Mr john aged 57 years has annual income Rs4,00,000.how much tax does he have to pay?
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hello Falguni
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
jerri
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
jerri
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