Annual income of a person is Rs. 7,25,000. Tax exemption is 5,00,000.
After exemption he has to pay 10% of income tax to the government.
How much of amount he has to pay?
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Answer:
Annual income=Rs 725000
Taxexemption- Rs 500000
.Taxpayable income =225ooo
Tax@I0%=225ooox 10/100=
Rs 22500
ITPayable = Rs 22500
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