Question

What will be the income tax payable by a person getting a taxable income of Rs. 30,000 during the year if the first Rs. 18000 is not taxable and the tax rates are 25% of the next Rs. 12000 ?

Answer 1

Answer:

Step-by-step explanation:

Income tax of next 12000 for 25%

25%of 12000

25/100×12000

1/4×12000

3000

Answer 2

The income tax payable by the person = Rs. 3000

Given :

• A person getting a taxable income of Rs. 30,000 during the year

• The first Rs. 18000 is not taxable and the tax rates are 25% of the next Rs. 12000

To find :

The income tax payable by the person

Solution :

Step 1 of 2 :

Calculate total taxable income

Here it is given that the person getting a taxable income of Rs. 30,000 during the year

The first Rs. 18000 is not taxable and the tax rates are 25% of the next Rs. 12000

Not taxable income = Rs. 18000

Taxable income = Rs. 12000

Step 2 of 2 :

Calculate income tax payable by the person

Since the tax rates are 25% of the next Rs. 12000

Hence income tax payable by the person

$\displaystyle \sf = Rs. \: \: 12000 \times \frac{25}{100}$

$\displaystyle \sf = Rs. \: \: 12000 \times \frac{1}{4}$

$\displaystyle \sf = Rs. \: \: 3000$

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