formula to find tax amount
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Answer: Step 5: Calculating Income Tax Liability
Income Slab Rate of Taxation Amount to be Paid
Between Rs. 2.5 lakh and Rs. 5 lakh 5% 5% of (Rs. 4,88,500 less Rs. 2.5 lakh) = Rs. 11,925
Between Rs. 5 lakh and Rs. 10 lakh 20% 0
Rs. 10 lakh and above 30% 0
Cess 4% of total tax 11,925 * 0.04 = Rs.477
Step-by-step explanation:
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