Question

An employee is entitled to pay an income tax based on the gross annual income as per the given slabs:
Gross annual income Annual Tax deduction
less than or equal to 100000 Nil
100001 to 150000 10% of the income exceeding 1 lakh
150001 to 200000 5000+ 20% of the income exceeding
150000
above 200000 15000+ 30% of the income
exceeding
200000

Answer 1

Answer:

You will then have to calculate your total taxable income, followed by the calculation of final tax refundable or payable. To calculate the final tax, you will have to use the applicable tax rates before subtracting taxes already paid through advance tax or TCS/TDS from the tax amount due....

Those earning a salary between Rs 10 and 12.5 lakh will pay tax at the rate of 20 per cent, while income between Rs 12.5 and Rs 15 lakh will be liable to pay 25 per cent tax. Income above Rs 15 lakh will be taxed at 30 per cent.

Answer 2

Answer:

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Explanation:

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