Question

mr ganesh age is 40 years. he is working in advertisement company. His yearly income is Rs. 350000. How much income tax will he have to pay?

Answer 1

Answer:

Ganesh will pay an income tax of rupees 17,500

Step-by-step explanation:

Given

Age of ganesh = 40 years



Salary of ganesh per year = 3,50,000 rupees

Type of Company : advertising company

The Income tax department has stated the income tax as follows

Income Slab                           Tax Rate

Up to Rs 2,50,000                   =     No Tax

Rs 2,50,000 – Rs 5,00,000   =    5%

Rs 5,00,000 – Rs 10,00,000  =    20%

Above Rs 10,00,000           =    30%

So ganesh falls under the second category where his income is between 2,50,000 and 5,00,000 and hence 5% tax is applicable for him

Ganesh's income tax = 5/100 × 3,50,000

Ganesh's income tax = 5 × 3500

Ganesh's income tax = 17500 rupees

So his annual income will be,

3,50,000 - 17,500

= 3,32,500

Ganesh's annual income will be 3,32,500 rupees