Draw a flowchart to perform the following tasks:
a) To calculate the tax as per the given condition taking annual income as input.
Annual Income Tax
Less than equal to Rs. 1,00,000 5%
More than Rs. 1,00,000 and less than equal to
Rs. 3,00,000 10%
More than Rs. 3,00,000 15%
Answers
Answered by
0
Answer:
Income tax is calculated on the basis of applicable tax slab.
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FAQs.
Individuals aged below 60years
Income Tax Rate
₹ 2,50,001 to ₹ 5,00,000 5%
₹ 5,00,001 to ₹ 10,00,000 ₹ 12,500 + 20% of Income exceeding ₹ 500,000.
Above ₹ 10,00,000 ₹ 1,12,500 + 30% of Income exceeding of ₹10,00,000
Answered by
1
Explanation:
In order to file your income tax return (ITR), you first need to collect all the information required to file it. The next important step is to compute your total taxable income. After this, final tax payable or refundable is calculated by applying the applicable tax rates in force and then deducting taxes already paid by way of TDS/TCS or Advance tax from the tax due amount arrived at.
hope it helps you
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