Question 140

A country follows a progressive taxation system under which the income tax rate applicable varies for different slabs of income. Total tax is computed by calculating the tax for each slab and adding them up. The rates applicable are as follows:

If my annual income is Rs. 1,70,000, then what is the tax payable by me?

Solution

Total tax payable on Rs. 1,70,000

= $$(50,000\times0\%)+(10,000\times10\%)+(90,000\times20\%)+(20,000\times30\%)$$

= $$0+1,000+18,000+6,000$$

= $$Rs.$$ $$25,000$$

=> Ans - (D)

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