Question

mr. pandit is 75 yrs age. last year his annual income was 1325000 rupees. how much is his taxable income?how much tax does he have to pay?​

Answer 1

Solution:

Mr. Pandit is 75 years old, them he comes under senior citizen.

According to the Tax slab =

Income Slab                          Tax Rate

0-300000                               Nill

300000-500000                  10%

500000 -1000000               20%

and Above 1000000             30%

Now According to the question Mr. Pandit's income = Rs1325000

∴ his taxable income is =

50000 -300000 = 200000 ×10% = 10000

1000000 - 500000 = 500000 ×20% = 100000

1325000 - 1000000 = 325000 ×30% = 97500

hence,  total tax he have to pay = 10000+100000+97500 = RS207500

Answer 2

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