Question

Compute the income tax payable by following individuals. Mr. Khan is 65 years of age and his taxable income is Rs. 4,50,000.

Answer 1

given :

taxable value :

$\bold{450000 \: rs \: }$

age of the person :

$\bold{65 \: yrs \: }$

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according to new income tax chart :

$\bold{this\: income \:tax \:should\: be\: calculated\: by \\ \\ \:the\: 2nd\: slab \:of \:age \:60-80 \:yrs }$

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from 3 Lacs to 5 Lacs :

the rate of income tax :

$\bold{5 \: \% \: }$

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5% of taxable value :

$\frac{5}{100} \times 450000 \\ \\ \bold{22500 \: rs \: }$

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and according to new income tax chart :

there is 4% health and educationcess on income tax

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4% of 22,500

$\frac{4}{100} \times 22500 \\ \\\bold{900 \: rs \: }$

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total income tax :

income tax + health and educationcess

22,500 + 900 rs

$\bold{23400 \: rs \: }$

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