Question

post deos
Recite the Poem
I ask good things that I detest,
With speeches fair;
Heed not, I pray Thee, Lord, my breast, 3
But hear my prayer.
I say ill things I would not say-
Things unaware;
Regard my breast, Lord, in Thy day,
And not my prayer.
My heart is evil in Thy sight;
My good thoughts flee;
O Lord, I cannot wish aright-
Wish Thou for me.
O bend my words and acts to Thee,
However ill,
That I, whatever I say or be, you
May serve Thee still.
O let my thoughts abide in Thee,
Lest I should fall;
Show me Thyself in all I see,
you Thou Lord of all,
yourself​

Answer 1

Answer:

Income Tax Slabs and Rates for Financial Year: 2019-20

Select your Age Group

Below 60 years

Income Tax Slab Individuals Below The Age Of 60 Years

Up to `2,50,000 Nil

2,50,001 to 5,00,000 5%

5,00,001 to 10,00,000 12,500 + 20% of total income exceeding 5,00,000

Above 10,00,000 1,12,500 + 30% of total income exceeding 10,00,000

Above rates does not include Surcharge and Cess.

10% surcharge is applicable on income tax if income exceeds 50 lacs but upto 1 crore

15% surcharge is applicable on income tax if income exceeds 1 crore

4% Health & Education Cess is applicable on the income tax and applicable surcharge.

Tax rates and slabs are same for Male and Female as per above table

Individuals having total income below 5 lakhs, are eligible for full tax rebate under section 87A

Now, let’s examine the salary components of Ravi, Ramesh & Rahul to get a clear picture

Particulars (.) Ravi Ramesh Rahul

Annual Salary 5,00,000 10,00,000 15,00,000

Less: Standard Deduction (Medical & Travel Allowance) 50,000 50,000 50,000

Less : Deduction u/s 80C 80,000 1,50,000 1,50,000

Less : HRA deduction as per section 10(13A) 92,000 1,00,000 1,50,000

Gross Taxable Income (GTI) 2,78,000 7,00,000 11,50,000

Tax computation on GTI

Up to 2,50,000 - - -

2,50,001 to 5,00,000 1,400 12,500 12,500

5,00,001-10,00,000 - 40,000 1,00,000

Above 10,00,001 - - 45,000

A Total tax 1,400 52,500 1,57,500

B Less Rebate u/s 87A 1,400 - -

C Add: Health & Education Cess @ 4% on (A-B) - 2,100 6,300

Tax Payable (A-B+C)