Question

Mr naik is 58 year old his gross total income is 500,000 how many tax to pay​

Answer 1

Mr naik will have to pay Rs 12875

Answer 2

Answer:

Mr Naik will have to pay Rs 12875

Explanation:

Here it is given their gross total income of Mr. Naik is Rs 5,00,000

Now,there in exemption up to 2,50,000.

So taxable income

=5,00,000-2,50,000

=2,50,000

• Now 5% income tax on taxable income

so taxable income. = 2,50,000 multiple 5/100

= 12,500

• Now 2% on education cess

2% on 12,500

=12,500 multiple 2/100

= 250

• Now 1% on Secondary And higher education cess

1% on 12,500

=12,500 multiply 1/100

=125

So, Total income tax Mr.Naik will have to pay

=12,500+250+125

=12875

Answer: Mr. Naik will have to pay Rs 12,875

Thank you