Question

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.​

Answer 1

Answer

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: