Question

Mr Pandit is 75 years of age.last year his annual income was 1325000 rupees. how much is his taxable income? How much tax does he have to pay?plzz ans as soon as possible plz

Answer 1

Hey there,

● Answer -
Total tax = ₹ 207500

● Explaination -
# Given -
Age = 75 yrs
Total income = ₹ 13,25,000

# Solution -
Mr. Pandit (75 yrs old) fits into category of senior citizen (60-80 yrs).

For first 300000, Tax rate = 0 %,
Tax1 = ₹ 0

For next 200000, Tax rate = 5 %,
Tax2 = 200000 × 5/100
Tax2 = ₹ 10000

For next 500000, Tax rate = 20 %,
Tax2 = 500000 × 20/100
Tax2 = ₹ 100000

For remaining 325000, Tax rate = 30 %,
Tax3 = 325000 × 30/100
Tax3 = ₹ 97500

Total tax is calculated by -
Total tax = Tax1 + Tax2 + Tax3
Total tax = 10000 + 100000 + 97500
Total tax = ₹ 207500

Total payable tax by Mr. Pandit is ₹ 207500.

Hope this helped..

Answer 2

☆I HOPE IT IS HELPFUL FOR YOU☆