Question

compute the tax liability of Rs.8,90,000 for all ages as per slab rate basis​

Answer 1

Answer:The tax liability can computed as below

Explanation:

For age below 60 years

2,50,000*0%=0

2,50,000*5%=12500

3,90,000*20%=78000

=0+12500+78000=90500

Add cess 4%-90500*4%=3620

90500+3620=94120

Age between 60-80

3,00,000*0%=0

2,00,000*5%=10000

3,90,000*20%=78000

=0+10000+78000=88000

Add cess 4%=88000*4%=3520

88000+3520=91520

Age above 80 years

5,00,000*0%=0

3,90,000*20%=78000

=0+78000=78000

Add cess 4%-3120-78000+3120-81120