Mr. rajat (age 54) has taxable income rs. 650000
to which slab does his income belong ?
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Answer:
Mr. Rajat is in the highest income slab of Rs 10,00,001 and above, for people below 60 years of age.
Step-by-step explanation:
A person with total income between, Rs 5,00,001 to Rs 10,00,000 has to pay Rs 12,500 + 20% of (Total income minus Rs 5,00,000) + 4% cess.
So, if a person has total income of 10,00,000, than his taxable income would be 20% of 5,00,000 = 1,00,000.
But, here, as Mr. Rajat (age 54) has taxable income Rs. 6,50,000, and is not yet in the elderly age group (60 years above), he must be in the highest income slab of Rs 10,00,001 and above, for people below 60 years of age.
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