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Question
Compute the income tax payable by following individual.
Mr. Kadam who is 35 years old and has a taxable income of Rs. 13,35,000.
Solution
Taxable income = Rs. 13,35,000
Income tax = Rs. 1,12,500 + 30% (Rs. 13,35,000 – Rs. 10,00,000)
= Rs. `1,12,500 + 30/100 xx 335000`
= Rs. 1,12,500 + Rs. 1,00,500
= Rs. 2,13,000
Education Cess = 2% of income tax
= Rs. `2,13,000 xx2/100` = Rs. 4,260
And Secondary and Higher Secondary Education Cess = 1%
= Rs. `2,13,000 xx1/100` = Rs. 2,130
Total income tax = Rs. 2,13,000 + Rs. 4,260 + Rs. 2,130
= Rs. 2,19,390
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