Question

The table below shows income tax rates for the year 2006
Taxable income in shs. Pa Rate of tax in %
1 – 120,000 10
120,001 – 240,000 15
240,001 – 360,000 25
360,001 – 480,000 35
Over 480,000 50
Nafula is married and claims a tax relief of shs.1,120 per month. She stays in a company house for which she pays a nominal rent of shs.1200 per month. She found that in a particular month,her employer ded
The table below shows income tax rates for the year 2006
Taxable income in shs. Pa Rate of tax in %
1 – 120,000 10
120,001 – 240,000 15
240,001 – 360,000 25
360,001 – 480,000 35
Over 480,000 50
Jane is married and claims a tax relief of shs.1,120 per month. She stays in a company house for which she pays a nominal rent of shs.1200 per month. She found that in a particular month,her employer ded

Answer 1

Answer:

If you make ₹ 240,000 a year living in India, you will be taxed ₹ 28,800. That means that your net pay will be ₹ 211,200 per year, or ₹ 17,600 per month. Your average tax rate is 12.00% and your marginal tax rate is 12.00%. This marginal tax rate means that your immediate additional income will be taxed at this rate. For instance, an increase of ₹ 100 in your salary will be taxed ₹ 12.00, hence, your net pay will only increase by ₹ 88.00.

Bonus Example

A ₹ 1,000 bonus will generate an extra ₹ 880 of net revenues. A ₹ 5,000 bonus will generate an extra ₹ 4,400 of net revenues.

Step-by-step explanation:

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