Question

Income Tax
Education
cess
Taxable income slabs
(In Rupees)
Secondary and
Higher Educa
tion cess
Up to 2.50.000
Nil
Income tax
1% of Income
tax
2% of
1% of Income
tax
Nil
Nil
5%
2% of
2.50.001 to 5.00.000 (On taxable income minus two lakh
fifty thousand)
12,500 + 20%
5.00.001 to 10,00.000
(On taxable income minus five lakh) Income tax
1,12,500 + 30%
2% of
More than 10.00,000
(On taxable income minus ten lakh) Income tax
(Surcharge equal to 10% of income tax payable by individuals having an annual income
of 50 lakh to one crore rupees and 15% of income tax by individuals having an annual
income greater that one crore rupees)
Activity: Use Table I given above and write the appropriate amount/figure in the boxes for
the example given below.
Ex. Mr. Mehta's annual income is Rs. 4,50,000
1% of Income
tax
• If he does not have any savings by which he can claim deductions from his income, to
which slab does his taxable income belong?
What is the amount on which he will have to pay income tax and at what percent rate?
percentage
• On what amount will the cess be levied ?​

Answer 1

Step-by-step explanation:

you are head girl of your school write a notice for the school notice board