Question

find the amount of income tax that has to be paid by the following people .in the calculation the paise may be rounded off to a rupee.amit has annual income of 350480.​

Answer 1

Given:

Annual Income of Amit = 3,50,480

To Find:

Amt. of Income Tax = ?

Solution:

If the age of the tax payer is less than 60

• Tax Rate is nil for first 2,50,000 of income

• Tax @ 5% on next 2,50,000
• Tax @ 20% on next 5,00,000
• Tax @ 30 % on the rest amt. of income

Calculation of Income Tax on Amit's Income

Income Tax = (2,50,000 * 0 ) + ( 1,00,480 * 5%)

Income Tax = 5,024

Income Tax (Rounded off to nearest 0) = 5,020

Note: It has been assumed that age of Amit is less than 60.

Answer 2

the correct answer is 54144