5% tax on excess income above Rs. 2 lacs up to Rs. 6 lacs
10% tax on excess income above Rs. 6 lacs up to Rs. 12 lacs
15% tax on excess income above Rs. 12 lacs
If the man's income is Rs. 18 lacs, what would be the taxes that he needs to pay?​

Answer 1

Step-by-step explanation:

15% tax paid on income above 12 lac

if man's income is 18 lac then he need to pay tax 1800,000×15%=270,000