compute the income tax payable by the following individuals
Shri Shaikh who is 80 years old and has a
taxable income of 6,00,000.
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COMPUTATION OF TAXABLE INCOME OF SRI SHAIKH FOR THE A.Y 2019-20
PARTICULARS AMOUNT
Upto Rs. 5,00,000 nil
Rs. 5,00,001-Rs.6,00,000 5%(600000-500000)=Rs. 5000
TOTAL INCOME= Rs.5000
LESS.REBATE(U/S87A)=Rs.5000 (LOWER OF RS 12,500 OR 100% TAX LIABILITY)
TAX PAYABLE = NIL
Step-by-step explanation:
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