Question

Consider the following simplified rules for Income tax calculation. If the annual income of a person is Rs. 5,00,000 or more he has to pay 20% of his salary as income tax.If the salary is between Rs. 4,00,000 -4,99,999 the tax is 15% of the salary. If the salary is between Rs.3,00,000 -3,99,999, then the tax is 10% of the salary and if the salary is less than Rs. 3,00,000 then it is not required to pay the tax. If the employee is a senior citizen, then there is an additional deduction of 5% of the calculated tax if any. Write a python program to calculate the income tax based on the above simplified tax rules

Answer 1

Answer:

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