Question

Q.3 solve (8)
1)
3. Mr. Naik is 58 years old. His gross total income in
5.00,000. How much tax will he has to pay ?
Solution : As per table 1. exemption up to
22.50.000
Taxable income
5% income tax on taxable income
5
x =
= 12.500
100
2% education cess on 12,500
(2)
1% secondary and higher secondary education (cess)
on 12.500 = ....
Total income tax
[From (1), (2) and (3)
income
Ans. Mr. Naik will have to pay
tax​

Answer 1

SOLUTION

TO DETERMINE

Mr. Naik is 58 years old. His gross total income is

5, 00,000. How much tax will he has to pay

CALCULATION

Here it is given that gross total income of Mr Naik is 5,00,000

Now there is exemption up to 2,50,000

So taxable income

= 5,00,000 - 2,50,000

= 2,50,000

Now 5% income tax on taxable income

So tax liable

$\displaystyle \sf{ = 250000 \times \frac{5}{100} }$

$\sf{= 12500}$

Now 2% education cess on 12,500

So education cess

$\displaystyle \sf{ = 12500 \times \frac{2}{100} }$

$= 250$

1% secondary and higher secondary education (cess)

on 12, 500

So secondary and higher secondary education (cess)

$\displaystyle \sf{ = 12500 \times \frac{1}{100} }$

$= 125$

So total income tax Mr. Naik will have to pay

= 12500 + 250 + 125

= 12875

FINAL ANSWER

The total income tax Mr. Naik will have to pay

= 12875

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Answer 2

Answer:

Mr Naik will have to pay Rs 12875

Here it is given their gross total income of Mr. Naik is Rs 5,00,000

Now,there in exemption up to 2,50,000.

So taxable income

=5,00,000-2,50,000

=2,50,000

Now 5% income tax on taxable income

so taxable income. = 2,50,000 multiple 5/100

= 12,500

Now 2% on education cess

2% on 12,500

=12,500 multiple 2/100

= 250

Now 1% on Secondary And higher education cess

1% on 12,500

=12,500 multiply 1/100

=125

So, Total income tax Mr.Naik will have to pay

=12,500+250+125

=12875

Answer: Mr. Naik will have to pay Rs 12,875