Question

Mr. Mehta's annual income is Rs. 4,50,000.(individual tax up to age of 60 years) Q1) If he does not have any saying by which he can claim dedui from his income, to which slab does his taxable income belong? Q2) What is the amount on which he will have to pay income tax and at what percent rate on Rs.and percentage? Q3) on what amount will the cess be levels?

Answer 1

1 )tax slab for fy 2019-20 is

Up to `2,50,000 Nil

2,50,001 to 5,00,000  5%

2) amount on which he will have to pay income tax =Rs2,00,000

3) The cess will be on  Amount Rs 10,000

Step-by-step explanation:

Mr. Mehta's annual income  =  Rs. 4,50,000.

tax slab for fy 2019-20 is

Up to `2,50,000 Nil

1) 2,50,001 to 5,00,000 5%

so according to above

tax on income 2,50,000 = 0

tax on income( 4,50,000 -2,50,000  = 2,00,000 ) = 2,00,000 *5/100

                                                                                   =10,000

so total tax = Rs 10,000

so cess will be on Rs 10,000

Answer 2

answer is given in the attachment