Mr Mehta's annual income is 4,50,000 1) If he does nit have any savings by which he can - Maths - Financial Planning

Question

Mr Mehta's annual income is 4,50,000 1) If he does nit have any
savings by which he can claim deductions from his income,to which
slab does his taxable income belong ? 2) What is the amount on
which he will have to pay income tax and at what percent rate? on
₹ percentage 3) On what amount will the cess be levied ?

Ankita Agarwal · Accepted Answer

Dear Student,

Mr
 Mehta's annual income = Rs 4,50,000According to the income tax slabs for FY 2016-17 there is nil tax upto Rs 2,50,0001 Since the income of Mr
 Mehta is less than Rs 5,00,000 he belongs to slab-12 Mr
 Mehta will have to pay income tax on the amount above Rs 2,50,000 i
e Rs 4,50,000 - Rs 2,50,000 = Rs 2,00,000The rate of income tax is 10%3 The cess will be levied on total of income tax at the rate of 3%

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