Question 13
The tax rates for various income slabs are given below.
There are 15 persons working in an organization. Out of them, 3 to 5 persons are falling in each of the income slabs mentioned above. Which of the following is the correct tax range of the 15 persons? (E.g. If one is earning Rs. 2000, the tax would be:
500 × 0 + 1500 ×0.05)
Solution
Minimum tax paid would be = (15*0)+(6*1500*0.05)+(3*3000*0.10)= 450+900 = 1350
Maximum tax paid will be = (15*0) + (12*1500*0.05) + (9*3000*0.10) +(5*5000*0.15) = 0+900+2700+3750 = 7350
Since we have approximate the value so the actual minimum tax will be greater than 1350 and actual maximum tax will be less than 7350
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