Question

mr pandit is 75 years old last year his annual income was ₹ 13,25,000 . how is taxable income ? how much tax does he have to pay?

Answer 1

Ans:

13,25,000 - 10,00,000 = 3,25,000 According to the table he must first pay Rs. 1,10,000 as income tax. In addition, on 3,25,000 rupees he has to pay 30% income tax.

3,25,000 × 30/100 = 97500 rupees

Therefore, his total income tax amounts to = 1,10,000 + 97,500

= 207500 rupees

Besides this, education was will be 2% of income tax

= 207500 × 2/100= 4150 rupees

Secondary & higher education tax at 1% income tax

= 207500 × 1/100 = 2075 rupees

Total income tax = income tax + education tax + secondary and higher education tax

= 207500 + 4150 + 2075

= 213725 rupees