Question

Monthly salary of Amjad is Rs 75000.Compute his annual income tax​

Answer 1

Step-by-step explanation:

What is Income Tax?

An income tax is a government tax levied on both earned income (wages, salaries, commission) and unearned income (dividends, interest, rents). The Ministry of Finance along with the Government of India are responsible for assessing the income tax rates in India. Provisions relating to the income tax are governed by the Income Tax Act, 1961. The Income Tax Department (also referred to as the IT Department) is responsible for monitoring the income tax collection by the government.