Question

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

Answer 1

Answer:

How much tax do I pay on 12 lakhs?

New Income Tax Slab for FY 2020-21 & AY 2021-22

Taxable IncomeTax RatesRs. 12,50,001 – Rs. 15,00,000Rs. 1,25,000 + 25% of total income above Rs. 12.5 lakh + 4% cessAbove Rs. 15,00,000Rs. 1,87,500 + 30% of total income above Rs. 15 lakh + 4% cess

Answer 2

Answer:

10% of 1800000

Step-by-step explanation:

10/100 × 1800000

= 180000