calculate tax based on the given conditions and display the output as per the given format. total annual qquad taxable income tax rate ip to ₹2 50 000 no tax from ₹2 50 001to ₹5 00 000 10% of the income exceeding ₹2 50 000 from ₹30 000+20% of the ₹5 00 001to income exceeding ₹10 00 000 ₹5 00 000 hline above ₹10 00 000 ₹50 000+30% of the income exceeding ₹10 00 000. (java programming).
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Explanation:
In order to file your income tax return (ITR), you first need to collect all the information required to file it. The next important step is to compute your total taxable income. After this, final tax payable or refundable is calculated by applying the applicable tax rates in force and then deducting taxes already paid by way of TDS/TCS or Advance tax from the tax due amount arrived at.
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