Question

X is an induvidual of 55 years of age having gross total income of rs.3,50000.What is the tax liability for assessment year 2018-19?

Answer 1

Answer:

for indvdls of 55 yrs up to Rs.

25 oooo No Tax Tax is 5% to

Remaining Rs 1 lakh, ie, Rs.5000

ButRebate of Rs 2500 eligible up to

Rs 300000

Xhas to pay ITRs 2500+cess3%

= Rs 2575

Answer 2

Step-by-step explanation:

5% of ( 350000-250000)

5% of 100000

5000

and 4% for cess

4% of 100000

4000

Total = 5000+4000

= 9000