Question

The tax payable by Dharma LLP on total income of rs.10100000 for p.y. 2020-21??​

Answer 1

Answer:

2

Explanation:

Answer 2

Given:

Income = Rs. 1,01,00,000

p.y. 2020-21

to find:

tax payable.

Solution:

The rate of tax charged differs at different levels of income.

for the first 2.5 lakh rupees of your taxable income, you pay zero tax.

for the next 2.5 lakh rupees, you pay tax at the rate of 5%

for the next 5 lakhs of your Taxable income, you pay 20% tax.

when your taxable income exceeds Rs. 10 lakhs you pay 30% on the entire amount.

since the income of Dharma LLP is given more than Rs. 10 lakhs we need to charge 30% tax at the full amount.

$tax \: payable \: = 30\% \times 10100000$

$tax \: payable \: = \frac{30}{100} \times 10100000$

$tax \: payable \: = 3,030,000$

Therefore the amount of tax payable by Dharma LLP is Rs. 3,030,000