How much
education cess is payable on the income tax
2,00,000
Answers
Step-by-step explanation:
Health and Education Cess : Health and Education Cess is levied at the rate of 4% on the amount of income-tax plus surcharge. Note 1: A resident individual (whose net income does not exceed Rs. 5,00,000) can avail rebate under section 87A.
Answer:
Education cess
When you give pocket money to your kids, they always ask something extra over and above what you’ve given them. Pretty much the same way, Government charges you a “little extra” over and above the income tax that you are liable to pay.
WHAT IS EDUCATION CESS
Each time people make their tax payment, they notice that the total amount of tax payable by them tends to rise slightly while making the full and final tax payment. This small amount could be a few percentage increase, which is usually an education cess charged levied on taxes. This particular tax is charged only on the amount of tax that needs to be paid instead of the entire taxable income. This cess is charged in two distinct parts, and while the 1st part is levied as Primary Education Cess, the 2nd part is charged as Secondary and Higher Education Cess. Education cess on income tax is governed by the IT Act and the rate for education cess in India is declared by the country’s government each year at the time of the budget.
Step-by-step explanation:
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