Question

mr. John aged 57 years has annual income Rs. 4,00,000. how much tax does he have to pay?

Answer 1

Answer:

Given as

Mr. John's Income = 4,00,000

and his age = 57 yrs

Since his age is lease than the prescribed limit to be a senior citizen, that is why he won't get any subsidy in his income Tax.

Income Tax slabs are applicable after the income exceeds ₹250,000 Yearly.

A person gets excepted till his incomes crosses 250,000 yearly.

But When your income exceeds 250,000, if it's 250,001 then you have to pay tax on ₹ 1.

Mr. John's Income is 400,000 and it's comes under the 1st slab

that is 250,001 to 500,000 >>> 5%

Hence Taxable income of Mr. john is

400,000 - 250,000 =₹ 150,000

Hence he has to pay 150,000 × 10/100 = ₹ 15000.

hope it helps

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